Business
Employers Reject NLC’s Plan To ‘Shut Down Economy
Employers Reject NLC’s Plan To ‘Shut Down Economy
The proposed strike by the Nigerian Labour Congress (NLC)will be counter-productive if it goes ahead, private employers of labour cautioned yesterday.
According to them, the NLC should seek better opportunities for its members to cushion subsidy removal pain through dialogue with the government.
Early in the month, NLC President Joe Ajaero called out workers on a two-day warning strike, but it attracted mixed compliance on September 5 and 6.
Announcing the warning strike, Ajaero, who shunned a meeting called by Labour Minister Simon Lalong, said a “total shutdown of the economy” would follow in 14 days unless the government reversed the pump price of petrol to pre-May 29, among other reasons.
The Trade Union Congress (TUC) which declined to join the NLC for the warning strike opted for a dialogue with the government within two weeks.
In a September 8 letter to the government, the TUC said it is expecting a response from the government on its proposals.
The NLC has, however, opted to go ahead with its plan to mobilise workers for an indefinite strike.
But, a former Vice President of the NLC Comrade Issa Aremu said the industrial action is preventable.
Aremu, who is Director General of Michael Imoudu National Institute for Labour Studies (MINILS) said: “Strikes are just the means not to an end. The end is improved welfare for working men and women at these challenging times.
“I know that President Tinubu is concerned about the plight of all. His quotable quote is ‘let’s the poor breath.’
Aremu said Lalong has demonstrated commitment to dialogue with NLC and TUC.
He stressed: “Strikes are, therefore, preventable. I think both government and organized labor will soon find a common ground.
“Strike is certainly not inevitable, indeed it is preventable but rewarding negotiations and compromises by the two parties.”
The Director-General of the Nigerian Employers Consultative Association (NECA), Mr. Adewale-Smart Oyerinde, who was featured on a Television programme last night, said the proposed strike will be counter-productive, adding that it will hurt employers and employees.
The NECA boss, who applauded the Federal Government for the steps taken so far, however, said there was a need for the government to do more.
He said: “The approval of N5billion to each state is a step because if the money is well spent in a state economy, it will trigger some level of consumption, which will also go back into production.
“We are also aware that the government is sharing rice. But, these efforts are not enough.”
Oyerinde said the strike will not in any way address the challenges confronting employers, employees the generality of Nigerians.
In his view, it is possible for parties in the dispute to renegotiate already agreed terms.
Oyerinde added: “Our position remains the same on the issue. And that is, if you negotiate, courtesy demands that you live up to the terms of negotiation.
“But, if anything arises that makes it difficult to live up to the terms of the negotiation, there is opportunity to renegotiate the terms that have been agreed upon, if you don’t have the capacity to implement.”
The DG said going on strike will distress stakeholders.
He stressed: “For us as employers, though we are paying beyond the minimum wage and we have also gone to provide succour, palliatives, welfare packages to make life easier for employees in the private sector, notwithstanding the fact that employers are currently bleeding and facing multi-dimensional challenges.
“But, we have done well, as the President had also commended the employers in his August broadcast. A strike at this point will do two or three things.
”One, it will hinder the ability of the employers to meet their obligations and this will affect, not only the public sector, but even the workers.
“When you go on strike, it will put the employers in double jeopardy, especially when we are not the protagonist and antagonists. And that remains our position.”
Oyerinde urged the government to do everything possible to avert the industrial crisis.
He said: “We are calling on the government to do all that is necessary to avoid the strike.
“But if the strike should happen, it will be counter-productive for both employers and the workers.”
Oyerinde said government should look at the payment of multiple taxes, VAT on diesel and petrol, creation of an enabling environment, and the forex challenge.
NLC Head of Information Benson Upah said the planned nationwide strike by the NLC was on track.
But the Director of Press and Public Relations, Federal Ministry of Labour, Olajide Oshundun, said the ministry was yet to receive any notice of strike from the NLC.
A member of the National Working Committee of the NLC said there was no need for a fresh notice as the communique issued at the end of the NEC meeting of the Congress on September 1, was enough for the government.
Upah said the government had “not done anything to suggest that it was committed to the promises it made.
”The government has not done anything which will suggest that it was committed to the promises it has made. Our plans remain on course unless something dramatic happens,” he added.
TUC awaits govt action on proposals
FEDERAL Government’s action on some of the proposals by the TUC to cushion the impacts of fuel subsidy removal is still being awaited, the union has said.
On September 4, Lalong asked for two weeks from the leadership of the TUC to communicate the proposals to President Tinubu and the Federal Executive Council (FEC).
The two-week window expires on Monday.
But international engagements in New Delhi, India and Abu Dhabi, United Arab Emirates (UAE) have kept the President busy since last week.
An official of the Labour and Employment Ministry told The Nation that Lalong has been unable to table the proposals by Labour before the appropriate authority.
It was further learnt that government representatives and Labour leaders have not met since the September 4 parley, which was shunned by the NLC.
The government called the meeting to avert the two-day warning strike called by the NLC.
The Federal Government promised to work on the TUC proposals.
The ministry official said: “No official discussion between government and Labour. But we are hoping that very soon the discussion will start again.
“You know the minister requested for two weeks for the President to come back. The minister will take the proposals by Labour to the President. There are demands on the president’s table.
“The president is already aware that there was a two-day warning strike by the NLC and there are discussions behind the scenes. I am sure the President will tell Nigerians what to expect.”
Some of the TUC proposals are the implementation of palliatives; wage awards; tax exemptions and allowances to public sector workers; modalities for the N70 billion for Small and Medium Enterprises (SMEs); the Road Transport Employers Association of Nigeria (RTEAN) and Nigeria Union of Road Transport Workers(NURTW) crisis, among others.
Osifo told The Nation that the congress was waiting for the outcome of the minister’s response.
The TUC letter dated September 8 reads: “I convey to you, compliments from the National Administrative Council (NAC) of the Trade Union Congress of Nigeria (TUC), especially the President, Comrade (Engr) Festus Osifo and wish to draw your attention to the above subject matter.
“This letter is a follow-up to the last meeting held in your office on the 2nd day of September 2023. You can recall that in the last meeting sir, we promised not to wait until the expiration of two weeks before reaching out but will bring any information that could further add value to your pending presentation before the Federal Executive Council (FEC) meeting presentation.
“We equally raised the issues of Taxation and the need for the government to grant tax waivers to employees that earn low income in public and private sectors as well as those in the informal sector.
“We highlighted the need for effective collaboration with the minister of Finance and the coordinating minister for the economy who has made some comments around these in the past.
“It is critical to resolve this urgently as we also implore your Excellency to bring the attention of the Taiwo Oyedele-led committee on taxation and fiscal reforms recently set up by the President to this.
“Honorable minister sir, another critical issue that should be reviewed is the collection of levies in dollars on petroleum products imported into the country by NIMASA and NPA.
“This act tends to lead to a further upward surge in the prices of PMS whenever the naira depreciates against the dollar as recently noticed during the floating of the naira.
“We hereby call on your office to liaise further with the above-mentioned reform committee or bring this to the attention of the FEC which could compel the two agencies to immediately start charging their levies and taxes in dollars.
“While we await your intervention, please accept the renewed assurances of our regards.”
RABIU, ELUMELU ALIGN ON CAPITAL, SCALE, AND INDUSTRIAL EXPANSION AS BUA FOODS POSTS N1.77 TRILLION REVENUE, N28 DIVIDEND
Lagos, Nigeria | March 31, 2026
Nigeria’s industrial and financial heavyweights moved to deepen a partnership that has quietly underpinned decades of enterprise growth, as the Founder and Chairman of BUA Group, Abdul Samad Rabiu, hosted the Chairman of United Bank for Africa, Tony Elumelu and his executive management team at BUA Group’s corporate headquarters in Lagos.
