INSTANT NEWS

The Nigeria Labour Congress (NLC) has voiced its concerns over the severe consequences of the forex crisis on the nation's economy. The NLC President, Joe Ajaero, attributed the sharp depreciation of the national currency to government officials' preference for foreign luxury goods. He warned that the economy was at risk of enduring a series of negative consequences unless the naira stabilized against the US dollar.

The NLC's statement came ahead of a meeting between organized labor and the Federal Government, scheduled for today, where they will review the implementation of the Memorandum of Understanding signed regarding subsidy removal palliatives.

The NLC has recommended that public officials should support the naira by purchasing locally-manufactured products, rather than foreign luxury items. They emphasize the importance of patronizing Nigerian brands and express their concerns about the negative impact of officials opting for foreign products on the naira's value. They state that these actions "de-market" the naira and call on officials to be more patriotic in their choices, favoring domestically-made goods.

The labor union warns that without immediate interventions, they may be compelled to take action to prioritize the rescue of the naira, the economy, and the nation as a whole. They stress the significance of boosting local production and consumption of domestic products while reducing imports to stabilize the naira. Additionally, they suggest that commodities for export should be priced in naira.

Labor also raises concerns about ongoing disputes with the Imo State government, including unpaid salaries, wrongful designation of workers as ghost workers, destruction of the NLC state Secretariat, discriminatory pay practices, non-compliance with the National Minimum Wage, and unsettled gratuity arrears. They express their intent to embark on mass protests and industrial action to protect workers' rights in Imo State if the government does not resolve these issues. Labor warns that if necessary, they will shut down the state on the governorship election day, November 11, 2023.