There was a collective sigh of relief within the business community as there was a surprising last minute compromise that impressed organised labour enough to call off its planned indefinite strike that should have started at midnight on November 6.
After prolonged argument deep into the night on November 5, the Tripartite Committee set up by the federal government agreed on N30,000 new minimum wage as demanded by labour.
“Agreements have been reached and documents have been signed. Organized labour will want to use this medium to thank all the tripartite partners for their understanding. Organized labour also decided that the proposed strike action is hereby suspended and we hope that this will be communicated appropriately without any dilution”, said Ayuba Wabba at the end of the tripartite meeting Monday night.
Having extracted agreement from the federal government that its N30,000 new minimum wage will be approved, Wabba announced the cancellation of the strike.
Had the industrial action gone ahead, Nigerian ports would have been losing over N5 billion daily to the strike.
This is in addition to the loss of another N648 million that may have accumulated daily as demurrage on goods trapped in the ports, a cost usually borne by importers.
Port users had warned that the development would fueled inflationary pressures on the economy given the already high costs incurred by importers through the inefficiency in the management of ship and cargo traffic in Nigerian ports.