Business
SSANU Seeks Policies To Protect Workers Against Exploitation
The leadership of Senior Staff Association of Nigerian Universities (SSANU) has called on the three tiers of government to formulate policies to protect the workers and the masses against exploitative tendencies in the hands of few privileged Nigerians.
The association, in a statement issued after its National Executive Council (NEC) meeting held in Ogun State last Wednesday signed by its National President, Comrade Samson Ugwoke and the National Public Relations Officer, Comrade Salaam Abdussobur respectively said that governments should introduce policies that would attract investors and prevent oligopolies, hardship and suffering of the workers and masses
The union lamented the precarious and pitiable condition of Nigeria workers in the face of the present economic realities and recession and urged government officials at various levels to initiate proactive measures to and hardship and economic slavery in the country.
The statement added “NEC noted that the costs of food items and basic commodities are beyond the reach of the average Nigerian workers, while building materials have become so costly that the common man no longer afford a decent home”.
The union stressing further said that “NEC advises government to announcement the huge sums of money so far recovered from looters and immediately plough back these huge amounts into the Nigerian economy, as saving these monies while Nigerians starve makes no meaning”.
The union explained that this situation will give verve to government’s transparency and accountability especially in the fight against corruption as well as injecting the recovered funds into the economy to create jobs for millions of unemployed Nigerians.
The union urged the Federal Government to commence the renegotiation of the SSANU/FGN 2009 Agreement, stressing that the continued delay of the negotiation is a complete breach of the principle of collective Bargaining Agreement and a dishonorable act on the part of the Federal Government.
The union urged Nigerian workers to unite against poverty, deprivation and exploitation by the elite and the ruling political class, stressing that democratic tenets allowed agitations to change unpopular policies of government as they affect the workers.
The Central Bank of Nigeria (CBN) has announced that the 2025 economic indices indicate a positive outlook, with the nation’s GDP expected to accelerate to 4.17 per cent for faster economic growth.
Mr Muhammad Abdullahi, Deputy Governor, Economic Policy Directorate, CBN, revealed this on Tuesday during the 11th edition of the National Economic Outlook: Implications for Businesses in 2025.
The hybrid event, convened in Lagos, was organised by the Chartered Institute of Bankers of Nigeria (CIBN) Centre for Financial Studies in collaboration with B. Adedipe Associates Ltd.
Abdullahi said the nation’s 2025 economic projections remained optimistic with fiscal and monetary reforms already paying off, resulting in the GDP anticipated rise from 3.36 per cent recorded in 2024.
According to him, the growth is anchored on sustained implementation of government reforms, stable crude oil prices, and improvements in domestic oil production.
Abdullahi also stated that stability in the exchange rate would play a crucial role in maintaining the positive trajectory, with the inflation rate projected to decline due to the impact of economic reforms.
“Achieving the targeted inflation rate of 15 per cent in 2025 will require effective collaboration between monetary and fiscal authorities, alongside private sector participation for a stable economic environment,” he said.
The keynote speaker said that the apex bank would prioritise price stability and strengthen the financial sector to support SMEs and critical sectors for businesses to thrive.
Abdullahi noted that the nation’s evolving policy landscape presented both challenges and opportunities for businesses to thrive.
“The government is making deliberate strides to diversify its revenue streams and reduce dependence on the volatile oil sector.
“Through ongoing tax reforms aimed at broadening the tax base and improving collection efficiency, the government is working to establish a more sustainable fiscal environment.
“While these reforms may present challenges in the short term, they are essential for building a more resilient and diversified economy in the long run.
“As businesses, it is crucial to adapt to these changes, understanding that they will ultimately strengthen the economic foundation for future growth.
“As we move forward on this path of exploration and collaboration, we must remain focused on the vast opportunities before us.
“Nigeria’s abundant resources, coupled with the current administration’s commitment to economic reform, offer a fertile ground for innovation, investment, and sustainable growth,” Abdullahi said.
Similarly, Prof. Pius Olanrewaju, President/Chairman of the Council, Chartered Institute of Bankers of Nigeria (CIBN), said 2024 presented both challenges and opportunities.
He noted that the GDP signalled gradual recovery amidst global and domestic pressures.
“As we move into 2025, we are presented with both the opportunity and responsibility to critically examine the economic landscape.
“This forum will help us identify the risks, harness the opportunities, and strategize for the future,” Olarenwaju noted.
He commended the collaboration of experts at the annual event, which included Dr Kabir Katata, Director, Research, Policy and International Relations, Nigeria Deposit Insurance Corporation; and Dr Henrietta Onwuegbuzie of the Lagos Business School.
Others were Akinsola Akeredolu-Ale, CEO, Lagos Commodities and Fixtures Exchange; Mr Akeem Lawal, Managing Director Interswitch (Pure pay); and Chinwe Uzoho, Regional Managing Director, West and Central Africa Network International.
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