Nigeria has no shock absorber against global crises

By Lawrence Agbo

Nigeria Labour Congress (NLC) president Joe Ajaero stressed that Nigeria lacks the economic absorbers required to protect its citizens from the impact of global tensions among Iran, Israel, and the United States.

Ajaero made the statement on Monday during an appearance on Arise News, where he said the recent crisis among the three nations had quickly exposed Nigeria’s vulnerability, noting that less than a week after the escalation of hostilities, the country had already begun to feel the effects.

According to him, no responsible nation allows its citizens to be so exposed to global developments that are beyond their control.

“The current crisis between the three nations has just exposed us as a country without a shock absorber,” Ajaero said.

He argued that oil-producing countries could engage in conflict at any time, but that should not immediately translate into hardship for Nigerians if the country had a stronger domestic capacity.

Ajaero stressed that Nigeria must urgently strengthen its refining capacity by ensuring both public and private refineries operate effectively.

“No nation allows its people to be exposed to global challenges for no cause of theirs”

“Nobody anticipated this. Countries of the world can fight tomorrow, oil-producing countries can fight tomorrow, does it mean Nigeria will start suffering immediately?”

He said the labour movement had long advocated for increased local refining to reduce dependence on imported petroleum products.

The NLC president also suggested that small-scale refining initiatives in the Niger Delta could be formalised and regulated as part of efforts to boost domestic production.

“We are saying let there be both public and private refineries and let them work. NLC has even made a proposal that some young men in the Niger Delta region be refined and deregulated”

According to him, until Nigeria begins refining crude oil locally for domestic consumption, the country will remain vulnerable to global oil market disruptions and external crises.

“Unless this happens, that we get crude here and refine it here for domestic consumption, we will be open to this level of challenge and crises,”