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Labour Plans Protest over Increase in Fuel Price, Electricity Tariff Hike Monday

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Labour and civil society coalition under the umbrella of Trade Union Congress (TUC) and Nigeria Labour Congress (NLC) has resolved to embark on a nationwide protest against recent hike in prices of fuel and electricity in the country beginning from Monday, September 28.

Labour Plans Protest over Increase in Fuel Price, Electricity Tariff Hike Monday

The National Executive Committee of NLC met on Tuesday and endorsed the earlier two weeks notice issued by the Central Working Committee saying that come September 28, it will in collaboration with other unions and civil society allies ground activities in the country if the federal government fails to reverse recent hike in pump price of fuel and increase in electricity tariff.

Federal government had approved an increase in pump price of fuel from N148 per a litre to N161 and also granted operators of electricity distribution companies (DISCOs) approvals to effect increase in electricity tariff justifying such increases on its desire to liberalise the energy sector.

In a communiqué issued at the end of its meeting in Abuja Tuesday, NLC disclosed that while addressing journalists on the outcome of the NEC meeting, Comrade Ayuba Wabba, NLC president, said that Congress rejected the fuel price increase as well as hike in electricity tariff approved by the federal government.

“NEC decision is premised on the fact that the government’s two decisions along with others, including the increase in Value Added Tax (VAT) by 7.5 percent, including numerous charges charged by banks will further impoverish Nigerian citizens. Therefore, this increase in the midst of covid-19 pandemic is not ill-timed but is also counter productive.

“NEC also observed that the privatisation of the electricity subsector, five years down the line has not yielded any positive result. Whereas the entire privatized electricity assets were sold for N400 billion, the Congress is surprised that federal government within the last three years has injected N1.5 trillion over and above the amount that was used to sell this very important assets.

” Thus NEC came to a conclusion that the entire privatization process has failed and the hike tariff was only a process of continuous exploitation of Nigerians,” he said.

On the issue of privatization of refineries and increase in the pump price of fuel, Wabba said that NEC believed that government’s argument had not changed from what it used to be.

He said that whether it is about patial deregulation or full deregulation or subsidy removal, the matter had always been about increase in the price of petroleum products.

He lamented that the fuel price increase had eroded the gains of the new minimum wage granted Nigerian workers and led to increase in cost of living for all Nigerians.

He said that NEC demanded that deregulation should not be import driven and that the nation’s three refineries be made to work optimally.

He said that NEC believed that federal government has business in doing business in the downstream sector, just like other oil producing countries which has government-owned refineries.

“In light of all he these, NEC decided to endorse the two week ultimatum given to federal government to reverse those obnoxious decisions and also endorse the action proposed by the Central Working Committee that September 28 will be the date that those actions will be challenged by Nigerian workers, civil society allies and other labour unions,” he said.

On it’s part, TUC said that after an exhaustive meeting held to review its mobilsation strategies on the forthcoming strike to protest fuel hike and electricity tariff, it resolved that the Congress was going to work in collaboration with its sister Labour Centre, NLC and the Civil Society allies to execute the strike.

In a statement signed by Comrade Quadri Olaleye, TUC president, and Musa-Lawal Ozigi, secretary general, the union said its ultimatum which expired by midnight of the Tuesday, September 22, 2020 had been shifted to Monday, September 28, 2020 for effective and maximum effect.

TUC statement said: “Consequent upon this, the ultimatum which should expire by midnight of today 22nd September, 2020 has been shifted to 28th September, 2020 for effective and maximum effect. We want to use this opportunity to call on Nigerians, especially those in the informal sector to bear with us while the industrial action lasts”.

The union said there was no need for the current pains and hardship that the federal government was subjecting Nigerians to by the hike in prices of fuel and electricity tariff.

” It is a needless one. They ask us to tighten our belts while they loosen theirs. Services are not rendered yet we are compelled to pay estimated bills. You will recall that this government during its electioneering campaigns in 2014 told the world there is nothing like subsidy. We were told that they will build refineries, all that are history now. We run a mono economy and any hike in fuel automatically will have adverse effect on us yet successive government tow that path because they are not creative.

“As at today, about eight states are yet to commence the payment of new minimum wage and its consequential adjustment even though the president signed it into law on April 18, 2019. We have written letters to the governors and also engaged them in dialogue but all to no avail. Sometimes we wonder if these people have conscience at all,” it said The Congress urged all Nigerians to get ready for the unprecedented mass action against “corruption, obnoxious policies, rape and other violent offences, breach of Collective Agreement, unemployment, etc. We also call on the USA, UK, Germany, Spain, etc. to support our struggle by placing indefinite visa ban on our political leaders whose stock in trade is to loot and impoverish the masses and the country”.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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