The other day, operators in the automotive sector were reported to have cried out that low demand for their products might cause them to shut down their operations.
As you know, Nigeria, especially Port Harcourt, is almost dependent on oil and gas. Every business directly or indirectly is impacted by the oil and gas business.
The greatest challenge for organised labour in this dramatically changing socio-economic environment is the quality of union leadership.
Speaking at the event, the Founder, Centre for Values in Leadership (CVL) Nigeria, Prof. Pat Utomi said the economic recession should not be seen as a problem, but as an opportunity to develop the country.
Spurred by the need to renew the processes in the built environment, the Lagos State Chapter of the Nigerian Institute of Architect, has embarked on innovative strategies to recreate the practice in line with the present day realities.
The book fair is scheduled to hold next month at the University of Lagos. The NIBFT’s Executive Secretary, Mr. Biodun Omotuti told newsmen in Lagos that only a few local and foreign exhibitors have indicated interest to participate.
The worsening economic conditions in the country have contributed to widening the pool of young hawkers in the state, especially female, both old and those of school-age.
Barely a few days after a Lagos based medical practitioner, Dr. Allwell Orji, committed suicide by jumping into the Lagos Lagoon, the police recently rescued two women who attempted to jump into the Lagoon from the Third Mainland.
In 2016, things were hard for many companies and many businesses because of the fall in oil price, fall in size of output, foreign exchange scarcity, devaluation of the Naira, and high inflation.
The ‘buy or make’ threat to Nigeria’s economic survival remains deep in the backburner, far from policy discourses and from such a resolution as will unlock massive job creation.
For the Governor, Nigerians should be patient with the government of Buhari, adding, “there is no great country today that had not in the past experienced economic recession. Nigeria will certainly get out of it.”
The Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has decried massive retrenchment of workers and closures of companies as a result of the economic recession in the country.