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OPS, NLC Call For Guided Relaxation Of Lockdown To Save Economy

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Organised Private Sector, OPS; Nigeria Labour Congress, NLC, and its United Labour Congress of Nigeria, ULC, counterpart, have agreed that there is need for guided relaxation of the COVID-19 lockdown.

They said guided relaxation was the only way to save the economy from imminent collapse.

OPS said while businesses remain passive and unproductive with attendant mass losses of revenue, overhead costs remained.

This is just as Nigeria Labour Congress, NLC, and its United Labour Congress of Nigeria, ULC, counterpart, insist that the earlier the nation does a strategic relaxing of the lockdown the better for the country and its citizens.

OPS, speaking through Nigeria Employers’ Consultative Association, NECA, in a statement contended that while the government should take decisive steps to protect lives, efforts should also be made to keep productive activities going to avoid looming job losses.

In a statement by its Director-General, Dr Timothy Olawale, NECA said: “The truth is that five weeks of economic and business shutdown has overstretched the limits and businesses are beginning to buckle under the weight of the burden it is carrying without a corresponding productivity from workers and necessary support from government.

“This is the reality today. Balancing the protection of lives with economic interests should ordinarily not be difficult. While protection of life should take precedence, the need to protect the economic foundation of the nation cannot be discounted as the economy will ultimately sustains life.

“While the government takes decisive steps to protect lives, efforts should also be made to keep productive activities going.

“Without delicately balancing the scale, the consequential negative effects of the pandemic will not only include unimaginable loss of lives, massive job losses and heightened insecurity, it might also lead to unnecessary social revolt.

“While a lot has been said on the intervention of the Federal Government and various coordinated efforts of other stakeholders, more decisive action on stimulus to businesses need to be taken. The announced stimulus, to a large extent has not addressed the critical needs of businesses that will guarantee sustainability and protection of jobs.

“Much more can still be done now, not belatedly, to save jobs in Nigeria. More direct intervention such as direct wage or income support, wage subsidies, tax credits or tax deferrals, short-term work schemes, moratoriums on loan payments and the establishment of a coronavirus Job Retention Scheme, where government pays up to 60% of private sector salaries until June, as long as workers are not laid off, as done in other climes i.e. UK, France, and Denmark, etc would reduce the negative impact on businesses and slow the rate of job loss.

While it is desirable for the lockdown to be relaxed and not totally removed, it is important to state that a mismanagement of the lockdown relaxation process might spell doom for the gains already achieved.

“It is worthy of note that the main objective of the lockdown was to contain and curtail the spread of the virus. While the recent upsurge in number of confirmed cases might be attributed to increased spread of the virus and also increased testing capacity of the Nation, the need to manage the socio-economic impact of current lockdown cannot be over-emphasised.

“With a large population of the country in the informal sector and many surviving on daily wages, the continued total lockdown has the tendency to further cripple businesses, hasten the rate of job loss, and increase the level of poverty with consequential effect of increased insecurity.

“A relaxed lockdown with legislated State and National Guidelines to prevent the spread of the virus will go a long way in maintaining the gains of the past few weeks. The guidelines should include compulsory use of sanitisers, free protective gears by government (face mask, hand gloves (where necessary), maintenance of social distancing, increased education and awareness (posters, etc), total banning of religious, political and social gatherings, limited number of passengers in public and private transportation and strict enforcement of same, amongst others.

“It will also be imperative for government at all levels to be more strategic and transparent in the administration of social welfare and palliatives distribution among the most vulnerable.

“While the risks of total relaxing too soon, are very real, gradual relaxation could be considered under these stringent pre-conditions as done in Ghana, Germany and some other countries, albeit, with a high sense of alertness.”

Nigeria can’t continue endless lockdown— NLC
Speaking, President of NLC, Ayuba Wabba, said: “NLC is on the same page with NECA because there is no time frame for the virus to end, especially since there is no known cure medically.

“We have said that we have to strike a balance. We cannot continue a perpetual lockdown, otherwise the economy will suffer and employment crisis will worsened. We are in a country where about 70 percent of the economic activities are driven by the informal sector and small and medium scale operators who survive on daily activities.

“We cannot continue to lock them down at home without providing for them. The International Trade Union Confederation, ITUC, has warned that 80 percent of jobs may be affected globally by the COVID-19 pandemic.

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NAICOM Partners UNDP To Scale Insurance Innovation, Climate Risk Resilience

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The Commissioner for Insurance, Mr. Olusegun Omosehin, received a delegation from the United Nations Development Programme (UNDP) on a courtesy visit to the National Insurance Commission (NAICOM), aimed at deepening collaboration and setting strategic priorities to expand insurance access, enhance market stability, and scale climate and disaster risk solutions across Nigeria.

Speaking during the visit, the UNDP Regional Specialist, Mr. David Mueller, expressed appreciation for the Commission’s leadership and reaffirmed UNDP’s commitment to supporting Nigeria’s insurance sector. He highlighted UNDP’s interest in scaling the Lagos Flood Risk Insurance Model, strengthening systemic capacity, including actuarial development and enabling insurers to mobilize domestic capital for sustainable investment.

The UNDP delegation also pledged continued support for the implementation of ongoing reforms in the Nigerian insurance industry, drawing on lessons learned from previous UNDP supported projects within the sector.

In his response, the Commissioner for Insurance welcomed the UNDP team and expressed gratitude for their sustained support to the Nigerian insurance industry. He outlined five strategic pillars underpinning NAICOM’s reform agenda and reiterated the Commission’s commitment to a transparent recapitalization process, fostering innovation, and creating an enabling environment to significantly enhance insurance penetration in Nigeria.

