The Nigerian Labour Congress (NLC) has announced its intention to rally its members, without notice to the government, for an indefinite nationwide strike in the event of a rise in the present petrol price.

The president of the union, Joe Ajaero, said this on Monday during the African Trade Union alliance meeting in Abuja, on the heels of the disclosure by petroleum marketers that fuel pump prices will rise to N680 and N720 per liter in the coming weeks.

“As we are here they are contemplating increasing the pump price of petroleum products and the federal ministry of labour and employment, for some time now, will only go to the federal ministry of justice to come up with injunctions to hold the hands of labour not to respond,” he said.

“Let me say this, Nigerian workers will not give any notice if we wake up from our sleep to hear that they have tempered with prices of petroleum products.

“They have started floating ideas of a likely increase in the pump price of petroleum products.”

Independent Petroleum Marketers Association of Nigeria (IPMAN) said on Sunday that the lack of dollar liquidity in the Investor and Exporter window, and the depreciation of the naira in the parallel market, if not urgently contained, will push the pump price up.

The increase will see Nigerians paying an additional N103, as currently, petrol is being sold at N577 per liter in Lagos and N617 and above per liter in many other parts of the country.

Background of the strike threat

Since the fuel subsidy was removed in June, organized labor has been at loggerheads with the government over the provision of palliatives to mitigate the impact.

Among their demands, the Trade Union Congress (TUC) and the NLC are asking the federal government to increase the minimum wage to at least N200,000 per month from the current N30,000 per month. They are also asking the federal government to revive the CNG project for labor centers.

Other demands include rehabilitation of the nation’s refineries, fixing road and rail networks, and reviewing multiple taxes on businesses.

With the government dragging its feet in meeting these demands, organized labor on July 26, issued a seven-day ultimatum to the federal government to reverse all “anti-poor” and “insensitive” policies.

The NLC said no going back on the strike unless the federal government meets the following demands: “the immediate reversal of all anti-poor policies of the federal government including the recent hike in PMS price, increase in public school fees, the release of the eight months withheld Salary of university lecturers and workers”. It also added “the immediate inauguration of the Presidential Steering Committee.”

But in response to the union’s demands, the federal government invoked a restraining order of the national industrial court, stopping organized labor from embarking on any industrial action concerning the removal of petrol subsidy.

However, defying the government and the court, the unions embarked on a nationwide protest on August 2, prompting the federal government to initiate contempt proceedings against them for disobeying the court order.

Though the protest was suspended on August 3 following a series of negotiations between the leaders of organized labor and the federal government, the NLC has not closed the chapter on a nationwide strike. The union said the conduct of the federal government led by Bola Tinubu “suggests it does not intend to commit itself to the MoU it signed with NLC and TUC.”

Former Nigerian Minister and former Nigerian deputy permanent representative to the United Nations, Usman Sarki, has identified the need for media organizations and foreign relation department to prioritize strategic communication and fact-finding analysis in the reportage of the Coup in Niger and the consequent ongoing loggerhead between the Nigerien military junta and the Economic Community of West African States (ECOWAS).

Mr. Sarki made this call during an interview on the Television continental (TVC)’s night show, ‘”Politics Tonight” on Friday evening. According to the former UN diplomat, promoting ill-baked reporting of the management of the crisis has severe implications not only for Nigeria and Niger but also for many other African countries.

Therefore, Mr Sarki believed it is high time traditional media organizations and relevant government agencies weighed in more on strategic information sourcing and communication to avoid a situation where the people have to continue to depend and act based on rumours and conspiracy theories being spread on the social media.

‘’In crisis situation, the first casualty is the truth. Nigerians should be very conscious about what they consume on the social media.

‘’Information is very critical; it is the bedrock of diplomacy and the bedrock of interstate relationship. So, whatever information is being released for the consumption of the public or the attention of the regime has to be precise, accurate and to the point,’’ Mr. Sarki said.

Mr Sarki remarked that ‘’the problem that has arisen out of this saga is that the president of Nigeria, Bola Ahmed Tinubu, wants war and there is no basis for us to think that war was the first option.’’

