Chemical, leather sub-sector: How economic instability shut down over 40 firms — Labour

Oct. 1, 2024 - Vanguard

…Faults Tinubu on petrol subsidy removalBy Rotimi OjomoyelaADO-EKITI—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 the 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 the fuel subsidy without considering measures to cushion its potential negative effects has been the starting point of the current economic challenges...