The Commissioner noted that the recently enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 provides a robust legal framework for strengthening consumer protection, enhancing regulatory capacity, improving financial soundness, promoting innovation and sustainability, and expanding market access and penetration.

He further explained that the ongoing industry recapitalization exercise, with the first phase scheduled to conclude on 31 July 2026, is designed to reinforce the financial stability and resilience of insurance institutions. To support operators, NAICOM has established dedicated support mechanisms, including a Recapitalization Committee, to guide the process.

The Commissioner also affirmed NAICOM’s commitment to institutionalizing Environmental, Social, and Governance (ESG) principles and sustainable insurance practices through the development of an in house NAICOM ESG Framework, building on prior diagnostic work and toolkits developed in collaboration with partners such as FSD Africa and UNDP.

Both parties agreed on the urgent need to rapidly scale actuarial capacity across the insurance industry through coordinated systemic capacity building initiatives, including the GAIN programme and strategic partnerships with actuarial service providers.
The meeting further explored options to revive and advance a national catastrophic insurance scheme, to be implemented collaboratively by NAICOM, UNDP, and relevant disaster management agencies, including the National Emergency Management Agency (NEMA).

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NIA To Honour Past Governing Council Members

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The Nigerian Insurers Association (NIA) has announced plans to honour its past governing council members and director general, in recognition of their invaluable contributions to the growth and development of the association.

This initiative underscores the association’s deep appreciation for the visionary leadership, dedication, and selfless service of those who have steered the affairs of the NIA over the years. Their efforts have laid a solid
foundation for the association’s achievements and strengthened its role as the collective voice of the insurance industry.

The event is scheduled to take place on April 30 in Lagos, under the theme, “Service as the Cornerstone of Leadership and Institutional Legacy.”

Speaking on the significance of the initiative, the Chairman of the NIA, Mr. Kunle Ahmed, noted that honouring past governing council members and director generals is not only a mark of respect, but also a way of preserving the association’s rich legacy.

He said that their guidance and commitment have been instrumental in shaping policies, fostering industry collaboration, and promoting public confidence in insurance as a tool for national development.

Ahmed emphasised that the structures laid down by the past leaders, the values they upheld, and the sacrifices they made continue to resonate in the association’s present achievements.

He said: “Institutions are built over time, but their true strength lies in the people who devote themselves in service.

“This event is our way of pausing to honour those whose leadership and sacrifices created the pathway we now walk. Their legacy is not confined to history—it lives on in every milestone we celebrate today.”

The NIA Chairman further stated that by celebrating the association’s past leaders, the NIA preserves its history, reinforces its values, and set a clear benchmark for future leadership.

According to him, the progress the association enjoy today is firmly anchored in the foresight and dedication of its past leaders.

“Without question, they remain the bedrock of the NIA’s enduring relevance and success, he said.”

The ceremony will bring together industry stakeholders, regulators, and partners to celebrate these distinguished leaders and reaffirm the Association’s commitment to excellence, innovation, and sustainable growth.

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Heirs Insurance Partners United Capital On Self-care, Wealth Event

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Heirs Insurance Group and United Capital Plc, recently hosted the Yoga and Money Meet Up, an exclusive wellness and financial empowerment event for ambitious women.
The event, which held in Lagos, offered a curated experience combining guided yoga and stress management sessions with expert-led conversations on insurance, investment and asset protection. The event reinforced Heirs Insurance Group’s and United Capital’s commitment to making financial wellness relevant and accessible to Nigerian women.
Speaking on the initiative, Ifesinachi Okoli-Okpagu, Chief Marketing Officer at Heirs Insurance Group, underscored the strong link between insurance and wellness. “Self-care is not just about indulgence; it is about making deliberate choices that safeguard one’s physical, mental, and financial well-being – and insurance is fundamental to that. For many women juggling careers, businesses, and family, this event addresses a significant pain-point: how we protect our assets while still juggling life”.
She introduced HerMotor insurance plan, designed for ambitious women who need more than just insurance. The unique product offers comprehensive motor coverage against accidents, fire, theft, and other unforeseen incidents that cause loss to the policyholder’s car. An added benefit is the 24/7 emergency roadside assistance for female car owners during car breakdowns arising from accidents or mechanical faults. The first-of-its-kind solution in the industry is delivered in partnership with AA Rescue, and includes a robust reward programme, where customers can access discounts from spas, wellness programmes, and more.
Dr. Odiri Oginni, Managing Director, United Capital Asset Management, added that the collaboration reflects a shared commitment to women’s empowerment. “Empowerment is at the core of what we do, and co-creating on an initiative that directly addresses the financial realities facing Nigerian women further emphasises this. We recognise that financial independence and personal wellness are deeply interconnected, and by creating opportunities that bring both together, we are reinforcing our commitment to empowering women to confidently pursue and achieve their dreams. This vision informed the creation of our Wealth for Women Fund, which provides women with a secure and accessible avenue to invest smartly and build long-term financial security.”
The Yoga and Money Meet Up reflects a joint vision to empower Nigerian women through financial education and protection.
Heirs Insurance Group is the insurance subsidiary of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents. With a rapidly expanding retail footprint and an omnichannel digital presence, Heirs Insurance Group serves both corporate and individual customers across Nigeria.
United Capital Plc is a leading Pan-African financial and investment services group providing bespoke, value-added solutions to governments, corporations, and individuals across Africa. With operations in Nigeria, Ghana, and Côte d’Ivoire, and a growing pan-African footprint, the Group leverages technology, specialist expertise, and retail-led platforms such as InvestNow to deliver cutting-edge financial solutions. United Capital has been recognised by the Financial Times as one of Africa’s fastest-growing companies for three consecutive years.

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