The Lagos Chamber of Commerce and Industry (LCCI) has expressed concern over the planned strike of the Nigeria Labour Congress [NLC] and the Trade Union Congress (TUC), warning that such action might affect the reforms the federal government had begun in the nation’s oil and power sectors.
The Director-General of the Chamber, Dr Muda Yusuf, in a statement issued, on Sunday, stated that in as much there were grounds for the labour unions to embark on such action, due to the pains being faced by many Nigerians, he, however, argued that embarking on such action, at this time, would further inflict hardship on the hapless Nigerians the strike was intended to protect.
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Describing the nation’s economy as ‘currently stumbling’, having suffered a significant contraction of 6.1 per cent in the second quarter of the year, the Chamber argued that it had become imperative for it to be pulled back from the brink through the adoption of appropriate policy reform measures.
“The LCCI appreciates the perspective of the labour unions with regards to the pains and hardship that the recent price hikes in petrol and electricity will inflict on the citizens. But the chamber also recognises that the government is faced with very difficult choices at this time.
“The Nigerian economy is currently stumbling, having suffered a significant contraction of 6.1 per cent in the second quarter of this year. The economy is yet to recover from the devasting shocks wreaked by Covid 19 and now on the verge of recessions.
“The economy needs to be urgently pulled back from the brink through the adoption of appropriate policy reform measures.
“Reversal of current reforms would exacerbate the challenges of the faltering Nigerian economy,” the Chamber argued.
It added that government no longer had the financial strength to sustain the humongous, corruption-prone and opaque subsidies, as was the practice in the past, noting that it would not even be in the best interest of the citizens, the economy and future generations to encourage the perpetuation of such corruption-ridden subsidy regimes.
LCCI expresses concern over planned strike