More than a visit, the engagement brought together two institutions whose alignment of capital and industrial capacity has consistently translated into scale, execution, and long-term value creation across Nigeria and Africa’s economy.
At the centre of discussions was a renewed push to expand financing frameworks for large-scale manufacturing, deepen support for domestic production, and unlock the next phase of growth across food, infrastructure, and export-oriented value chains.
Rabiu, reflecting on a relationship that spans nearly three decades, traced its evolution from the early days of Standard Trust Bank to its present form as a mature, trusted partnership with UBA.
“Enduring partnerships are not built on transactions, but on conviction,” Rabiu said. “What we have built with UBA and the Nigerian financial industry over the years is a shared understanding of where Nigeria is going and what it will take to get there. That alignment remains as strong today as it was at the beginning.”
Elumelu underscored the strategic importance of the relationship, positioning it within a broader vision of African-led growth.
“Institutions like BUA Group demonstrate what is possible when long-term capital meets disciplined execution,” Elumelu said. “Our role is to continue enabling that scale, supporting enterprises that are not only growing, but reshaping the Nigerian economy.”
The meeting signals a continued convergence between capital and industry at a time when Nigeria’s growth story is increasingly being driven by indigenous scale, operational depth, positive government action, and sustained investment in real sectors.
In a parallel demonstration of that scale, BUA Foods, a BUA company, has released its audited results for the financial year ended December 31, 2025, delivering revenue of N1.77 trillion, a 16 per cent increase from N1.53 trillion in 2024.
The performance reflects sustained demand across its core segments including sugar, flour, pasta, and rice, alongside continued execution of its expansion strategy.
Gross profit rose to N737.26 billion, up from N540.82 billion, while profit after tax surged by 95 per cent to N518.4 billion, compared to N265.99 billion in the prior year.
Earnings per share increased to N28.80, reinforcing the strength of the Company’s earnings profile.
In line with its commitment to shareholder value, the Board has proposed a dividend of N28 per share, representing a 115 per cent increase from N13 in 2024, with a total proposed payout of N504 billion, subject to shareholder approval.
Cost of sales stood at N1.037 trillion, while total assets grew by 27 per cent to N1.39 trillion, reflecting sustained investment across operations and the broader value chain.
Speaking on the results, the Chairman of BUA Foods, Abdul Samad Rabiu said, “Our 2025 performance reflects a business that is not only growing, but scaling with discipline. We are building capacity, deepening local production, and delivering consistent value to shareholders, all while positioning for the future.”
The Managing Director, Engr. Ayodele Abioye, added; “Our strategy remains to expand capacity, strengthen market presence, and optimise the full supply chain. The demand signals are strong, and we are well positioned to sustain this momentum.”
Taken together, the meeting between BUA Group and UBA, alongside BUA Foods’ record performance, points to a broader shift for Nigeria. Nigeria’s growth is increasingly being shaped by institutions that combine scale, capital discipline, and long-term vision and should be seen as not just an expansion but a consolidation of industrial leadership.
Governor Dauda Lawal Set To Unlock Zamfara’s Economic Potentials with Tinubu’s UK State Visit
By Oladapo Sofowora
As President Bola Ahmed Tinubu commences his landmark state visit to the United Kingdom the first by a Nigerian leader in 37 years, the inclusion of Zamfara State Governor Dauda Lawal in the presidential entourage is not a fluke; rather, it signals a strategic opportunity for the northwest state to transform its economic fortunes. Beyond the ceremonial pageantry, this high-level diplomatic engagement holds concrete prospects for Zamfara, particularly in agriculture and solid minerals development, sectors where the state possesses a comparative advantage but has struggled to attract meaningful investment. With Governor Lawal working assiduously to generate more IGR for the state and also position it as an economically advanced hub within the region with the construction of a Cargo Airport, this ushers in an era where the state is about to witness a great turnaround championed by Governor Lawal.
