*Says Cash crunch killing businesses, worsening poverty, but….’
By Victor Ahiuma-Young
Nigeria Employers’ Consultative Association, NECA, has called for social dialogue to avert the planned strike by the Nigeria Labour Congress, NLC, over the worsening cash crunch following the redesigning of the nation’s currency.
The umbrella for employers in the country, in the statement, warned that though it is concerned over the worsening cash crunch, the planned strike by NLC could further drag the economy into a deeper hole, leading to rapid business closures, job losses, and other socio-economic challenges.
NECA in a statement by its Director-General, Wale-Smatt Oyerinde, said “It is without a doubt that the cash crunch has affected businesses, individuals, and households terribly. Economic experts and analysts have stated that the loss in economic terms could be over N20 trillion as a result of loss of productive hours in bank halls and petrol stations, shut-down of businesses due to low patronage, the inability of employees to transit to work, challenges faced by households in meeting basic needs and the general distortion in the general supply chain.
“While we had expressed our deep concern as regards the mismanaged and dreadful implementation of the Naira redesign policy, and in fact, some other policies of the Central Bank of Nigeria, it is our strong belief that the planned strike by the Nigeria Labour Congress, NLC, could further drag the economy into a deeper hole, leading to rapid business closures, job losses, and other socio-economic challenges. While we affirm emphatically our displeasure with the government’s loud silence and seeming inactivity in resolving the self-inflicted quagmire, the planned strike, at this time, could be counter-productive.
“We, hereby, urge the maximum use of the instrumentality of Social Dialogue in resolving all issues associated with Industrial and social-economic disputes. Actions by the Government and indeed social partners that could compromise the fragile economic state of the Nation should be avoided. We urge the Central Bank of Nigeria and indeed, the Federal Government to immediately address the genuine concern of Nigerians in view of the ongoing socio-economic difficulties.”
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