20,000 jobs lost to multinationals’ divestments, NECA cries out

Nigeria Employers’ Consultative Association, NECA, has raised the alarm over the consequences of ongoing divestment of multinationals in Nigeria, saying no fewer than 20,000 direct employees have lost their jobs to such divestments in recent times.

The umbrella body for employers and the voice of business in Nigeria raised the alarm in a statement titled “Urgent action to arrest the growing unemployment rate rate”.

NECA warned that the consequences of the massive job losses across sectors would continue to create insecurity challenges, and increase the occurrence of child labour among others.

The statement by its Director-General, Adewale-Smatt Oyerinde said: “We are concerned at the growing rate of unemployment in the country, made worse by the continuous divestment of global businesses and closure of local ones.

“It is worrisome to note that in the last three years, over 15 organisations with a combined value-chain staff strength of over 20,000 employees have either divested or partially closed operations.

“This has dire consequences not only for organized businesses but also for labour, government revenue and the households.”

Expressing the Association’s deep concerns, Mr. Oyerinde warned that “the consequences of this massive job losses across sectors will continue to create insecurity challenges, increase the occurrence of child-labour (as children will be forced to become bread-winners), adversely affect the disposable income of families, erode the purchasing power of individuals and drastically reduce economy’s output.”

While proffering solutions to this malaise, the NECA Director-General urged the Government to urgently address the multi-facet challenges currently being faced by organized businesses.

He noted that “the harsh business environment has made local businesses to be uncompetitive. The government must urgently address regulatory and legislative bottlenecks that tend to stifle businesses rather than promote them.

Continuous efforts must be made to promote locally-made goods through the provision of critical infrastructures; urgent stabilization of the foreign exchange market and ensuring that Ministries, Departments and Agencies are appraised not only by how much income they generate but also by how many businesses they facilitated or promoted.

The private sector creates reight out of every 10 jobs and deliberate effort must be made to ensure its sustainability and competitiveness.”

https://www.vanguardngr.com/2023/12/20000-jobs-lost-to-multinationals-divestments-neca-cries-out/

The corn tree🌽 is in perpetual shambles

Hi

Emilokan.

APC is a disaster and a liability

On your wrinkled manhood we stand Baba druggie

Emergingnation:
20,000 jobs lost to multinationals’ divestments, NECA cries out

Continuous efforts must be made to promote locally-made goods through the provision of critical infrastructures; urgent stabilization of the foreign exchange market.


https://www.vanguardngr.com/2023/12/20000-jobs-lost-to-multinationals-divestments-neca-cries-out/

From your Vanguard article

The government knows what to do. Clamping down on importers with taxes and tariff would be a good start.

Back in the early 1990s, when Rob Newman and David Baddiel were selling out vast arenas, it was briefly posited that “comedy is the new rock’n’roll”. Today one might surmise that “politics is the new comedy”. In addition to the reality television star in Aso Rock, the party with the largest votes in Nigeria's 2023 general elections – APC – was founded by a former comedian.

APC took the cult of live performance to ridiculous lengths. Frequently compared to the atmosphere at WWE wrestling bouts, these events were a manic combination of the scripted, the unscripted and the scripted ‘unscripted’, with BAT taking every opportunity to be as BAT as possible.

The danger this whole situation poses is that we constantly encounter serious issues packaged up with unserious ones.

Please where are the lesson teachers?

I have seen one here....

raskymonojendor:

From your Vanguard article

The government knows what to do. Clamping down on importers with taxes and tariff would be a good start.

So from your write up, import is killing the economy, but in 2023 general imports aside from oil have dropped significantly compared to previous years, so why are companies that have been here for over 30 years shutting down?

NECA is a branch of IPOB and Smart Oyerinde is not a true Yoruba, maybe his mother is an igbo.

NECA is a branch of IPOB and Smart Oyerinde is not a true Yoruba, maybe his mother is an igbo from Anambra state

See people that wants to teach Igbos are lesson crying when the journey is just beginning

The jobs were lost in Ogun and Lagos. However, Igbos will replace them either through substitution industries or importation. Yoruba loss equals Igbo gain😎

Ronu bandits should go kill themselves!

raskymonojendor:

From your Vanguard article

The government knows what to do. Clamping down on importers with taxes and tariff would be a good start.

This is a very dangerous lie because shop rite that doesn't manufacture left Nigeria even a oil companies that drill oil divested, airtel, mtn, dstv might leave Nigeria if there loss making spree continues

Emergingnation:
20,000 jobs lost to multinationals’ divestments, NECA cries out




https://www.vanguardngr.com/2023/12/20000-jobs-lost-to-multinationals-divestments-neca-cries-out/

I believe that this is precautionary warning and it's helpful to really investigate this claim.

I wish he gives real data so it goes beyond sensational headlines.

Just because of the illusion of a loud mob of ignorant naysayers, unpatriotic elements, criminal defamers, cyberbullies and liars with itchy ears for bad news, it's now en vogue to blackmail FG with business decisions of profit-oriented private companies not entirely related to our national economic policies or Nigeria as a country.

