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NLC Says Cash Scarcity Shameful, Warns FG of Mass Protest
Nigeria Labour Congress (NLC) has described the current scarcity of naira being experienced by Nigerians as shameful, saying excuses would no longer suffice.
NLC also asked the federal government and the Central Bank of Nigeria (CBN) to find immediate solutions, adding that the CBN and federal government’s disregard for warnings meant they were deliberately inciting Nigerians against the system and constituted authority.
Joe Ajaero, president, NLC, who handed down this warning in Abuja at a press briefing said the patience of Nigerians was being stretched, adding that no government inflicts this level of pain on its citizenry and expects them to keep quiet for a long time.
The labour leader said, “The Nigeria Labour Congress (NLC) is deeply concerned about the recent cash crunch that has gripped the Nigerian economy, particularly as the nation approaches the festive season. This economic challenge has far-reaching implications for the citizens of our great nation, and urgent steps must be taken to address this issue to prevent further hardship for the already suffering Nigerian populace.
“Fresh in the minds of every Nigerian is the excruciating conditions that we were all subjected to as a result of the last cash crunch earlier this year, orchestrated by the ill-conceived and ill-implemented currency redesign policy of the immediate past government.
“The sorrow that the botched exercise foisted on us is not what Nigerians wish to witness again in one year. This time, there is no discernible reason by the CBN neither any explanation from the Government for why Nigerians should be subjected to this level of suffering once again in 2023.”
According to Ajaero, if the CBN claimed that those with ill-gotten wealth were stashing cash in their houses to avoid detection, it would be a heavy indictment on the government’s anti-corruption agenda.
Describing the development as “shameful”, the labour leader noted, “this is because what the CBN is saying is that since the assumption of office of this government, the level of graft has increased, resulting in the creation of hideouts for the slush funds.
“The question then is; should the ordinary citizens be made to suffer the apparent incompetence of government in prosecuting the anti-corruption war or is it that there is actually no anti-corruption war going on?”
He said Nigerians spend more time in the banks trying to source for cash, insisting that this undermines confidence of the public in the banks and may discourage the citizenry from patronising the banks.
The NLC President added, “Though we have heard reasons like; the increase in fake notes in circulation and the hoarding of the naira. These reasons are clearly unacceptable as we cannot see anything that will make any Nigerian hoard the naira. In any case, it is not the ordinary Nigerian that hoards money in their houses.
“It is shameful that Nigerians would have to spend a lot of money to gain access to their hard-earned income. We are creating another avenue for economic rentiers such as the PoS operators and their collaborators in the banks to fleece Nigerians.
“Subjecting us again to spend our meagre salaries buying our money automatically devalues our income. PoS operators currently charge around N400 to access N10,000. This is about four per cent reduction in the value of the income of poor Nigerians who hardly make use of electronic platforms to perform their transactions.”
The NLC President noted that for many citizens who were already impoverished by government policies, foisting on them another era of cash scarcity would amount to gross insensitivity and double jeopardy.
He added, “We are worried that by this action and others, the government may be inciting the people and mobilising them to seek alternative routes for protecting themselves from these perverse policies.
“We believe that the elastic limit of the patience of Nigerians is being breached and no government inflicts this level of pains on its citizenry and expects them to keep quiet for a long time. Forcing Nigerians into revolt by continuously taking actions that deny them basic access to survival will not augur well for our nation. This cash crunch is indeed another test of the already worn out patience of Nigerian masses and workers.
“During this Yuletide, which is traditionally a time of joy, celebration and familiar gatherings, the current cash shortage threatens to cast a shadow over the festivities for many Nigerians.”
Ajaero noted that the unavailability of cash had led to increased difficulties in meeting daily needs, exacerbating the economic challenges faced by ordinary citizens.
He said the NLC recognised the importance of a vibrant economy and believed that it was in the interest of the country to ensure that citizens enjoy the festive season without undue financial strain.
He stated further, “We call on the government to take immediate and decisive action to alleviate the cash crunch and mitigate its impact on the people. Government should therefore explore measures to inject liquidity into the economy, ensuring that there is sufficient cash flow to meet the demands of businesses and individuals.
