Emmanuel Ochayi, Author at Prime Business Africa

Forex Crisis Costs Nigeria Over $500m Annually, Importers Warn

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

Nigeria’s foreign exchange (FX) reserves have shown a notable increase over the past six days, indicating a potential recovery for the economy’s external reserves. According to data from the Central Bank of

Emmanuel Ochayi

9 months ago

Labour Begins Indefinite Strike Monday Over Minimum Wage, Electricity Tariff Hike

Business·Latest News·Politics

Minimum Wage: Labour Leaders Demand Resignation of Governors If They Can’t Pay

In a heated exchange on Saturday, Organised Labour has accused state governors of acting in bad faith regarding the ongoing minimum wage negotiations. The Nigeria Governors Forum (NGF) had recently rejected the

Emmanuel Ochayi

9 months ago

Nigerian Workers Need New Minimum Wage But Not N1m - Moghalu

Business·Latest News

Will Minimum Wage Increase Do More Harm Than Good?

The debate over minimum wage in Nigeria has intensified, especially in the wake of the recent labour strike. Social media platforms are buzzing with discussions and misinformation, prompting caution and verification. On

Emmanuel Ochayi

9 months ago

Naira Holds Steady As Forex Market Sees Increased Transparency

Business·Latest News

How FX Gain Now Major Source Of FAAC Revenue – Report

Foreign exchange (FX) gains have emerged as a significant revenue source for Nigeria’s Federation Account Allocation Committee (FAAC), according to a recent report by Agora Policy, a think-tank organisation. The report, titled

Emmanuel Ochayi

9 months ago

SERAP Urge State Governors To Redirect Predecessors’ Life pension, Security Votes To Pay Minimum Wage

Business·Latest News·Politics

SERAP Urges State Governors To Redirect Predecessors’ Life pension, Security Votes To Pay Minimum Wage

The Socio-Economic Rights and Accountability Project (SERAP), has strongly criticised the 36 state governors’ refusal to implement a N60,000 minimum wage for civil servants. This condemnation, follows the governors’ statement, under the

Emmanuel Ochayi

9 months ago

Africa·Latest News

Sudanese Army Vows ‘Harsh Response’ To RSF Attack That Resulted In Over 100 Deaths

Sudan’s army announced on Thursday it would deliver a “harsh response” to an attack by the paramilitary Rapid Support Forces (RSF), on the village of Wad al-Noura. Pro-democracy activists reported that the

Emmanuel Ochayi

9 months ago

Africa·Latest News

United Nations Calls For $4.7bn To Aid Over 20m IDPs In Nigeria, 5 others

The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) has announced that humanitarian partners will need $4.7 billion in 2024, to assist 20.9 million vulnerable people across Nigeria, Chad, and

Emmanuel Ochayi

9 months ago

Naira vs Dollar: What To Expect This Week

Business·Latest News·Markets

Naira Appreciates By N7 Against Dollar, Trades At N1,481/$1 At Official Market

The Nigerian currency, the naira, showed signs of recovery on Thursday, June 6, 2024, trading at N1,481 to the American dollar, according to data from the Nigerian Autonomous Foreign Exchange Market (NAFEM).

Emmanuel Ochayi

9 months ago

Minimum Wage Decision Expected as Nigerian Labour Leaders Await President's Response ABUJA, NIGERIA – The discussions on the new minimum wage between the Federal Government and Organized Labour are anticipated to conclude today, with labour leaders keenly awaiting President Bola Tinubu's verdict on their N250,000 proposal. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) had set a Monday deadline for finalizing the new minimum wage talks. Last Friday, the Tripartite Committee on National Minimum Wage concluded its meetings where the Federal Government and the Organized Private Sector agreed on N62,000, while Labour demanded N250,000. However, the Nigeria Governors Forum declared that any minimum wage exceeding N60,000 would be unsustainable. A labour leader who spoke anonymously on Sunday stated, "We have submitted the report to the president and are waiting for him to make his decision. That is the most important thing and that is what we are all waiting for." The labour leaders, including NLC President Joe Ajaero, are currently attending a labour conference organized by the International Labour Organisation in Geneva, Switzerland. The leadership plans to hold a National Executive Council meeting upon their return, where a decision on a potential strike will be made based on the president's feedback. "We must come back from Geneva first before we can hold a NEC meeting. We are also trying to be careful so the government won't say Labour is inciting citizens against it. We are waiting for the president's decision," added another top NLC official. The labour unions, comprising the NLC and TUC, recently embarked on a two-day nationwide strike to demand a new minimum wage and the reversal of the electricity tariff hike. The strike was suspended for five days after a commitment was made with the Federal Government to resume negotiations and establish a new minimum wage within a week. Following a six-hour meeting between labour leaders and the National Assembly in Abuja, President Tinubu directed the finance minister, Wale Edun, to present the cost implications of a new minimum wage within two days. The finance minister, alongside the Minister of Budget and National Planning, Atiku Bagudu, presented the cost implications at the Presidential Villa on Thursday. The president is currently reviewing the proposal and is expected to make an official announcement soon. When asked about the Monday ultimatum, a source within the NLC said, "We have sent a report to the committee and are expecting the president to act on it. We will hold a National Executive Council meeting regarding the ultimatum when we return from Geneva. It is very important for us to be there, but right now, we are patiently waiting for the decision of Mr President." Organized Labour's recent actions underscore the urgency and importance of establishing a new minimum wage for Nigerian workers. The outcome of President Tinubu's decision will be crucial in determining the next steps for both the government and the labour unions. Related News: Atiku claims to have saved Tinubu's political career Debating the appropriate wage for workers Labour criticizes governors for minimum wage stance The labour leaders and the nation await the president's decision, which will significantly impact the economic and social landscape of Nigeria.

Business·Latest News

Minimum Wage: Deadline Looms As Nigerian Govt Debunks N105,000 Proposal

As the five-day ultimatum given by organized labor for the federal government to propose an acceptable minimum wage nears its end, negotiations remain at a standstill. The federal government has yet to

Emmanuel Ochayi

9 months ago

NGX ASI Further Drops By 0.67%, As BUA Cement, Eterna Among Top Losers

Business·Latest News·Markets

Equity Market Dips As Investors Offload Key Stocks

The Nigerian equity market experienced a downturn on Thursday, failing to sustain the gains from the previous day. The market declined by 0.15 percent by the close of trading, reflecting earlier predictions

Emmanuel Ochayi

9 months ago

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Emmanuel Ochayi

Nigeria’s FX Reserves Rises To $32.8bn After 10-week Slump

Minimum Wage: Labour Leaders Demand Resignation of Governors If They Can’t Pay

Will Minimum Wage Increase Do More Harm Than Good?

How FX Gain Now Major Source Of FAAC Revenue – Report

SERAP Urges State Governors To Redirect Predecessors’ Life pension, Security Votes To Pay Minimum Wage

Sudanese Army Vows ‘Harsh Response’ To RSF Attack That Resulted In Over 100 Deaths

United Nations Calls For $4.7bn To Aid Over 20m IDPs In Nigeria, 5 others

Naira Appreciates By N7 Against Dollar, Trades At N1,481/$1 At Official Market

Minimum Wage: Deadline Looms As Nigerian Govt Debunks N105,000 Proposal

Equity Market Dips As Investors Offload Key Stocks

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