Nigeria's largest labor unions, the National Labour Congress (NLC) and the Trade Union Congress (TUC), have announced an indefinite strike beginning on October 3rd. The strike is in protest of the government's handling of the increasing cost of living in the country.
The NLC and TUC expressed their disappointment with the government's failure to address their concerns during discussions about alleviating the financial burden on Nigerians. In a joint statement, they accused the government of neglecting its responsibility and showing a lack of willingness to act, which they believe is causing immense suffering and poverty for the Nigerian people and workers.
Nigeria, Africa's largest economy, has been grappling with soaring living costs and transportation expenses. This situation arose after the government removed a petrol subsidy and the local currency, the naira, experienced a significant devaluation. Inflation has reached 25 percent, and fuel prices have tripled since President Bola Ahmed Tinubu eliminated the subsidy as part of his efforts to reform the struggling economy after assuming power in May.
The NLC and TUC have called on all workers to halt their activities starting on October 3rd and have also planned street protests.
The Tinubu administration has acknowledged the challenges and has taken steps such as distributing funds to state governments to mitigate the impact of economic reforms. They have also introduced transport alternatives and offered small business loans.
It's worth noting that Nigerian unions have previously threatened or gone on strike, only to return to negotiations. The impact of the upcoming strike remains uncertain.
In August, the NLC and TUC organized a strike with businesses, government offices, markets, and banks closing for a day in the capital, Abuja. The effect of the strike in the economic capital, Lagos, was more varied.
Tinubu defended the decision to end the fuel subsidy, citing the significant cost to the government to keep petrol prices artificially low. Nigeria, as a member of OPEC (Organization of the Petroleum Exporting Countries), is a major crude oil producer but lacks refining capacity, necessitating the importation of most of its fuel needs.