General
Minimum Wage Implementation: NLC Plans Strike Next Month
By Adedapo Adesanya
The Nigeria Labour Congress (NLC) has directed its members in states that have yet to commence the implementation of the new minimum wage to commence an indefinite strike from December 1, 2024.
The directive is part of the resolutions of the NLC after its National Executive Council (NEC) meeting at the weekend over “betrayal by certain governors and government officials”
According to a statement, the NEC resolved to “set up a National Minimum Wage Implementation Committee that will among others commence a nationwide assessment, mobilization and sensitization campaign, educating workers and citizens on the need to resist this assault on their dignity and rights.”
“Furthermore, the NLC shall initiate a series of industrial actions in all non-compliant states and shall not relent until the minimum wage is fully implemented across Nigeria.
“To this end, all state Councils where the National Minimum Wage has not been fully implemented by the last day of November, 2024 have been directed to proceed on strike beginning from the 1st day of December, 2024. Nigerian workers demand justice, and justice they shall have,” the NLC communique read in part.
In the same breath, the NLC accused petroleum marketers of inflating the pump price of petrol, which it says is significantly higher than the actual market value.
The NLC alleged that petrol marketers are exploiting Nigerians and adding to an already heightened suffering striding from governments harsh economic policies.
“The NEC-in-session noted with increasing dismay the shenanigans around the appropriate pricing of petrol (PMS) in Nigeria. It observed that there may be a gang up against Nigerians by fat cats in the industry as the current price of the product is significantly higher than the real market price.
“Padding of costs and abnormal margins seems to be the order of the day considering the revelations from the ongoing controversy between Marketers and Dangote group. It is entirely possible that Nigerian workers and masses are being ripped off by those who control the levers of Economic power in Nigeria which explains why the domestic public refineries may not immediately be allowed to come on stream.
“NLC demands appropriate pricing of petrol and calls for the Public domestic refineries in PH, Warri and Kaduna to quickly come back on stream to break-up the monopolistic stranglehold the big players have on the industry,” the group stated.
On the worsening economic situation in the country, the NLC said its NEC observes, with profound concern, the accelerating economic hardship inflicted upon Nigerian citizens.
It noted that inflation continues to rise unchecked, with the costs of basic necessities spiraling beyond the reach of the average worker, among others.
The NLC also demanded immediate, concrete interventions from the federal government, not token measures, to relieve this suffering.
“We call for the implementation of comprehensive social protection policies that shield Nigerians from poverty, provide affordable healthcare, and ensure a wage that reflects the true cost of living. To this end, we call for a wage review across the nation including a review of all the policies that have rather emasculated Nigerian people.”
By Adedapo Adesanya
The United Kingdom–Nigeria Infrastructure Advisory Facility (UKNIAF), established in 2019 as part of a 16-year legacy of UK-funded infrastructure support to Nigeria, convened over 100 senior stakeholders on Tuesday, December 2, to review its progress and formally close out its current phase of operations.
The event brought together representatives from federal and state governments, development partners, development finance institutions, and the private sector to reflect on UKNIAF’s work across the power, infrastructure finance, and roads sectors. Discussions focused on institutional reforms, capacity development, and the sustainability of tools and processes introduced over the past six years.
Since inception, UKNIAF has delivered targeted technical assistance designed to embed evidence-based reforms, data-driven decision-making, and improved institutional performance. Its interventions have mobilised significant financing, strengthened regulatory and planning systems, and enhanced investor readiness across multiple infrastructure markets.
In the power sector, participants highlighted landmark achievements including the development of Nigeria’s first Integrated Resource Plan, which outlines a least-cost and low-carbon pathway for expanding electricity supply. UKNIAF also supported the Nigerian Electricity Regulatory Commission (NERC) in building advanced real-time data capabilities for tariff monitoring, grid management, and outage tracking. The programme enabled pioneering states to establish their own electricity markets following constitutional reforms.
