Industrial actions are all forms of work dissatisfaction that can manifest in several ways like absenteeism, strike, high labour turnover among others. This has posed a lot of threats to all sectors of the economy and affected Nigeria society socially, economically and politically. Two theoretical postulations were used to investigate the perceived causes and effects of industrial actions in South West Nigeria. Survey research which involved 400 respondents from four randomly selected local governments was employed in the study. Data, which were sourced from both primary and secondary sources, were analysed using quantitative and qualitative methods. From the findings, the respondents revealed that hike petroleum price (85.3%), poor working conditions (66.3%), labour union interest (72.6%), members’ welfare (64.2%) and failure of management to keep to agreement (73.7%) were some of the factors responsible for industrial actions in Nigeria. Also, the respondents confirmed that undeveloped economy (70.6%), political stability (53.7%), development of entrepreneurial skills (66.3%), improved government administrative efficiency (70.5%), brain drain (80%), and increased poverty (60%) were the perceived outcomes of industrial actions on Nigeria political economy. On the efficacy of strike actions, respondents affirmed that labour union objectives are usually attained during strike (64.2%), and there were increases on wage labour (65.3%). Based on the findings, strike favours the workers, and negatively affects the nation and government in the long run. Thus, it was recommended that, there is need for stable labour-management relations between the government, industries and employees that will enhance a good bargaining environment. Also, there is need to improve on minimum wage policy of the government for the employees so as to improve the welfare of the employees and reduce the incidences of strike actions.