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TUC unveils $1b economic development plan

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Mr. Bobboi Kaigama, the President of Trade Union Congress of Nigeria (TUC) .

Mr. Bobboi Kaigama, the President of Trade Union Congress of Nigeria (TUC) .

In an effort 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.

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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.

To leverage on this, he said, the TUC leadership has worked with seasoned investors and globally respected consultants to develop a TUC Economic Development Plan. When the plan is fully implemented, the TUC will become an economic force to reckon with.

“TUC has set up a $1 Billion TUC Economic Development Fund as a vehicle to actualize the TUC Economic Development Plan. This fund will be used to make strategic investments into the different sectors of the economy, he said.

“I am delighted to announce that from this month of June, each member will be given an opportunity to invest at least N50,000 into this fund. There is an incredible interest in this fund already but our members and their families will be given priority to invest. By so doing, our members will be joining the TUC movement of “taking our future into our own hands”.

“We believe by becoming an economic power force we would have a stronger voice, we can negotiate better working conditions for our members, own businesses that will create employment for our members, provide loans to our members when they are in service and after they retire from service, provide additional income streams for our members and affiliates, and also help the government and people of our dear country achieve the much desired but elusive economic development, he said.


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