Mr Sarki stated that it is erroneous to think that the ongoing crisis is a war between Nigeria and Niger or between ECOWAS and Niger. Rather, according to Sarki, the crisis is a battle of legality vs illegality — legality as represented by President Bazoum and illegality represented by the usurpation of a democratically elected government by the Military Junta.

He added that the Tinubu-led ECOWAS is very clear about its ‘’sentiment of zero-tolerance to coup and unconstitutional changes in Government’’.

‘’ECOWAS is using the instrumentality of its statutes and protocols in order to assert the prerogative of the regional organization to establish order and bring back constitutional rule in Niger as it would in any other member state that has taken the path of military rule at this precise moment’’ Sarki said.

On how ECOWAS, the Nigerian government and the media can harness information and ensure strategic communication in the management of the crisis in Niger, Mr Sarki made the following recommendations:

1. ECOWAS must establish a communication system whereby its messages could go to every member state of the community through the traditional and non-traditional media.
2. The Nigerian Government should engage in complementary approaches by embarking upon constructive false ride, truthful and timely release of information not necessarily through the president’s spokesperson but through the Ministry of foreign affairs.
3. The Ministry of foreign affairs should be allowed the exercise of its prerogative in the field of foreign policies in informing Nigerians about the objectives of the actions and policies of the Nigerian Government.
4. Media organisations and Government agencies responsible for public information should also contribute by way of asking questions and conveying answers to the Nigerian public in order not to keep people in anxiety or in the dark about the purposes of the measures, the intentions behind the measures and the ultimate objective that is being sold by the measures.

On July 26, 2023, General Abdourahamane Tchiani led a military coup in Niger that overthrew the democratically elected President of the country, Mohammed Bazoum. Following that, Tchiani declared himself head of the National council for the safeguard homeland and placed president Bazoum and some members of his families under house arrest.

Despite several appeals, threats and sanctions to the military Junta by ECOWAS, the mission to establish constitutional order and restore democratic government in Niger has remained in a state of impasse.

However, on Monday, August 14, 2023, the leader of the Military junta, General Tchiani, said he’s open to diplomatic conversations with ECOWAS. This was after a meeting with the intervention team of Nigerian Islamic scholars in Niamey.

Nigerians are in uproar following the report that the cost of Premium Motor Spirit (PMS) also known as petrol, driven by the depreciation of the naira in the forex market, will hit N680 per liter and N720 per liter in the coming weeks.

The Punch reports on Monday, quoting oil marketers, that the recent rise of the dollar to N950/$1 in parallel will inevitably push the pump price of petroleum products as well as other goods and services further up.

After hitting N955/$1 last week, the naira closed at N9450/$1 on Monday, a situation that indicates a scarcity of dollars that oil marketers said has significantly undermined their ability to import PMS.

“Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex,” the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, was quoted by The Punch as saying.

“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.

“It is simple mathematics, once the dollar is going up, have it in mind that the prices of petroleum products would definitely increase because the products are dollar-driven,” he added.

The marketers said they require about $25 million to $30 million to import petrol into Nigeria, but can’t access the fund through the Investor and Exporter window where the naira trades higher at N740/$. This is because there is no fund in the I&E window.

“To buy products, it costs you between $25m to $30m. You can’t find it in the I&E window. So it doesn’t work and that is why people are not importing,” the Executive Secretary, Major Oil Marketers Association of Nigeria, Clement Isong said.

The decision of the Central Bank of Nigeria to float the FX market has been observed putting a lot of pressure on the parallel market.

The inability to access dollar through the I&E window has led dealers who were initially eager to import PMS to suspend their plans, the marketers said.

“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950/$1, but the price is going to hit N750 once the dollar rises to N1,000.

“This is because marketers still source dollars from the parallel market, and not only marketers but virtually all importers in Nigeria. There is no subsidy any more on petroleum products, so you expect the cost to fluctuate with the dollars,” Ukadike added.

The removal of fuel subsidy means that the price of petrol in Nigeria will now be determined by the international cost as well as the naira to dollar exchange rate. Since the floating of the FX market, the disparity between the I&E window and the parallel market exchange rates has grown wide, amounting to about N205.

This is attributed to the lack of dollar liquidity in the I&E window. The oil market leaders said that oil marketers still rely on the parallel market to source dollars.

