NLC’s strike, Nigeria’s foreign trade report… 7 business stories to track this week

Here are the seven top business stories you need to track this week — June 5 to June 9.

NBS FOREIGN TRADE REPORT

The National Bureau of Statistics (NBS) is expected to release a report on foreign trade in goods for the first quarter (Q1) of 2023.

The bureau will also release a report on Nigerian rail transportation annual data for 2022. 

PORT WORKERS TO COMMENCE STRIKE OVER POOR WELFARE

The Maritime Workers Union of Nigeria (MWUN) is expected to commence a nationwide strike action on Monday over a lingering dispute with shipping companies bordering on the poor welfare of members.

The workers had issued a seven-day ultimatum for the shipping companies to adhere to their demands for improved welfare after several meetings failed to resolve the issue.

LABOUR UNIONS TO COMMENCE STRIKE ON WEDNESDAY OVER SUBSIDY REMOVAL

The Nigeria Labour Congress, Nigeria Union of Journalists (NUJ) as well as electricity workers, under the aegis of the National Union of Electricity Employees (NUEE), say they will join the nationwide protest on Wednesday over the removal of petrol subsidy.

Last Friday, the NLC issued a five-day ultimatum to the federal government to revert to the old price of petrol or face a nationwide protest.

A sister labour organisation, the Trade Union Congress (TUC),  also asked the federal government to maintain payment on subsidies on premium motor spirit (PMS), commonly known as petrol.

However, the union later presented a list of demands to the authorities to cushion the effect of petrol subsidy removal on citizens.

The demands include an increase in the minimum wage, tax holiday for certain categories of people as well as reverting to status quo as negotiations continue.

While the government representatives acknowledged the feasibility of the demands, they said the requests would be presented to President Bola Tinubu with immediate effect.

NNPC ADJUSTS FUEL PRICE

Meanwhile, the Nigerian National Petroleum Company (NNPC) Limited, on Wednesday, adjusted the price of petrol across its retail outlets.

According to the oil cartel, the adjustment was in line with market realities.

The new pump prices at NNPC’s retail outlets will now begin to vary to match market trends, the national oil company had said.

After Tinubu brazenly sounded the petrol subsidy knell last week, swathing queues resurfaced in filling stations across the country due to panic-buying amid high petrol prices.

NRC INCREASES DAILY TRIPS ON ABUJA-KADUNA ROUTE

The Nigerian Railway Corporation (NRC) has recommenced two additional trips on the Abuja-Kaduna train service.

The corporation had cut its number of trips to one after suspected terrorists attacked the train facility on March 28, 2022.

“The additional train service will resume on Sunday, June 4, 2023, with the following train trips; AK1 departs Idu at 9:45 am; KA2 departs Rigasa at 1:30 pm; AK3 departs Idu at 3:00 pm,” NRC said in a statement on Saturday.

“Subsequently from Monday, June 5, 2023, the schedule will be as follows; KA2 will depart Rigasa at 08:00 hrs; AK1 will depart Idu at 9:45 am; KA4 will depart Rigasa at 1:30 pm, AK3 will depart Idu at 3:00 pm.

“However, on Wednesdays, only KA2 will depart Rigasa at 7 am and AK3 will depart Idu at 3 pm.”

OIL PRICES SOAR TO $76 A BARREL

Oil prices rose on Friday ahead of the meeting of the Organisation of Petroleum Exporting Countries (OPEC) ministers and their allies.

Brent crude rose 2.33 percent to $76.01 a barrel at 15:50 pm WAT, while US West Texas Intermediate (WTI) crude increased 2.30 percent to $71.69 a barrel.

According to sources cited by Reuters, OPEC and its allies are unlikely to further engage in oil supply cuts in the forthcoming meeting.

NCAA REJECTS NIGERIA AIR’S REQUEST TO PROCEED TO PHASE TWO OF AOC CERTIFICATION

The Nigerian Civil Aviation Authority (NCAA) rejected an application by Nigeria Air to proceed to phase two in the process of obtaining its air operators certificate (AOC).

NCAA rejected the airline’s request due to the unavailability of a “formal application form” and other “necessary documents”.

Although Hadi Sirika, ex-minister of aviation, had launched Nigeria Air, NCAA’s rejection implies that the airline had only completed one out of five stages involved in receiving an AOC.

Prior to its launch, domestic aviation firms, under the aegis of Airline Operators of Nigeria (AON), had opposed the floating of the airline over uncertainties in its ownership structure — a conflict that began soon after Ethiopian Air was announced as the preferred bidder for Nigeria Air.

A federal high court in Lagos had also restrained the government from floating the airline.

But Sirika adamantly launched the airline after several utterances that the national carrier would fly before his tenure ends.