The Director General of the Nigerian Employers Consultative Association, Adewale-Smatt Oyerinde, has raised the alarm that the country’s worsening economic problems can lead to retrenchment of workers.

This followed the continuous decline of the naira in the country which affected organisational activities.

Recently, several companies have closed up their businesses in Nigeria, citing economic challenges as a major reason.

Employers are certainly devising new ways of survival amid the worsening economy, while employees are gripped with fear as the fall in the value of the naira renders their salaries worthless.
Nigerian economy is in dependency mode
Speaking with Saturday PUNCH, NECA DG, Adewale-Smatt Oyerinde, said in this time of gross naira depreciation, employers could consider staff reduction as an option for survival.

He noted that the erosion in the strength of the naira tended to shrink the working capital of businesses and lower their volume of output.

Oyenride said, “Once businesses are constrained to lower capacity utilisation and output level due to the dissipation of their working capitals resulting from the gross depreciation in naira value, they (employers) will naturally consider all options available for survival, including staff reduction.


“A significant proportion of businesses in the country depend on imported raw materials and machines; therefore, the erosion in the naira’s value tends to shrink the working capitals of these businesses and lower their volume of output.”




https://punchng.com/employers-may-lay-off-workers-amid-worsening-economy-neca/

Bdn

Its is predictable. Every employee should sir tight in dis critical period

Damnnn niggarrrr

No pity for Nigerians

slaawomirr:
Damnnn niggarrrr

No pity for Nigerians

Including your family members?

We warned about the consequences of desecrating the land but it fell on deaf ears.

A corrupt judiciary teamed up with a corrupt executive and corrupt electoral body to desecrate our nation.
Instead of the legislative arm and it's leadership to speak out, they teamed up with the executive and were busy singing on your mandate we shall stand thereby sinking the nation into dearth.

The desecration and desecrators of the land brought heavy curse on the land.

Today the land is in total shambles. Nothing seems to work no matter the human and financial resources put in. Dearth, pains, hunger, insecurity are on record levels.

We need to repent as a nation as the sultan and a northern governor said. But most important is to take out the desecrators of the land and repair the desecrated altar of our nation.

It is either the desecrators of the land go or our nation sinks deeper and deeper to death.

Nlfpmod, negative effects of anti people's party called APC.

I don't just like what you people are doing make una allow the Creator and builder of Lagos according to touts and agberos union of nairaland to build Nigeria please.you elect criminal and expect to have peace of mind.how

The Great Obinulation

The Anti People Congress (APC) is a useless party of hunger and starvation

On your mandate we shall cry.

Those shouting Peter Obi up and down as if he has magic wand what would Obi had done differently? Peter Obi that failed in Anambra is who they are comparing with a man that set the template for modern Lagos. Even if the price of cement is 50k, we will continue to pray for and support the renewed hope agenda of President Tinubu

It shall never be well for INEC Chairman Mahmood Yakubu and his generation.
APC supporters will never see good thing in their lives.
The corrupt Judiciary and everyone including the past president that contributed to this mess, They will never rest well.
Pain to them now and eternal.

Haa we don't want this,

This storm created by the enemies of Nigeria too shall pass.

Noted.

May or have started

Tinubu the city boy built Lagos but e reach time to take build Nigeria cement come cost

Watianoengineer:
Those shouting Peter Obi up and down as if he has magic wand what would Obi had done differently? Peter Obi that failed in Anambra is who they are comparing with a man that set the template for modern Lagos. Even if the price of cement is 50k, we will continue to pray for and support the renewed hope agenda of President Tinubu

please talk about the druglord in power

Tinubu is doing the Lord's work

Its not rocket science to know that so many will lose their jobs this year, especially those in the Private Sector.

Ebin Pawa don raise to power 1000

Only those Tinubu intentional dvmb f00lz will act surprised as if this was not expected from day one.

Shey you will go and seal off those companies that are laying off their workers like they seal off Sahad stores as if the owner of Sahad stores assisted you in looting and running the economy aground. Awon asiwere

Maxtipulation:
Tinubu is doing the Allah's work

fixed

Watianoengineer:
Those shouting Peter Obi up and down as if he has magic wand what would Obi had done differently? Peter Obi that failed in Anambra is who they are comparing with a man that set the template for modern Lagos. Even if the price of cement is 50k, we will continue to pray for and support the renewed hope agenda of President Tinubu

You go explain tire. Failure is very glaring

10 million boys loading

Guys go soon dey go house to house.

Communities need to brace up

APC are just starting their evil agender for Nigeria.

Hmmm

Thieffnubu apc and yorubas ronu una well done

iwaeda:
Nlfpmod, negative effects of anti people's party called APC.

Anti-People Congress