Another challenge noted by the IPMAN PRO is that the Nigerian National Petroleum Company Limited (NNPCL) remains the sole importer of petrol in the country. He said though recently, Emadeb, an oil-marketing company, which was issued a license, imported petrol – it is grappling to recoup its investment as the dollar has risen further since then.

“NNPC is still the major importer for now. One other company, Emadeb, imported products recently, but because this product is being sold in naira, getting back their funds is another issue since the naira keeps depreciating, while PMS imports is in dollars,” Ukadike said.

“This is why it is often difficult to go back and buy again as an independent importer. That is the problem we are facing.”

While oil marketers agree that having multiple importers will reduce the pump price of petrol per liter – as it will drive competition, the fear of losing their investment to the volatility of the FX market has dampened the willingness of potential importers.

The cry for a solution

In addition to calls for intervention in the FX market, stakeholders have urged the federal government to quickly resolve the crisis in the oil sector by curtailing oil theft in the Niger Delta.

“Nigeria has to sort out the security issues in the Niger Delta so that we can increase our daily crude oil output. If we increase it to 1.8 or two million barrels per day, then there’ll be dollar in the market. So we need to stop oil theft,” Isong said.

Nigeria earns 90% of its foreign exchange from oil but has been experiencing revenue shortfalls due to low oil output attributed to theft. The nation’s daily oil production in July 2023 fell by 13.6% to average 1.08 million barrels per day compared to 1.25mbpd recorded in June, according to the latest production data from the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC.)

With the naira on a swift race to N1,000/$1, analysts believe that it’s only a matter of time before the cost of petrol and goods and services hit the rooftop.

This backdrop, which is increasingly crippling economic activities in Africa’s largest economy, means that the government will need to act fast if the imminent increase in petrol pump prices will be averted.

From Rookie to Shark: A Comprehensive Guide to Progressive Betting Strategies is a comprehensive guide for gamblers of all levels, from beginner to expert. It provides an in-depth look at the most effective and popular betting strategies, including Martingale, Parlay, D’Alembert, Fibonacci, and Labouchere systems. It covers the pros and cons of each strategy, as well as provides tips on bankroll management, emotional control, and playing smart. It also offers advice on setting realistic goals and understanding the risks associated with gambling. With this guide, gamblers can take their game to the next level and become true sharks at the tables.

Understanding the Basics of Progressive Betting

If you’re new to sports betting, learning the fundamentals of progressive betting may seem intimidating. However, it doesn’t have to be – with some research and practice, you can quickly become an expert in the various types of progressive betting strategies available.

Progressive betting is a type of sports wagering system in which the bettor increases their stake amount after every win and decreases it after every loss. This strategy aims to capitalize on streaks – either winning or losing – and recoup losses while minimizing risk when the odds are against you.

The SportsBet app provides an easy-to-use platform for those wanting to try progressive betting. It is a great way to get started with sports wagering and understand the different types of bets available, such as Money Line, Parlay, Teaser and more. With SportsBet’s intuitive interface, you can quickly create customized bet slips based on your preferences and track your progress with each bet you make.

The most important thing to remember when using the progressive betting strategy is to be disciplined and manage your bankroll carefully. To maximize your chances of success, it’s important to understand the different types of wagers available and choose one that suits your style of play.

Building a Strong Foundation: Bankroll Management

When it comes to sports betting, no matter how skilled you are or what strategies you employ, none of it matters if you don’t have proper bankroll management in place. An important aspect of responsible gambling is bankroll management, which involves setting a limit on the amount of money one can afford to lose. This total amount should then be divided into smaller portions, each intended for a single bet.

This means that not all of your money should go to single bets; instead, you should divide it into multiple smaller parts. This way, if a bet fails, you won’t lose your entire bankroll and will still have funds available to make another bet. Moreover, with progressive betting strategies focusing on longer-term gains, having a larger bankroll can allow you to climb the ladder more controlled, reducing risk and increasing potential profits.

