We employ 91 people in Nigeria and run various operations throughout the country from cocoa and fertiliser to ethanol and frozen fish. We have many friends in the banking and business world and are our thoughts are with them during these troubled times.
Nigeria is presently facing massive upheaval as the nationwide strikes continue over the government’s removal of fuel subsidies. My personal view is that whilst one can follow the government’s economic arguments, if my government was to increase the price of my petrol by nearly 3 fold I am sure I would take to the streets.
One report I have heard is that the country is losing Naira 320 billion per day. The minimum wage is Naira 18,000. At least both sides are reportedly talking and one must pray for a fast settlement.
Please find attached an official government document, which can assist your understanding of the Nigerian government’s position on the removal of petroleum subsidy and the on-going debate surrounding the decision. You are receiving this document purely for information purposes only. It is lengthy but I think it is a useful read.
For details please see attachment