The National Union of Chemical, Footwear, Rubber, Leather and Non-Metallic Products Employees (NUCFRLANMPE) announced over the weekend that at least 40 companies in the sub-sector have closed down in the last three years due to economic instability in Nigeria.
During the 7th Quadrennial Delegates Conference of the association, held in Ado-Ekiti, Ekiti State, the outgoing President of the Union, Babatunde Olatunji, criticized President Bola Tinubu for removing the petrol subsidy, identifying it as a significant factor contributing to the nation’s economic challenges.
Olatunji emphasized, “As of today, no fewer than 40 companies have closed down within the past three years due to economic instability. The hasty removal of the fuel subsidy without considering measures to cushion its potential negative effects has been the starting point of the current economic challenges. This removal should have been implemented gradually, in phases, rather than as an outright elimination without regard for the feelings of the masses.”
He highlighted that a top-down approach to decision-making could foster dissent and called for a bottom-up approach in a democratic setting to better reflect the interests of the people. Olatunji urged the Federal Government to significantly reduce the high cost of governance, address insecurity, repair refineries, strengthen the modern railway system, and revamp the power sector to meet the populace’s needs more effectively.
Femi Oke, the Executive Secretary of the Chemical and Non-Metallic Products’ Employers Federation (CANMPEF), echoed Olatunji’s concerns, warning that the negative trend would exacerbate the already high unemployment rate in the country. He urged President Tinubu to tackle the issue urgently to prevent further deterioration of the situation.