Labour union leader tasks CBN on smuggling, economic sabotage 


The General Secretary of the Nigeria Union of Textile Garment and Tailoring Workers of Nigeria (NUTGWN), Comrade Isa Aremu, has said that the Central Bank of Nigeria (CBN) must fight smuggling and economic sabotage.

He stated this in a statement on Sunday while applauding the reappointment of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.

Aremu, a member of the Nigeria Labour Congress (NLC), hailed the Executive and the National Assembly over the prompt passage of the Public Holiday Act Amendment Bill, which recognizes June 12 as the new Democracy Day.

On the CBN Governor’s reappointment, Aremu said it was well deserved especially because of the current stability in the foreign exchange. 

He said the CBN under Emefiele “has revolutionized rice production and is rekindling the hope of revival of cotton production” through cheap long-term credit and direct purchase and supply of inputs for farmers.

He called for “deepening of financial inclusion, not less in the entire textile value chains within the context of the Cotton, Textile and Garment policy (CTG)” assuring of the partnership with labour unions in the textile sector to revive industry and create more jobs.

“In the coming years, CBN should be as firm in targeting production, wealth generation and job creation as much as it is targeting inflation.

“Nigeria is a developing economy that needs an activist CBN which through monetary and development finance policy would make scarce capital available to labour intensive sector such as textile.

“Nigeria needs a CBN that must deliberately deny smugglers and economic saboteurs funds as Emefiele has commendably done in recent times,” Aremu said. 

On the June 12, Comrade Aremu said the new national consensus on the new Democracy Day has conclusively put a “welcome closure” to what he called “the tragedy” of the annulment of 1993 popular election won by the late Chief Moshood Abiola. 

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.