ADO-EKITI—The National Union of Chemical, Footwear, Rubber, Leather, and Non-Metallic Products Employees (NUCFRLANMPE) has revealed that over 40 companies in Nigeria’s sub-sector have closed their doors in the past three years due to escalating economic instability.
The union’s outgoing president, Babatunde Olatunji, made these alarming claims during the 7th Quadrennial Delegates Conference held in Ado-Ekiti, Ekiti State, emphasizing the dire state of the country’s economic landscape.
Olatunji did not hold back in criticizing President Bola Tinubu’s recent decision to remove the petrol subsidy, which he believes has significantly contributed to the economic challenges facing the nation. He described the removal of this subsidy as a hasty measure, lacking adequate planning and consideration of its impact on the populace.
“As of today, no fewer than 40 companies have closed down within the past three years due to economic instability,” Olatunji stated, highlighting the pressing nature of the situation. He argued that the abrupt removal of the fuel subsidy was a major catalyst for the ongoing economic crisis, suggesting that it should have been phased out gradually.
“The removal of the fuel subsidy should have been a gradual process, implemented in phases, rather than an outright removal without taking into account the feelings of the masses,” he asserted.
Olatunji urged the government to adopt a more inclusive approach to decision-making, one that incorporates the views and concerns of the citizens.
“A top-down approach to decision-making could only lead to dissent,” he warned. He advocated for a bottom-up approach that reflects the interests and needs of the people, arguing that such an approach is vital for democracy to thrive.
In addition to addressing the subsidy removal, Olatunji called on the Federal Government to take urgent action on several key issues.
He urged the administration to drastically reduce the high cost of governance, which has become a burden on the nation’s finances.
Olatunji also emphasized the need to tackle insecurity, fix the nation’s refineries, strengthen the modern railway system, and revamp the power sector to better serve the needs of the populace.
Echoing Olatunji’s sentiments, Femi Oke, the Executive Secretary of the Chemical and Non-Metallic Products Employers Federation (CANMPEF), warned that the trend of company closures would exacerbate the already high unemployment rate in Nigeria.
He urged President Tinubu to address the issues facing the manufacturing sector urgently, emphasizing that failure to act could lead to further deterioration of the economy.
Oke stressed the importance of a thriving manufacturing sector, which he described as a key driver of economic growth and job creation. “The negative trend will only worsen the already high unemployment rate in the country,” he stated, appealing for immediate government intervention.
The conference, themed “Leading the Union in an Era of Economic Instability,” brought together stakeholders from various sectors, all seeking solutions to the economic challenges that have plagued Nigeria in recent years.
The discussions highlighted the urgent need for comprehensive reforms aimed at stabilizing the economy and restoring investor confidence.
Participants at the conference expressed their concerns over the current economic climate, citing the rising cost of living, high inflation rates, and widespread job losses.
Many attendees shared personal stories of how the economic instability has affected their livelihoods, further emphasizing the need for government action.
The discussions at the conference also touched on the role of labor unions in advocating for workers’ rights and the importance of collaboration between the government and the private sector. Union leaders emphasized that a united front is necessary to address the pressing economic issues facing the country.
As Nigeria grapples with these challenges, the call for government accountability and effective policy implementation grows louder. Olatunji and Oke’s remarks serve as a reminder of the critical role that unions play in representing the interests of workers and advocating for positive change.
The situation has sparked widespread concern among citizens, many of whom are struggling to make ends meet amid rising prices and economic uncertainty.
The ongoing closures of companies not only affect the employees directly impacted but also have a ripple effect on the wider economy, leading to reduced consumer spending and lower overall economic growth.
In the face of these challenges, the Nigerian government faces a pivotal moment. The calls for action from union leaders and stakeholders highlight the urgent need for a comprehensive economic strategy that addresses both immediate concerns and long-term sustainability.
As the nation looks toward the future, the hope remains that dialogue between the government, private sector, and labor unions can lead to solutions that foster economic recovery and stability.
With the stakes so high, the coming months will be critical in determining the path forward for Nigeria’s economy and its workforce.
The NUCFRLANMPE conference not only underscored the pressing need for change but also reflected the growing frustration among workers and employers alike. The commitment to dialogue and collaboration may serve as a foundation for addressing the challenges that lie ahead.
In conclusion, the closure of over 40 companies in Nigeria’s sub-sector is a significant indicator of the broader economic instability plaguing the nation.
With union leaders calling for urgent action from the government, the future of the Nigerian economy hangs in the balance, necessitating decisive and inclusive policymaking to steer the country toward recovery.