The timing of the bilateral engagement between the UK and Nigeria is significant, as the trade surplus between the two countries has reached a record £8.1 billion annually, and both nations are intensifying collaboration under the UK–Nigeria Enhanced Trade and Investment Partnership (ETIP) framework.
According to economic pundits, key sectors targeted for cooperation include trade and investment, energy transition, solid minerals development, and security collaboration – all areas with direct implications for subnational governments like Zamfara. For Governor Lawal, being part of this engagement provides direct access to British investors and development partners that could reshape Zamfara’s economic landscape.
Governor Lawal arrives in London with ambitious development plans to corroborate the budget he presented in December 2024, a ₦861.3 billion budget proposal for the 2025 fiscal year submitted to the Zamfara State House of Assembly, a document he described as “a roadmap for transformation and a declaration that Zamfara will rise stronger.” The budget allocates ₦714.05 billion (83 per cent) to capital expenditure, with sectoral allocations including ₦86 billion for agriculture and significant provisions for infrastructure development. However, these ambitious plans require corresponding revenue streams and investment partnerships to allow them to materialise and reach their full potential.
The governor has been implementing domestic reforms to strengthen the state’s fiscal position. In March 2025, he abolished cash revenue collection across Zamfara, directing all Ministries, Departments, and Agencies to adopt digital systems for revenue collection. His administration set an Internally Generated Revenue target of ₦38 billion to ₦42 billion for 2025, building on 2024’s revenue performance of ₦358.9 billion. With all these impeccable performance indicators, domestic resource mobilisation alone cannot fund the scale of transformation he envisions for the state. The only way to scale up is through Foreign Direct Investment, particularly in agriculture and mining, which represents the missing piece of Zamfara’s development puzzle.
Zamfara State is predominantly agrarian, with the majority of its indigenous population engaged in farming. The state’s favourable climate and vast arable land position it as a potential breadbasket for northern Nigeria. However, the sector remains largely subsistence-based, with limited processing capacity and weak linkages to export markets.
The UK state visit offers opportunities to change this dynamic. British companies have demonstrated growing interest in Nigerian agriculture, as evidenced by Twinings Ovaltine’s £24 million manufacturing facility launch in Lagos its first in Africa creating over 100 direct jobs. Similar investments could be directed toward Zamfara’s agricultural sector, which would be a boost and also create more income for farmers in the production of specific crops with value-addition potential. These include:
Zamfara lies within Nigeria’s cotton belt, but the state lacks ginning and textile processing facilities. Partnerships with British textile companies could establish local cotton processing capacity, capturing value currently lost to exports of raw lint. Groundnut is also a major export commodity from northern Nigeria, but production has declined due to neglect of the sector. British confectionery and food processing companies represent potential off-takers for processed groundnuts.
With growing demand for animal feed and industrial starch, Maize and Sorghum crops offer processing opportunities. British agribusiness firms with expertise in agro-processing could establish milling and processing facilities in Zamfara.
With Sesame Seeds already an export crop, sesame production could benefit from improved processing and certification to meet international standards, particularly for the UK market.
For Zamfara, “opportunities for Nigerian businesses” translates directly to potential agricultural partnerships that could modernise farming practices, establish processing infrastructure, and create export linkages.
Perhaps the most significant potential gains for Zamfara lie in the solid minerals sector. The state is renowned for its gold deposits, which have historically attracted both licensed operators and illegal miners. However, the sector has been characterised by informality, environmental degradation, security challenges, and loss of revenue to the state.
