Pulse Nigeria is the most followed news and entertainment platform, informing and engaging young Nigerians round the clock, providing updates by the hour.

Pulse Nigeria

A day of labor strike across Nigeria saw a substantial loss of revenue across sectors.

Only a day of strike in Nigeria spurred the loss of billions | Pulse Nigeria

Chinedu Okafor

<ul><li>Oil sector recorded a significant loss of billions of Naira in just one day owing to a strike by labor unions.</li><li>Nigeria Labour Congress (NLC) and organized labor initiated the strike to demand an increase in minimum wage.</li><li>Major sectors affected by the strike included oil and gas, power, transportation, judiciary, and education.</li></ul>

On Monday the Nigeria Labour Congress (NLC) and other members of organized labor launched a nationwide strike that saw to the standstill of economic activities. They had launched the strike to force the government to increase the minimum wage.

Several major sectors in the country felt the effects of the strike including, oil and gas, power, transportation, judiciary, and the educational sector.

However, given Nigeria’s reliance on oil and gas, the sector recorded a significant loss in the space of the day. A report by the Nigerian newspaper <a href="https://punchng.com/nigeria-loses-n149bn-to-one-day-oil-workers-strike/">The Punch</a> revealed that Nigeria most likely lost about N148.8bn on Monday owing to the sector’s shutdown.

Given the current data from the Nigerian Upstream Petroleum Regulatory Commission, Nigeria produces 1,281,478 barrels of crude oil per day (excluding condensates).

The price of a barrel of crude oil, measured globally by Brent, was $78.27 on Monday. On Monday, the official Central Bank of Nigeria exchange rate for the US dollar was N1,483.5.

According to these figures, Nigeria is estimated to have lost about N148.8bn on Monday alone.

<a href="https://africa.businessinsider.com/local/markets/nigerian-unions-warn-government-of-serious-consequences-if-demands-go-unmet/yncrhyk">DON’T MISS THIS: Nigerian unions warn government of serious consequences if demands go unmet</a>

The strike by the labor unions was not unprovoked. These bodies had, before the strike action warned the Nigerian government to heed their demands.

They had asked the government to increase the minimum wage as committed to, in response to the hyperinflation currently plaguing the country.

They gave the government about 2 weeks to negotiate a fair wage to which the government barely responded. As a result, the strike was launched effectively causing major losses around the country.

Nigeria's oil production has dropped but minister says no cause for alarm

Only a day of strike in Nigeria spurred the loss of billions

Pulse Picks

Business

News

Entertainment

Lifestyle

Politics

Local

Metro

World

News 

Celebrities

Music

Movies

Fashion

Beauty & Health

Relationships & Weddings

Food & Travel

Domestic

International 

Sports 

Celebrity Picks

Pulse Marketing

Explore categories

Influencer Awards

Company Pages

Breaking News & Top Stories | Pulse Nigeria

Video

Checkout our authors for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria 

Authors | Pulse Nigeria

| Pulse Nigeria

Read the latest news across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria

Search for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria

Search Results | Pulse Nigeria

Watch the latest videos across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Nigeria