Ajaero Warns of Global Crisis Impact on Nigeria's Economy

Joe Ajaero, the president of the Nigeria Labour Congress (NLC), has expressed alarm over the effects of global crises on Nigeria's economy, particularly in the oil sector. In an interview on Arise News on Monday night, Ajaero highlighted that Nigeria is already experiencing the repercussions of international conflicts, specifically mentioning the ongoing tensions involving Iran, Israel, and the United States.

He noted that the situation demonstrates Nigeria's vulnerability to changes in the global oil market, which has begun to impact the country's economy. Ajaero urged the federal government to ensure that both public and private refineries operate at full capacity and to support local refining of crude oil.

He emphasized the necessity of domestic refining to reduce Nigeria's exposure to external economic shocks, as the current crises are likely to affect the country's income and financial stability.