Adewale Oyerinde, the Director-General of the Nigeria Employers’ Consultative Association, has urged caution and social engagement in light of the potential negative effects of the Nigerian Labour Congress’s scheduled strike action.
In a statement, he said that although while the cash constraint has already had an impact on households, businesses, and individuals, the scheduled NLC strike would further damage the economy by hastening business closures, job losses, and other socioeconomic issues.
He claims that economic experts and analysts have estimated that the loss in economic terms could be over N20tn as a result of lost working hours in bank halls and gas stations, business closures due to low customer traffic, employees’ inability to commute to work, difficulties faced by households in meeting basic needs, and general supply chain distortion.
He said, “While we 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.
“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.”
In order to resolve all problems related to industrial and social-economic disputes, he encouraged the fullest use of social dialogue as a tool.
He said that the government and social partners should refrain from taking any moves that would jeopardize the nation’s precarious economic situation.
He stressed, “We urge the Central Bank of Nigeria and the Federal Government to immediately address the genuine concern of Nigerians in view of the ongoing socio-economic difficulties.”