Not less than 36.96% of Nigerian businesses have been forced to lay off employees due to cash shortages and constraints resulting from the Central Bank of Nigeria’s (CBN) Naira Redesign policy of 2023, political instability and low revenue. This is according to a recent survey titled ‘Strapped: Impact of the Cash Scarcity on Individuals and Businesses’ by SBM Intelligence, an African-focused market intelligence and consulting firm. The current economic climate of the country has, in recent times, forced many businesses to close down or drastically reduce their workforce to meet their business objectives.
No doubt, the Convention C158 – Termination of Employment Convention, 1982 (No. 158) and Recommendation 166 of International Labour Organization (ILO) are the current global parameters for determining international best practices in labour and employment matters. Notwithstanding their non-ratification or non-enactment by the National Assembly, the National Industrial Court has consistently relied on Section 254C(1)(f)(h) of the 1999 Constitution in invoking the provisions of ILO and Employment Convention in determining labour and employment matters.