The Nigeria Employers’ Consultative Association (NECA) has called on the Nigerian government to implement alternative policies that could lead to significant economic growth and prosperity in the future. NECA believes that by embracing innovative strategies, the government can foster an environment conducive to sustainable development and private sector growth.
Speaking at a press conference on Friday, NECA’s Director-General, Adewale Oyerinde, emphasized the critical need for these alternative policies. He highlighted the importance of the upcoming two-day Employers’ summit, which aims to bring together a diverse group of employers and business leaders to discuss and formulate strategies for revitalizing Nigeria’s economy.
The summit, titled ‘Economic Renaissance: Harnessing Government Reforms and Private Sector Agility’, is scheduled to take place on June 25-26, 2024, in Abuja. This event will provide a platform for stakeholders to share insights, experiences, and practical solutions to the challenges facing the Nigerian economy. The goal is to leverage the private sector’s flexibility and adaptability to drive economic progress.
Oyerinde expressed optimism about Nigeria’s economic potential, stating, “We believe the coming years can be very prosperous for Nigeria. By creating such platforms, we can share perspectives and guide the government through business challenges, leveraging the private sector’s flexibility.” He stressed that collaboration between the government and private sector is essential for overcoming economic hurdles and achieving long-term growth.
This development occurs amid the ongoing national minimum wage debate in Nigeria. The National Minimum Wage Tripartite committee recently concluded its meeting with the federal government and the Organized Private Sector agreeing on a minimum wage of N62,000. However, organized labor has insisted on a higher figure of N250,000, while state governors have suggested a lower amount of N57,000.
During his June 12 Democracy Day speech, President Bola Ahmed Tinubu announced that the government would soon send an executive bill on the minimum wage to the National Assembly. This move is seen as an attempt to address the disparities and reach a consensus on a fair minimum wage.
Despite this, organized labor remains firm that no final agreement has been reached, highlighting the ongoing negotiations and the complexity of the issue. The resolution of the minimum wage debate is crucial as it impacts both the livelihood of workers and the operational costs for businesses in Nigeria.
