Nigerian Oil Unions Go on Strike

Nigeria’s two main oil workers’ unions have begun a nationwide strike, threatening to hurt the output of Africa’s largest oil producer.

BBC reporters say long queues have formed at many petrol stations.

The unions, Pengassan and Nupeng, said the strike would continue until the government addressed its concerns.

These include the adoption of the delayed Petroleum Industry Bill, aimed at overhauling the sector and maintenance work on oil refineries.

The unions frequently go on strike or threaten to strike.

This time, the two unions were initially demanding the reinstatement of representatives who had been dismissed by oil companies, but now their list of complaints has grown.

They are now protesting that the government has allowed Nigeria’s oil refineries to fall into disrepair and that the poor state of the country’s roads is hindering the transport of oil.

They are also asking for the price of petrol to be reduced and oil theft to be stopped.

“We’ve commenced the strike. It will affect oil production, since all operations are on strike,” Pengassan chief Babatunde Oke told Reuters.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza