The Vice Chairperson of the National Women Commission (NWC) of the Nigerian Labour Congress (NLC), Barrister Hadiza Ali yesterday said that the slipping of Nigeria into a second recession in five (5) years will strike a double blow on Nigeria workers.
Speaking with Sunday Vanguard yesterday, Ali said it is really sad that Nigeria’s economy has gone into recession coupled with hardship brought about by the COVID-19 pandemic lock-down that has brutally become sad tale of workers, middle income and low income earners.
” As it is, the effect and impact of the COVID-19 pandemic has wreaked untold havoc on the Nigeria workers and now with the economy plunging into recession means a double blow on the Nigerian workers. The impact of the recession on the Nigerian workers is that there will not be enough money in their pockets, especially with the effect of the removal oil subsidy, which has resulted in the increase of the pump price of fuel and has caused the escalation of costs of transportation, food commodities and other means of livelihood.
She said increase in the rate inflation will take out more money from the pockets of worker in meeting up with basic expenditure; cost of running businesses, production and services. There is the possibility of some industries closing down or reducing their workforce in order to cut down on operating costs.
Ali added that women empowerment will also suffer serious blow and set back, especially, those in the informal sector, that run small businesses and rely on daily income. “And for the likes of food vendors, saloonists et c, the recession may affect their businesses due to the cost of inflation because the price of food stuff and other items will be extremely high and they may find it difficult to continue in business, which means they will not contribute to the GDP.”
She urged the Federal Government to continue aggressively its several relief programmes in liaison with the organised private sector so as to quicken the lifting of the poor out of crushing weight of the consequences of the recession.
According to the National Bureau of Statistics (NBS) Nigeria’s Gross Domestic Product (GDP) in a report released yesterday said the economy slumped into a recession in the third quarter of this year as oil production dropped to a four-year low.
Statistician-General Yemi Kale had explained that Nigeria’s gross domestic product shrank 3.6% in the three months through September from a year earlier, compared with a 6.1% contraction in the previous quarter.