“It is fairly tale to continue brandishing cash hoarding as an excuse. Nigerians want their money and it should be made available to them. Excuses are not what Nigerians want to hear but access to their money. We urge the government to collaborate with other financial institutions to improve banking services, such as ensuring the availability of cash at ATMs and bank branches to facilitate easy access for the public.”
He called on the CBN to provide clear communication to the public regarding the steps being taken to address the cash crunch and reassure citizens of the stability of the financial system.
“The Nigeria Labour Congress is not unmindful of the complexities of managing an economy, especially during challenging times. However, it is crucial for the government to prioritise the well-being of its citizens and take immediate action to alleviate their suffering.”
Tony Elumelu, chairman, United Bank for Africa (UBA) and Heirs Holdings, has called on Africa to avow itself in the fast-evolving global technology landscape, calling for deeper partnerships, infrastructure investments, and recognition of the continent’s digital potential.
Tony Elumelu, chairman, United Bank for Africa (UBA) and Heirs Holdings,
Elumelu, who made this statement in a series of posts on his verified X handle over the weekend, questioned the continent’s current role in global tech innovation and value creation, noting that while technology is transforming the world, Africa risks being sidelined without urgent strategic action.
“We know technology is transforming our world, and the pace of transformation is accelerating. Where is Africa? Are we in the conversation, or are we being left behind?” Elumelu asked.
Citing Africa’s youthful, entrepreneurial, and digitally native population, Elumelu stressed the need for stronger global partnerships that empower African startups and tech developers to not only serve local markets but compete globally.
“Young Africans are digitally native, entrepreneurial, and hungry to build. What we need are more opportunities for partnership, more belief in our potential, and platforms to amplify our voices.
“Africa has led in digital banking and payments. Our value chains are ripe for transformation. Yet we need more investment, more platforms, and more belief in our potential.
“We know that many of the minerals that are techs’ foundation are found in Africa. But is Africa getting the benefit? Africa needs to capture the moment – ensure we have digital sovereignty – that African priorities are understood and met”
The UBA Chairman revealed that he attended an exclusive dinner with French President Emmanuel Macron and global technology executives at the Élysée Palace in Paris, where he sought to amplify Africa’s voice at the highest level of innovation discourse.
“I had enriching conversations with global tech CEOs, including the CEO of NVIDIA, Jensen Huang, on how innovation can and must solve humanity’s most urgent challenges—including those facing Africa,” he said.
Elumelu used the opportunity to advocate for the continent as the next frontier of global tech investment, calling attention to Africa’s unique demographics and the imperative for inclusive innovation.
Speaking further he said through his investment company, Heirs Holdings, remains committed to Africa’s digital transformation, actively backing tech ventures such as Heirs Technologies and Redtech Limited, which are building solutions tailored for the African market while competing on a global scale.
National Space Research and Development Agency (NASRDA) has called on African businesses to seize the opportunities emerging within the rapidly growing global space economy, which is projected to reach one trillion dollars annually by 2030.
The appeal was made by Dr Matthew Adepoju, director-general, NASRDA, during a press briefing at the weekend in advance of the second Africa Space Economy Conference and Exhibition (ASEC 2025), scheduled to take place in Abuja from 17 to 19 June.
The event, organised in collaboration with the Abuja Chamber of Commerce and Industry (ACCI), will focus on the theme “Space Economy and Emerging Markets in Africa”.
Dr Adepoju highlighted that the global space economy is on the verge of surpassing $500 billion per year, making it the fastest-growing economic sector worldwide.
He stressed that Africa must position itself at the forefront of innovation, science, and technology by investing in space-related ventures.
“This is the Fourth Industrial Revolution and Africa must not be left behind.
“It is time for us to take our rightful place at the forefront of global innovation, science and technology, with space technology being the pinnacle of human endeavour.
“The space economy is the fastest growing economic sector in the world and it is projected to hit one trillion dollars per annum. Currently it’s more than 500 billion dollars annually,” he said.
The conference aims to foster collaboration between industry leaders, academic institutions, and research organisations, all working to strengthen Nigeria’s space ecosystem.
Dr Adepoju praised President Bola Tinubu for his forward-thinking economic initiatives, noting the President’s directive to transform NASRDA into a revenue-generating body.
