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Herders’ Killings Threatening FDI, Say Oil Workers

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Forex Weekly Outlook March 6 - 10
  • Herders’ Killings Threatening FDI, Say Oil Workers

The two unions in the nation’s oil and gas sector, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) said incessant killings across the country is threatening foreign direct investments (FDI) into the country.

Operating under the aegies of NUPENGASSAN, the unions said it was worried over the loss of confidence in the political leadership involved in criminal activities that threaten the corporate existence of the nation.

Its National President, Comrade Olabode Johnson said the oil workers were deeply disturbed about incessant killings and wanton destruction of lives and properties, especially farm lands as well as threats to the food security of the country. He said the development has increased poverty and hunger in the country.

Johnson said many international investors would be scared of coming to the country because they would see it as an unsafe and dangerous investment.

He said: “This equally amounts to the losses these crises have caused many of our members and the psychological and economic damage they have suffered over the years.

“The Council frowns at repeated clashes of similar nature across the country, which obviously is making people become apprehensive because of fear of the unknown.

“The Council-in-session, out of patriotism calls on the Federal Government and the affected state governments to work together, taking immediate steps to reinvigorate and overhaul the security system, strengthen conflict-resolution mechanisms and initiate longer-term efforts to look into familiar problems of insecurity in their domains.”

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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