The Nigeria Labour Congress (NLC) has said that the devaluation of the naira against the dollar is contributing to the rising cost of living and making it more difficult for working people to make ends meet. In response to calls for urgent action to address the rising cost of living, the NLC has called for a minimum wage pegged against the dollar. The NLC also called for the government to implement policies to curb inflation and improve the purchasing power of workers.
The NLC has expressed concern over the negative impact of the naira's depreciation on the living standards of Nigerian workers.
"Nigerian workers are already feeling the pinch of inflation on their purchasing power and this is exacerbated by the naira's depreciation against the dollar," the statement said. "This is causing a sharp rise in the cost of living, especially for basic necessities such as food, fuel, and housing. In addition, the devaluation of the naira is making it more expensive to import goods and services, further exacerbating the cost of living crisis."
The NLC statement went on to say that the devaluation of the naira has also had a negative impact on the ability of Nigerian businesses to compete internationally. "
"The cost of raw materials, machinery, and spare parts imported from other countries has increased, making Nigerian goods more expensive and less competitive on the global market," the statement continued. "This is resulting in job losses and a further deterioration in the standard of living for many Nigerians."
The NLC went on to call for urgent action from the government to address the situation. "The government needs to take immediate steps to reduce inflation and make the naira more stable against the dollar," the statement said. "They must also implement policies to improve the competitiveness of Nigerian businesses, and create jobs to reduce the unemployment rate.
"To tackle inflation, the government must adopt a policy of active monetary management," the NLC said. "This could include measures such as increasing interest rates and reducing money supply. In addition, the government should take steps to diversify the economy away from oil and gas, and encourage the growth of other sectors such as agriculture, manufacturing, and tourism."
The NLC also called for the implementation of a social safety net for the most vulnerable members of society. "The government should consider measures such as a minimum income guarantee and a universal basic income to protect the most vulnerable from the worst effects of inflation," the statement said. "
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