Business
NLC, TUC Move To Improve Workers’ Welfare …Inaugurates 14 Member ELA Council
The Nigeria Labour Congress(NLC) in conjunction with the Trade Union Congress (TUC) ,has inaugurated a 14-member Employers of Labour Award (ELA) Advisory Board to improve workers welfare within the south south regions of the country.
The employers labour award would among other responsibilities, improve the relationship between the lower ranks and the management cadre in both private and public organisation with a view to promoting a healthy working environment in the affected States
ELA is an initiative of the NLC and TUC which also has the mandate to confirm an award to any organisation that is workers friendly
Speaking during the inauguration ceremony of the board members at a one day seminar /strategic planning organised at NLC temporary office in Port Harcourt, over the weekend, the Rivers State chairperson of the Nigeria Labour Congress (NLC), Comrade Beatrice Itubo advised members of the board to justify the confidence reposed on them and do the needful in order to accomplish their task.
Itubo advised them to consult properly and carry out an investigation before giving an award to any organisation, adding that they should not see the opportunity given them as a means of making money out to see it as an opportunity to render selfless service to society.
Also speaking the Chief executive Officer, (CEO) ELA Dr Essien Patrick said that the board would compliment the work of NLC and TUC to ensure that workers across the country have a better standards and work with comforts ,adding that the board had been in operations since two years ago.
He allayed the fears being expressed by workers that the board would compromise in its functions ,adding that the board would work with all branch executives of organised labour unions in all institutions in the discharge of their duties
“We will work with the branch and unit chairmen in terms of giving an award to the deserving organisations”, he stated
In his own speech the chairman of the board,comr Frederick Nwojier, averred that the board was created to assist NLC and TUC address complaints arising from workers and deal with them in accordance with the relevant labour laws in the country, adding that members of the board cut across labour unions, private and public sectors.
He assured workers that the body would ensure the improvement of workers welfare as well as ensuring the provision of conducive working environments across the states of the region. Other members of the board include, Morford Temple, lucky Nkpogene Christian Igwe and Barr Ottizo Enyi, among others.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.