Economic Decline: Workers Raise Alarm Over Job Security

Economic Decline: Workers Raise Alarm Over Job Security

At the 32nd Annual Industrial Relations Seminar of the National Union of Chemical, Footwear, Rubber, Leather, and Non-Metallic Products Employees (NUCFRLANMPE) held in Ilorin, Kwara State, job security emerged as a major concern for members………CONTINUE READING

The union highlighted that the current economic downturn has jeopardized job security, urging the government to take immediate action to address sector challenges. Comrade Goke Olatunji, President of the Union, emphasized the crucial role of manufacturing in Nigeria’s economic growth and the need for a sustainable future.

Olatunji criticized the socio-economic climate, noting that manufacturers face severe difficulties due to high production costs driven by elevated interest rates, high electricity bills, and expensive petroleum products meant for alternative power generation. He also pointed out poor road conditions and excessive taxation as additional burdens on manufacturers.

He stressed that manufacturing is essential for economic advancement and warned against the continued export of raw resources without adding value, which undermines economic growth. Olatunji expressed concern over the impact of economic factors on workers, including job losses, factory closures, and poor working conditions. He noted that the current inflation and exchange rates diminish the real value of wages, with the dollar equivalent of the new minimum wage of N70,000 significantly lower than its previous value when it was N18,000.