Africa – 19 June 2024

Nigerian President Bola Tinubu is facing a fresh challenge to his attempts to rein in runaway inflation and get the unruly economy back on track. Labor unions are demanding that the minimum monthly wage of about $20 be increased eightfold, while the government and the private sector have offered to double it. After months of negotiations, the unions went on strike last week that closed airports and shut down the national power grid. While they suspended their labor action and held further talks, the point was made: A middle ground needs to be reached. Granting workers a substantial raise would bring them relief from inflation that’s at a 28-year high. But it would also exacerbate pricing pressures and set back attempts to shore up state coffers. (Source)