The Nigeria Employers Consultative Association (NECA) has called on the Nigeria Labour Congress (NLC) to put its planned strike on hold to avoid causing further economic crises. NECA’s Director-General, Adewale-Smatt Oyerinde, released a statement titled “Nigeria Labour Congress Nationwide Planned Strike: NECA Calls for Caution, Urges Social Dialogue.” In the statement, Oyerinde expressed concern over the current state of the naira redesign policy and “other affecting policies of the Central Bank of Nigeria” (CBN) but cautioned that the planned strike could worsen the situation.
According to Oyerinde, the strike could result in job losses, rapid business closures, and other socio-economic challenges, dragging the economy further into a deeper hole. He urged social dialogue to resolve all issues associated with industrial and socio-economic disputes. Oyerinde further emphasised that the CBN and the federal government must address the genuine concerns of Nigerians to avoid compromising the fragile economic state of the nation.
CBN’s Explanation
In response to the impending protest by NLC against the CBN, some officials of the apex bank, including its deputy governors, met with the leadership of the congress in Abuja to stave off the protest. CBN Deputy Governors Mr Folashodun Adebisi Shonubi and Dr Kingsley Obiora led the delegation and explained the government’s financial policy, particularly the naira redesign that resulted in a cash crunch.
The CBN team pleaded with the NLC not to embark on the protest, assuring that they were doing everything possible to restore normalcy in the currency supply chain. The NLC had earlier directed all workers to picket all the central bank offices nationwide next week over the current cash crunch in the country. The planned strike had been due to the end of a one-week ultimatum given to the CBN to make cash available to Nigerians.
Overall, NECA’s advice to the NLC comes as a plea to avoid worsening the current economic situation in Nigeria. Instead, social dialogue and effective communication can help resolve issues associated with industrial and socio-economic disputes.
