UNDP Consultant to FG:Nigeria in serious danger, unless..........

In order to avoid more devastating effects of the present global recession, a Consultant to UNDP on FADAMA Projects in Oyo, Osun and Kwara States,Professor Babalola Ogunwale, has called on all stake holders in agriculture to gird their loins, and reinforce the production base, marketing and processing of agricultural produce. 
He also urged them to consider the political and economic implications of agriculture as the backbone of the nation's economy. 
Prof. Ogunwale who stated this  in Ogbomoso, said slowly, but surely, the effects of the global economic recession are starting to bite hard on Nigerians.
  "Now the downsizing processes (job cuts) on-going in major Nigerian companies and institutions. First, it was the International Institute of Agriculture (IITA), Ibadan, followed by the Cadbury, and the Peugeot Automobile of Nigeria (PAN) that have laid off close to 2000 workers recently. There are many others doing what they have to do shouting about it".
  He noted that the deepening economic crisis has continued to dictate the pay conditions in many firms and financial institutions in the country, adding that within the present economic meltdown, many businesses are folding up and less and less money is coming into the banks.        

"Depositors mobilization has been negatively affected, so many banks are now having discriminatory policy. Many workers' salaries and allowances have been slashed. The Naira-value is depreciating on daily basis, making the cost of living very expensive’’.

        The UNDP Consultant pointed out that the proliferation of kiosks essentially by women is a result of the biting economic recession, which has compelled them to go all out, in order to add to the meagre salaries and allowances they got.

      " Besides the fact that many civil servants are now engaging in one trade or the other to make end needs, businessmen are finding it harder to put trade credits to expand their businesses. Companies on the Nigerian Stock Exchange and Private ones are no longer finding it easy as usual. They have devised a means to withhold dividends payment to shareholders, to meet their dwindling operational funds as well as meet other threatening challenge".

      Lamenting on the increase retrenchment of workers, Prof. Ogunwale, who is also  former Dean, Faculty of Agricultural Sciences, LAUTECH, asserted that, statistics revealed that most of the people affected by retrenchment are women, because the companies are trying to reduce the overhead costs, and retain more men who can handle several tasks than their female colleagues

      "The general unemployment level in Nigeria which now is at intolerable level should not be allowed to get worst. Nigerians in the diaspora who have lost their jobs will be selling some of their shares to support themselves in their host countries, and also at home in Nigeria. There will be increase rate of deportation of Nigerians, especially those who lacked valid documents more than ever before".

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