So far, no single company has left Nigeria with its jobs! That's why he can not mention a single one in the interview.

Below are the facts so please stop misleading the ignorant folks.

Equinor sold its asset to new investors who are Nigerians for it to raise enough cash for the biggest new North Sea oilfield in Britain for years it got approval for last quarter! The new owners of the assets of Equinor in Nigeria will take up the Equinor employees or replace those not interested in transferring their services to the new owners. Equinor had a breakthrough with the north sea oilfield after Rishi Sunak ignored the environmental campaigners to give the go ahead to Equinor to start oil production in the North sea oilfield.

Sanofi is not exiting Nigeria, here's why https://www.nairaland.com/7918252/why-sanofi-not-exiting-nigeria

GSK UK has now acquired all the shares owned by Nigerians in GSK Nigeria, if it proceeds to finally exit Nigeria which I actually doubt because they have changed from winding down now to GSK UK acquiring 100% shares of GSK Nigeria , buying out the Nigerian shareholders previously doing power tussle with them, it will retain its marketing agency that will now hire some of those to be shed by GSK Nigeria.

PZ is only delisting from NGx, its PZ-Wilmar palm plantation! 5,549 hectares of oil palm plantation called Calaro Estate in Cross Rivers state. arguably remains PZ's biggest plan to provide sustainable palm oil products for it household production line. That palm oil plantation is yet to start full cultivation and harvest o yet its expanding just like its competitors like Presco and Okomu.

Nigeria is in great,steady, competent and patriotic hands. The volatility in our forex market is temporary and is already in its twilight days with the recently announced $11.11bn aggregate foreign exchange inflow recorded by CBN in July and August. Dangote Refinery is to start production soon, dry season farming to ramp up our wheat, massive electricity projects on going, subsidy off, end to the use of our hard earned forex to defend a USD being overvalued by the street/unpatriotic speculators and a brilliant team headed by President Bola Ahmed Tinubu!

All the enemies of Nigeria ti keran and will lose las las. They always lose.God bless Nigeria for ever! Check my signature for free stuffs!

FreeStuffsNG:
I believe that this is precautionary warning and it's helpful to really investigate this claim.

I wish he gives real data so it goes beyond sensational headlines.

Just because of the illusion of a loud mob of ignorant naysayers, unpatriotic elements, criminal defamers, cyberbullies and liars with itchy ears for bad news, it's now en vogue to blackmail FG with business decisions of profit-oriented private companies not entirely related to our national economic policies or Nigeria as a country.

So far, no single company has left Nigeria with its jobs! That's why he can not mention a single one in the interview.

Below are the facts so please stop misleading the ignorant folks.

Equinor sold its asset to new investors who are Nigerians for it to raise enough cash for the biggest new North Sea oilfield in Britain for years it got approval for last quarter! The new owners of the assets of Equinor in Nigeria will take up the Equinor employees or replace those not interested in transferring their services to the new owners. Equinor had a breakthrough with the north sea oilfield after Rishi Sunak ignored the environmental campaigners to give the go ahead to Equinor to start oil production in the North sea oilfield.

Sanofi is not exiting Nigeria, here's why https://www.nairaland.com/7918252/why-sanofi-not-exiting-nigeria

GSK UK has now acquired all the shares owned by Nigerians in GSK Nigeria, if it proceeds to finally exit Nigeria which I actually doubt because they have changed from winding down now to GSK UK acquiring 100% shares of GSK Nigeria , buying out the Nigerian shareholders previously doing power tussle with them, it will retain its marketing agency that will now hire some of those to be shed by GSK Nigeria.

PZ is only delisting from NGx, its PZ-Wilmar palm plantation! 5,549 hectares of oil palm plantation called Calaro Estate in Cross Rivers state. arguably remains PZ's biggest plan to provide sustainable palm oil products for it household production line. That palm oil plantation is yet to start full cultivation and harvest o yet its expanding just like its competitors like Presco and Okomu.

Nigeria is in great,steady, competent and patriotic hands. The volatility in our forex market is temporary and is already in its twilight days with the recently announced $11.11bn aggregate foreign exchange inflow recorded by CBN in July and August. Dangote Refinery is to start production soon, dry season farming to ramp up our wheat, massive electricity projects on going, subsidy off, end to the use of our hard earned forex to defend a USD being overvalued by the street/unpatriotic speculators and a brilliant team headed by President Bola Ahmed Tinubu!

All the enemies of Nigeria ti keran and will lose las las. They always lose.God bless Nigeria for ever! Check my signature for free stuffs!

Propaganda machine has been set loose. To show how out of touch you are you added article of false statistics . Even the people that taught you about statistics will laught at you.

Weyrey.

On top of 30k or how much do they pay you sef.

Your case will be like Tinubu Advocate who supports APC but was making enquiries on how to relocate his family to Canada