Nigerian press focuses on suspension of nationwide strike by Labour, others

APA – Lagos (Nigeria)
The suspension of the nationwide strike over an alleged assault on the President of the NLC, Joe Ajaero by the national executive councils of the Nigeria Labour Congress and the Trade Union Congress on Wednesday night dominates the headlines of Nigerian newspapers on Thursday.
The Punch reports that the national executive councils of the Nigeria Labour Congress and the Trade Union Congress on Wednesday night suspended their nationwide strike over an alleged assault on the President of the NLC, Joe Ajaero.
The unions said the suspension followed the intervention of the National Security Adviser, Nuhu Ribadu.
However, the organised Private Sector and the maritime operators carpeted the NLC and TUC over the industrial action, stating that it was ill-timed and misconceived.
The OPS comprising critical players in the economy noted that the strike would affect the Federal Government’s ability to meet its yearly revenue target.
The National Deputy President of the TUC, Tommy Etim, explained that the strike was suspended based on the trust the unions had in Ribadu.
He stated, “The NECs of the NLC and the TUC have suspended the strike. We did this based on our trust in the National Security Adviser, Nuhu Ribadu who gave us his word. We also saw that he wasn’t playing politics with our demands and he was ready and promised to follow up with everything.”
The newspaper says that the United Bank for Africa Plc has said that it is looking to support Small and Medium Scale Enterprises in four sectors including Agro-processing, Automotive, pharmaceuticals, Transport and Logistics with the $6bn facility from the Africa Continental Free Trade Area Secretariat.
According to a statement from the lender on Wednesday, UBA’s Deputy Managing Director, Muyiwa Akinyemi, said this during the Africa Day celebration at the just-concluded Lagos International Trade Fair, where it was the headline sponsor.
Akinyemi explained that the bank’s dedication to SMEs across Africa informed its recent agreement with the AfCFTA Secretariat, to provide financing for up to $6bn over the next three years to eligible businesses across the continent.
“We signed the agreement with AfCFTA on the sidelines of the 30th Afreximbank Annual Meeting which was held in Accra, Ghana. By this agreement, both parties are to promote the development of SMEs operating in Four sectors under the 1st phase of the partnership which are largely import dependent by providing technical and financing solutions for intra-African/domestic alternatives. These economic sectors are Agro-processing, Automotive, pharmaceuticals, Transport and Logistics.
“One of the key initiatives of the AfCFTA is to improve access to finance and markets for SMEs to encourage their growth and contribution to the socio-economic development of Africa. UBA remains committed to supporting the growth/development of SMEs across Africa. This is in line with our strategic focus on the SME segment being a catalyst to the economic development of Africa,” Akinyemi stated.
The DMD added that based on the partnership, UBA will provide both financial and non-financial services to SMEs to develop the capacity for growth across the 20 African countries, where it operates.
The Guardian reports that the Saudi Arabian Embassy in Nigeria has said that travellers recently deported at the point of entry did not meet the entry conditions and requirements of their country.
A statement by the Embassy said that passengers denied entry and subsequently deported to their initial destinations submitted incorrect information to obtain categories of visa they did not qualify for.
“The discovery was made on their arrival.
“The Embassy would like to stress the importance of following the procedures and laws enacted by the Kingdom of Saudi Arabia for all visitors.
“Furthermore, all passengers should review all documents to determine their conformity with the conditions prior to departing from their countries to the Kingdom.
“This procedure was not limited to Nigerian citizens only; citizens of other countries were involved,” he said.
The newspaper says that Nigerian inflation continues to defy global trends, setting a new multi-decade of 27.3 per cent in October even as experts warned that prices, which have been an uptrend in the past two years, will not abate anytime soon.
Stakeholders are particularly concerned about the impact of runaway food inflation, which rose to 31.5 per cent, on households and how the crisis could push more individuals below the poverty line.
Nigeria, according to Our World in Data, is in the top spot of countries with the highest food expenditure with the percentage of total personal income that goes into food estimated at 60 per cent.
Experts said the situation would worsen if food inflation continues to uptick, a projection that implies more misery for those at the bottom of the economic ladder.
The National Bureau of Statistics (NBS) inflation reading aligns with expert estimations, which have projected the country’s inflation to hit 30 per cent before any inflection set in.
For one, it came shortly after the Economist Intelligence Unit’s (EIU) damned report about the country, saying the poor performance of naira and rise of black-market push factors signal a cloudy outlook for inflation.
The report said currency losses on the parallel market, where a sizable share of foreign exchange is transacted, would be a major driver of imported inflation going into 2024. From an estimated rate of 30.5 per cent at the end of the year, it warned that inflation would stay high at 23.6 per cent in 2024 on average for the year.
Added to the exchange rate pass-through effect, EIU pointed at what it called the delayed and insufficient monetary response and fiscal expansionism as key drivers of inflation going forward.
GIK/APA