In infrastructure finance, UKNIAF was recognised for strengthening project preparation systems and enabling access to capital. Notable accomplishments include supporting the mobilisation of $75 million from the African Development Bank to the Special Agro-Industrial Processing Zone (SAPZ) programme in two states, and accelerating mini-grid and solar deployment through improved technical standards at the Rural Electrification Agency (REA).
UKNIAF also designed a national project preparation facility, for which N21 billion was allocated in both the 2024 and 2025 budgets to build a pipeline of bankable projects.
Speaking on this, Mr Frank Edozie, UKNIAF Team Lead, described the programme’s close-out as a “handover for sustained delivery,” emphasising that strengthened institutions now hold tools that make Nigeria’s infrastructure landscape more transparent, climate-smart, and investor-ready.
On his part, the Minister of Power, Mr Adebayo Adelabu, commended the programme, noting that its technical assistance and advisory services had helped lay the foundation for a sustainable and inclusive electricity supply industry.
Mrs Cynthia Rowe, Head of Development Corporation at the UK Foreign, Commonwealth and Development Office (FCDO) in Nigeria, praised the partnership, highlighting achievements ranging from state-level electricity market reforms to unlocking major financing and designing Nigeria’s Climate Change Fund.
Enugu State Secretary to the State Government, Professor Chidiebere Onyia, underscored the lasting influence of the programme, stating that UKNIAF’s impact continues through the expertise and leadership transferred to national and sub-national institutions.
The close-out event reaffirmed stakeholders’ commitment to sustaining tools, reforms, and knowledge products developed under UKNIAF, while strengthening collaboration among public, private, and development actors in the infrastructure ecosystem.
Participants included federal and state agencies such as the Nigeria Governors’ Forum, Federal Ministry of Power, Ministry of Finance, NERC, REA, and the Transmission Company of Nigeria, alongside development partners including the African Development Bank, World Bank, and IFC, as well as private sector and civil society stakeholders.
By Aduragbemi Omiyale
The gantry price of Premium Motor Spirit (PMS), otherwise known as petrol, has been slashed by the Dangote Petroleum Refinery.
The Lagos-based oil facility brought down the ex-depot price of the petroleum product by 15.58 per cent or N129 per litre to N828 per litre.
Though the company had yet to release an official statement on this development, real-time market data on Petroleumprice.ng on Friday showed the new price.
Punch reports that data from the platform also showed fresh reductions across several private depots following the refinery’s latest review.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic dropped its price by N3, and TechnoOil slashed its by N15.
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has inaugurated a new board for the Agricultural Credit Guarantee Scheme Fund (ACGSF) with a renewed push to expand agricultural lending through technology, innovation and deeper financial inclusion.
Speaking at the inauguration in Abuja, Mr Cardoso said the scheme, established in 1977, remains a critical instrument for de-risking credit to farmers nationwide.
“The ACGSF has demonstrated enormous value in supporting Nigeria’s food system. With repayment rates consistently between 90 and 98 percent, it is clear that farmers can deliver when given access to credit,” he said.
The CBN Governor stressed the need for a more modernised approach to agricultural finance.
“We must scale up innovation, deepen inclusion and deploy technology to ensure that more farmers, especially women and youth, can benefit from this scheme,” Mr Cardoso stated, charging the new board to strengthen collaboration with financial institutions while ensuring real-time tracking and monitoring of loans to improve productivity and safeguard the fund’s integrity.
The newly inaugurated Board is chaired by Dr Olusegun Oshin, with members including Professor Murtala Sabo Sagagi, Dr Nneka Onyeali-Ikpe, Mr Frank Satumari Kudla, Ms Olusola Sowemimo, Ms Adetoun Abbi-Olaniyan and Mr Wondi Philip Ndanusa.
Mr Cardoso expressed confidence in the team’s ability to reposition agricultural credit delivery.
“This Board comes at a crucial time. We expect stronger oversight, improved efficiency and a renewed focus on rural livelihoods,” he said.
According to a statement from the apex bank, Deputy Governors, Directors and senior officials of the bank were present at the ceremony.
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