40 companies producing chemicals, leather in Nigeria shut down over faulty economic policies
The National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees, NUCFRLANMPE, weekend, said no fewer than 40 companies in the sub-sector of the economy have shut down in the last three years due to economic instability in Nigeria.
The outgoing President of the Union, Babatunde Olatunji, who disclosed this, also criticized President Bola Tinubu for removing petrol subsidy, describing it as a contributing factor to the country’s economic woes.
Olatunji spoke during the 7th Quadrennial Delegates Conference of the association, held in Ado-Ekiti, Ekiti State.
Speaking on the theme ‘Leading the Union in an Era of Economic Instability’, Olatunji said: “As of today, no fewer than 40 companies have closed down within the past three years due to economic instability.
“The hasty removal of fuel subsidy without considering measures to cushion its potential negative effects has been the starting point of the current economic challenges.
“The removal of the fuel subsidy should have been a gradual process, implemented in phases, rather than an outright removal without taking into account the feelings of the masses.”
Olatunji stressed that a top-down approach to decision-making could only lead to dissent, suggesting that decisions in a democracy should be made from the bottom-up to reflect the interests of the people better.
He urged the Federal Government to drastically reduce the high cost of governance, address insecurity, fix refineries, strengthen the modern railway system, and revamp the power sector to better serve the needs of the populace.
On his part, the Executive Secretary of the Chemical and Non-Metallic Products’ Employers Federation, CANMPEF, Femi Oke, warned that the negative trend would only worsen the already high unemployment rate in the country and urged Tinubu to address the issue urgently before the situation deteriorates further.
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