Business
Economic Crisis: Union Diversifies Into Business Ventures
The leadership of
chemical and Non-Metallic Senior Staff Association (CANMPSSA) says the union is diversifying into business ventures for it to remain more relevant in the face of the current economic xhallenges facing the organised private sector.
In a statement last Wednesday the National President of the union, Comrade Abdul Gafar Mohammed said workers in the chemical sector of the economy agreed to invest in private business venture to raise more finance to run the union’s activities.
Mohammed said that the industrial sector of the nation’s economy where the chemical sector operates had been most hit by the prevalent economic hardship in the country while members of the union have always been the first to go in the option of cutting cost.
The union boss said that membership of the union has reduced drastically, including their check-off dues stressing that the union went into private investment to relay less on the check-off due and operate smoothly.
He said the union wanted to be self-reliant and grow as one of the best self sustaining union without necessarily being at the mercy of the employers, stressing that the union can fight against injustice from its vantage financial position without compromising.
Mohammed also explained that the union would soon expand its business tentacles into stock market and farming, noting that such, would generate more funds for the union and more employments for Nigerians.
He solicited for the support of the union’s stakeholders for the sustenance of the investment as embarked by his leadership.
Philip Okparaji
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.