In an attempt to identify the numerous challenges crippling economic activities in Nigeria, the President of Nigeria Labour Congress, NLC, Ayuba Wabba, was quick to state that the nation’s currency had since lost its value by over 150%.
Noting that the lost value of the Naira has succeeded in minimizing its purchasing power, Wabba hinted that several economies of neighbouring African nations are performing better when compared to Nigeria.
He said this yesterday at the 64th Annual General Meeting of Nigeria Employers’ Consultative Association, NECA in Ikeja, Lagos.
While delivering his speech, the NLC President said Nigeria is supposed to have strength in its population of over 200 million persons, with the human resources to cultivate about 80% of what it consumes.
However, he said the nation has been among others whose economic activities have been plagued by the Covid-19 pandemic.
Wabba Says 33% Unemployment Rate Incorrect
As a consequence of the aforementioned, Nigeria has also witnessed a rise in the rate of unemployment. Although, Wabba expressed dissatisfaction with the report on the current ratio of unemployed Nigerians as released by the National Bureau of Statistics, NBS.
While NBS placed the unemployment rate at 33%, the NLC Comrade insisted that the numbers have exceeded what Federal Government is projecting.
Wabba blatantly stated that the NBS report on the rate of unemployment is incorrect.
Fortifying his argument, the NLC activist pointed out some recent events that transpired in Kano State, where situations caused the closure of about five thousand firms indefinitely.
On the other hand, Wabba identified policy inconsistency as a crucial setback affecting the nation’s food industry, urging the government to schedule time and tackle issues of double taxation, as well as the high cost of importation.
In consonant with similar propositions from key industry players in Nigeria, Nigeria should reduce the rising insecurity and regional agitation. Wabba also posited that it would bring positive policy direction in the next two quarters.