Recent developments at the federal level underscore the growing importance of the minerals sector. The Federal Government recently announced the commencement of operations at a high-purity gold refinery in Lagos – a private-sector initiative led by Kian Smith in partnership with UAE-based Suvarna Royal Gold Trading. For Zamfara, this means advocating for gold processing facilities within the state, not merely exporting overseas, but creating a gold refinery which helps create more jobs within the mining value chain. Governor Lawal’s presence in London provides an opportunity to position Zamfara as a preferred location for one of these gold refineries, particularly with British investment partners.
In a bid to redefine the regulatory framework and investment readiness, Zamfara has been taking steps to create an enabling environment for mineral investment. In February 2025, the Federal Ministry of Solid Mineral Development, in collaboration with the Zamfara State Mineral Resources and Environmental Management Committee (MIREMCO), convened a stakeholders’ meeting with quarry operators, mineral processors, and gold dealers to promote safety and regulatory compliance. The Federal Mines Officer in Zamfara State emphasised that both the federal and Zamfara State governments are determined to promote responsible mining practices that enhance security, safeguard the environment, and ensure that solid mineral resources contribute meaningfully to economic development.
This regulatory clarity is essential for attracting foreign investors. British mining companies and equipment manufacturers require assurance that their investments will operate within a predictable legal framework. The UK–Nigeria ETIP discussions in London provide a platform for Governor Lawal to articulate Zamfara’s investment readiness and regulatory improvements directly to potential partners.
No discussion of Zamfara’s economic potential can ignore the security challenges that have plagued the state. Banditry, kidnapping, and community conflicts have disrupted farming, hindered mining operations, and deterred investment. Governor Lawal’s 2025 budget allocates ₦45 billion to public order and safety, recognising that security is foundational to economic development. The UK visit offers opportunities for security collaboration. Improved security cooperation between Nigeria and the UK could translate to enhanced capacity to protect farming communities and mining sites, creating conditions for agricultural and mineral investments to flourish.
As Governor Lawal engages with British investors and policymakers, he would do well to study how other resource-rich regions have successfully attracted investment while ensuring local benefits. For Zamfara under Governor Lawal, the lesson is clear: attracting investment in extraction must be accompanied by deliberate strategies to build local processing capacity. Simply exporting raw gold or agricultural commodities perpetuates the “resource trap” that has left many African regions impoverished despite abundant natural wealth.
If Governor Lawal’s participation in the UK state visit yields tangible results, Zamfara could experience, in agriculture, British investment in agro-processing facilities, creating jobs for local farmers and capturing value from crops like cotton, groundnuts, and sesame. Technical partnerships to improve farming practices and access to UK markets for certified organic or fair-trade products.
In solid minerals, partnerships with British mining companies for responsible gold extraction, potentially including a gold refinery within Zamfara. Technical assistance for artisanal miners to formalise operations and improve safety. Investment in environmental remediation of degraded mining areas.
For Zamfara State, Governor Lawal’s inclusion in the presidential entourage transforms a diplomatic milestone into a concrete opportunity for subnational economic development. The state’s abundant agricultural land, mineral wealth, and a population eager for economic opportunities hold immense potential. The journey from potential to prosperity is long, but it begins with a single step or in this case, a transatlantic flight carrying Zamfara’s hopes to the corridors of British power and finance.
*Oceangate Engineering Oil & Gas LTD to appeal Federal High ruling over forfeiture assets*
Oceangate Engineering Oil & Gas Limited has said it will appeal to the recent ruling of the Federal High Court ordering the forfeiture of certain assets.
Barr. Nnenna Onyeaso, the Company Secretary said in a statement on Thursday insisting that neither the company nor its leadership was found guilty of any wrongdoing.
Onyeaso said that the firm has described the court’s decision as a civil asset forfeiture order based on suspicion rather than proof, stressing that the judgment did not establish any criminal liability against the organisation.
According to her, the company maintain that it has already directed its legal team to file an appeal, expressing confidence in the judicial process and the outcome of a thorough review of the case.
“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.
“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.
The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.
She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.
Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.
“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.
She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.
The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.
“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.
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