TUC SETS UP $1BN ECONOMIC DEVELOPMENT FUND

Nigeria, June 2, 2016 – The Trade Union Congress (TUC) said it has set up a $ 1 billion TUC Economic Development Fund to 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, etc”, President of TUC, Comrade Bobboi Kaigama has said.

Kaigama who was speaking at the opening ceremony of the 10th triennial delegate conference of the TUC in Abuja emphasized that the fund will be used to make strategic investments into the different sectors of the economy.
“Part of this fund will be set aside to provide loans and the required technical assistance for our members to set up and run bankable businesses when they retire from service.

“TUC and its members will be given the opportunity to invest into and benefit from these various businesses by subscribing to the TUC Economic Development Fund”, he said.
He announced that from this month of June, each member will be given an opportunity to invest at least N50,000 into the TUC Economic Development Fund, adding that there is an incredible interest in the fund already but that TUC 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”. I encourage each of you to get members of your family to be a part of this dream by investing in this fund as well. By making this decision, we will be changing the lives and guaranteeing our future and that of our families”, he said.

He explained that to build a better Nigeria, TUC shall move from just being spectators in the Nigerian economy to becoming investors in the Nigerian economy.

“ We can no longer afford to sit on the sidelines and watch helplessly for others to decide our future and the future of our families. We must take our future into our own hands. To achieve this, I encourage you to join me in building the TUC Economy”, he said.

He said that through this innovative and bold move by TUC, members shall see a Nigeria where productive enterprise flourishes in an atmosphere of mutually beneficial industrial harmony and cohesion between the government, private employers and labour.

“We shall see a Nigeria where Unions are better respected not just for their representation of the masses but also for their economic might and prowess; and their partnering with government to ensure rapid development of the nation”, he said.