NASRDA, he said, is now committed to fully commercialising and industrialising space research. The upcoming conference is expected to attract international participants, with confirmed interest from countries such as China, the United States, and several European and African nations.
The agency is also preparing for the launch of four new satellites—three optical and one Synthetic Aperture Radar (SAR).
These satellites are intended to support national security, environmental monitoring, and economic surveillance, particularly in sectors such as the blue economy and oil and gas.
Dr Adepoju encouraged private sector involvement in areas including satellite technology, data services, rocketry, and space-based applications.
He stressed that with Nigeria being Africa’s most populous country, there is already a significant market for space-related products and services, and now is the time for African businesses to build capacity, invest locally, and retain economic value.
Speaking on behalf of Chief Emeka Obegolu, ACCI President, Mr Agabaidu Jideani, chamber’s director-general, noted that Africa has yet to fully tap into the space economy’s potential.
He pointed out challenges such as limited public awareness, infrastructure gaps, and evolving policy environments, but said these issues also present opportunities for innovation and investment.
“It was with this foresight that ACCI, through our Policy Advocacy Centre, in a strategic partnership with NASRDA, conceptualised the ASEC,” he said.
Dr Haruna Mohammed, co-chairman of the Conference Organising Committee, reiterated that the event is aimed at the private sector and will showcase how space-based technologies can aid in economic diversification, enhance infrastructure, and promote sustainable development across the continent.
Schneider Electric’s newly launched innovation hub is set to benefit not just large corporations, but also local communities, start-ups and learners from technical, vocational education and training (TVET) colleges.
This is according to Canninah Dladla, Schneider’s first female cluster president for English-speaking Africa, speaking at the launch of the hub over the weekend at the company’s headquarters in Midrand.
The hub builds on Schneider Electric’s global strategy to bring its technology closer to its customers on the African continent, while reinforcing its leadership in sustainability, innovation and digitisation, according to the company.
This African hub is part of Schneider Electric’s global network of over 40 registered innovation hubs, and provides an interactive environment where visitors can explore the company’s integrated solutions across key segments, including energy solutions, industrial automation, building solutions as well as power and grid solutions.
“We are building an ecosystem that thrives on collaboration, innovation and relevance to the African context; one that values local talent, fosters local partnerships and drives local solutions. The innovation hub enables us to create a truly dynamic experience that embodies Schneider Electric’s purpose: enabling all to maximise energy and resources while bridging progress and sustainability,” said Dladla.
“Indeed, Africa holds immense potential, and this hub is designed to help our customers and partners unlock it through digitalisation, innovation and collaboration.”
During the event, Dladla highlighted the company’s commitment to Africa’s energy future, emphasising the need for innovative solutions to address energy challenges on the continent.
“There is more to this building launch; it is unveiling our commitment to Africa’s energy for the future. Everybody, including local media, talks about Africa’s energy issues and problems. But maybe it’s about time we stopped talking about issues and problems and come with solutions.”
Walid Sheta, president of the Middle East and Africa at Schneider Electric, said the hub is made for all Schneider’s partners, colleagues and customers, adding that everyone is invited to visit and learn how the technology drives sustainability and efficiency.
“We believe our software solutions and digital offerings will shape the future for our customers. With technology like AI and sensors, we can detect issues like leaks in pipelines or equipment failures before they happen.
“This helps prevent losses, reduce emissions and keep production running smoothly. It’s already being used in various industries, like refineries, power plants and even buildings, to optimise performance and predict potential problems,” he said.
Speaking at the launch, Dr Anna Mokgokong, Schneider Electric South Africa chairperson, stressed the need for businesses to adapt and innovate in today’s fast-changing landscape. She highlighted the significance of the agriculture sector, acknowledging its challenges, and pointed out that Schneider’s automation solutions could address the sector’s challenges
Mokgokong, who also serves as a chancellor at the North-West University, said there is a need to integrate innovation in academic institutions.
“We should focus on equipping students with in-demand skills, allowing them to gain practical experience and build connections with companies like Schneider through vacation work. This way, by the time they graduate, they’ll have a competitive edge and be more likely to secure employment. It’s time for our universities and colleges to shift mindsets and prioritise quality education that meets industry needs.”
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