In the absence of swift and tangible interventions, the Nigeria Labour Congress may find itself compelled to take appropriate steps to compel the relevant authorities to prioritise the rescue of the Naira, the economy, and ultimately, the entire nation.
By Deborah Hassan
365Daily – The Nigeria Labour Congress (NLC) has warned that it may take appropriate steps to compel the relevant authorities to prioritise the rescue of the naira if the Federal Government does not take urgent steps to address it.
Lamenting the dire consequences on the nation’s economy, it called on the government and monetary authorities to take immediate and decisive action to halt the uncontrolled depreciation of the naira.
In a press statement signed by the NLC President, Comrade Joe Ajaero, on Sunday, October 29, 2023, the NLC implored the custodians of Nigeria’s economy to recognise the gravity of the situation and implement effective measures to safeguard the naira, stabilise the economy, and secure the future of the nation.
NLC said: “All nations of the world take pride in protecting their domestic currencies from all manners of threats but the reverse seems to be the case in Nigeria. Why a country with a high import coefficient and less than one elasticity of exports would allow its local currency to be at the mercy of the vagaries of the so-called market forces leaves us surprised and deeply worried.
“This is despite all the wise counsels warning against the consequences of such actions. It is only an economy with a vibrant and robust domestic manufacturing capacity that is export-oriented that will respond quickly and effectively to a free-falling local currency, not one like ours that is steeply bogged down by supply inertia and unable to meet domestic demands competitively talk less of responding positively and taking advantage of the falling Naira.
“We need to deliberately protect the Naira by buying locally manufactured goods especially those used by public office holders. We still remember when the Peugeot and VW brands were used as official vehicles in the public sector and that made a lot of sense. We insist that we return to the idea of using only locally made vehicles for public officials in Nigeria. Any person in Public office whose taste has become exogenously determined should satisfy that through his purse and not the public treasury.
“In the absence of swift and tangible interventions, the Nigeria Labour Congress may find itself compelled to take appropriate steps to compel the relevant authorities to prioritize the rescue of the Naira, the economy, and ultimately, the entire nation.
“We stand ready to engage constructively with all stakeholders in pursuit of a lasting solution to this pressing issue. Together, we can and must ensure the stability and prosperity of our great nation. The Naira must be saved if we are to make progress.”