Business
Railway workers to embark on three-day warning strike
The Nigerian Railway workers are to embark on a 3-day warning strike from Thursday, November 18 to November 20, 2021.
General Secretary of the Nigerian Union of Railway Workers (NUR), Comrade Segun Esan, confirmed this in a chat with Daily Trust.
Daily Trust gathered the workers have notified the authorities of the strike.
A letter titled ‘’ Notice and Directive to embark on 3- day warning strike nationwide,’’ dated November 12th was addressed to District Chairman/Secretary Nigeria Union of Railway workers and Senior Staff Association.
The Nigeria Union of Railwaymen (NUR) and its sister body, Senior Staff Association for the Statutory Corporation and Government-owned Company (SC GOC), had earlier given the Federal Government and the National Railway Corporation (NRC) a three-week ultimatum to address its welfare concerns to prevent an total industrial action across the country beginning from November 14.
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These demands include an increase in the salaries of NRC staff, incorporation of life insurance and payment of promoted staff arrears from 2018 to date, among others.
According to the letter sent to the Managing Director of the NRC, Engr. Fidet Okhiria, and the Minister of Transport, Mr. Rotimi Amaechi, the labour unions said their “agitation for enhanced salary cannot be overemphasized as it is an open secret that the salary regime of the Nigerian Railway workers is the worst and most incomprehensible of all salary structures available to the parastatals under the supervision of the federal ministry of transport”.
“The Honorable Minister of Transport once acceded to the fact that Nigerian Railway workers can easily be identified from the crowd by the way they look and dress which he meant to be strikingly suggestive of the very poor salary paid in the corporation,” the letter read.
“It baffles us so much that the federal government spends billions of dollars on building rail transport infrastructure and transforming the system to a modern railway system but with no dint of impact or improvement in the welfare of the workers in terms of improved remuneration.
“We wonder how long the Honorable Minister of Transport will keep avoiding the railway workers and consciously failing in getting better pay for the impoverished Nigerian Railway workers. We wonder how long we will wait before we get our demand for improved salary approved just like that of National Identity Management Commission (NIMC) where workers’ salaries were recently upped by three hundred percent.”
Leadership
Business
PH refinery: 200 trucks will load petroleum products daily, says Presidency
PH refinery: 200 trucks will load petroleum products daily, says Presidency
No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.
A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.
Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.
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Reacting, Dare said, “200 trucks are expected to load products daily from the refinery, Renewing the Hopes of Nigeria.”
He added that “the Port Harcourt refinery has two wings.
“The Old Refinery comes on stream today with an installed production capacity of 60, 000 barrels per day of crude oil.”
PH refinery: 200 trucks will load petroleum products daily, says Presidency
Business
Breaking: CBN increases interest rate to 27.50%
Breaking: CBN increases interest rate to 27.50%
The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.
This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.
The Monetary Policy Rate measures the benchmark interest rate.
The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.
He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.
The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.
Business
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS
Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.
The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.
The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.
“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.
“The unemployment rate among males was 3.4% and 5.1% among females.
“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”
Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.
Employment rate – 76%
The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.
“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.
Self-employment – 85.6%
The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.
It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”
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