TUC Sets Up $1bn Economic Development Fund

The president of the Trade Union Congress (TUC), Mr. Bobboi Kaigama has revealed that it has set up a one billion dollar Economic Development Fund for the actualization of its economic development plan.

Speaking at the 10^th Triennial National Delegates Conference in Abuja on Thursday, he said that the fund would provide additional income streams for its members and affiliates and also provide loans for those still in service, and after service.

Kaigama said, “This 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.

“Through this plan, the TUC will mobilise resources from its members, affiliates, partners and other investors to invest in a number critical assets across different sectors of the economy. By so doing, TUC and its members can take advantage of the existing investment opportunities in lucrative areas of financial services, power, housing, agriculture, oil and gas, infrastructure, among others,”he added.

He said TUC and its members will be given the opportunity to invest into and benefit from the various businesses by subscribing to the TUC Development Fund.

He explained thatfrom June, each member would be given an opportunity to invest at least N50,000 into the fund as  there was an incredible interest in the fund already but members and their families would be given priority to invest.

In his words, “I encourage each of you to get members of your family to be part of this dream by investing in this fund. By making this decision we will be changing lives and guaranteeing our future and that of our families.’’

He said unions had waited helplessly for decades as major government organizations had been bought by private individuals through privatization and in turn decided the fate and future of workers.

He stated that by the establishment of the fund, TUC would have the numerical strength, collective bargaining power and economic might to its full advantage.

Kaigama added that the TUC would no longer be a spectator but rather an investor in the economy.

(NAN)