The Martingale System: Doubling Down on Wins and Losses

Many people use the Martingale System as a betting strategy, increasing their bets after losing to compensate for any prior losses. It has been used extensively since the 18th century, and its popularity continues today as it offers an exciting way to increase winnings when playing games of chance. The primary idea behind the System is that if a bettor keeps doubling their wager after each loss, eventually, they will recoup all of their losses and make a profit. This System can be successful when playing games with even odds, such as roulette or blackjack.

While the Martingale System is an intriguing betting strategy, it has its drawbacks. Betting in this way requires a great deal of discipline and perseverance. If a bettor is not careful about how much they are wagering, they can quickly run out of money before recouping any losses. Additionally, this System does not always guarantee a win, as the odds of winning remain the same regardless of how much one bets. It is important to remember that gambling should always be done responsibly and never with more money than one can afford to lose.

Fibonacci Sequence: Nature’s Bet

The Fibonacci sequence is one of the most famous mathematical sequences in history, and it has been used to explain a variety of patterns found in nature. It can also be applied to gambling strategies such as the Martingale Strategy. The Martingale strategy is based on the idea that if you double your bet whenever you lose, eventually, you will recover your losses and then make a profit. This is based on the Fibonacci sequence, as each bet is double the amount of the previous bet until you eventually win. In general, this tactic is most effective in games with an equal likelihood of winning or losing, such as roulette. It can also be applied to other gambling activities like sports betting and even investing.

The Fibonacci sequence is a set of numbers in which each number is the sum of the two preceding numbers, starting from 0 and 1. This pattern can be seen in many natural places, from flowers to galaxies. When this same pattern is applied to gambling, you get the Martingale strategy that has been around for centuries and is still used today. The idea behind it is that eventually, you will win, so the more times you double your bet, the sooner you will recover all of your losses and make a profit.

Labouchere System: The Customizable Approach

The Labouchere System is a customizable approach to sports betting. It’s often compared to the Martingale Strategy but has some differences that make it more appealing for many players. The basic idea behind this System is setting up custom bet sizes and then modifying them over time as you win or lose. This process can help minimize losses while still providing the chance to win big.

The 19th-century British aristocrat Henry Labouchere is credited with popularizing the System that bears his name. The setup of this strategy is relatively simple: you start with a line of numbers representing your bet sizes and then add or subtract from that line as needed based on how your bets go. You’ll subtract the first and last numbers from your line if you win. On the other hand, if you lose, you’ll add the amount of your loss to the end of the line.

Positive Progression Betting: Ride the Winning Streak

Positive Progression Betting, or Ride the Winning Streak, is a popular system sports bettors use. This betting method assumes that when you win a bet, your previous winnings will cover any losses from future bets. The idea is to ride the winning streak as far as possible and turn a profit.

Under this System, bettors increase their wager size after a win and decrease it after a loss. The idea is to stake more of your bankroll on the games you are confident will be successful. This way, the profit made from each successive winning bet should offset any losses experienced in previous bets.

Negative Progression Betting: Minimizing Losses

Negative progression betting is the opposite of positive progression betting and involves increasing your stakes when you lose rather than when you win. The most common example of a negative progression system is the Martingale Strategy, which suggests that if you lose, you should double your next bet in order to recover any losses and ensure a profit. For centuries, gamblers have favored this strategy because of its simplicity and high potential for success. However, it is important to remember that the Martingale Strategy does have its drawbacks; if you experience a long losing streak, you could be left with huge losses that far exceed your original bankroll. This strategy should only be used in moderation, as it can quickly become unsustainable. Despite this, it can be an effective way to reduce losses in the short term.

Another popular negative progression betting system is the 1-3-2-6 System, which involves increasing your stakes after each loss until you recover your losses and make a profit. With this strategy, it is important to remember that if you experience more than four consecutive losses, you will be left with a loss regardless of the amount of winnings you have gained. This System is much more conservative than the Martingale Strategy and can be used to reduce losses when playing casino games or sports betting.

Conclusion

If you want to take your game up a notch, progressive betting strategies may be just what you need. The Martingale Strategy is one of the most popular and tried-and-true of these methods, as it provides an edge for players willing to wager larger amounts in exchange for greater rewards. While this strategy can be risky at times, with proper risk management and a strong understanding of the game’s rules, it can be an effective tool to help you take your game to the next level.