In a bid to tackle the economic crisis bedeviling the nation, Trade Union Congress (TUC), has concluded plans to unveil an economic development plan worth $1 billion.
According to TUC, the development plan would be used to make strategic investments into different sectors of the economy. Part of the fund will be set aside to provide loans and the required technical assistance for trade union members to set up and run bankable businesses when they retire from service.
Speaking at the 10th triennial national delegates conference in Abuja, President, TUC, Comrade Bobboi Bala Kaigama, noted that the plan will mobilize resources from its members, affiliates, its partners and other investors to invest in a number of critical assets across different sectors of the Nigerian economy.
By so doing, TUC and its members can take advantage of existing investment opportunities in lucrative areas such as financial services, power, housing, agriculture, oil and gas, infrastructure amongst other sectors, he said.
Kaigama said, for many decades the unions have watched helplessly as major government organizations have been bought by private individuals through the privatisation process, who in turn single handedly decide the fate and future of our members.
“For far too long, we have left our future in the hands of others. This trend must stop. We have to take our future into our own hands. We have to secure our livelihood and those of our dependents. We have the numerical strength, collective bargaining power and collective economic might, which we must use to our full advantage.
“These advantages, give us the combined economic strength similar to the Gross Domestic Product (GDP) of many African countries.