Funmi Ekundayo, President of Institute of Chartered Secretaries and Administrators of Nigeria, ISCAN has again looked at ongoing discussions on minimum wage and high rate of unemployment in Nigeria that remains a critical issue which affects the nation’s economy and social stability, as she proffers various solutions to tackle and reduce it to the barest minimum.
In a statement, Ekundayo emphasised the importance of realistic expectations, stating, “The advice would be for all parties to consider national interests, first and foremost. That’s one. The second is for all parties to also be realistic with their expectations.”
Emphasizing the dangers of proposing an unsustainable figure, he noted, “There is no gainsaying the fact that coming up with a spurious figure that might not be sustainable in the long run would not be the best for anyone.”
She warned that a drastic increase in the minimum wage could spike inflation, exacerbating the already high inflation rate, stating that there was a need for measured expectations and ongoing dialogue to consider the plight of average Nigerians.
“Essentially, dialogue is still what would give us the best possible solution to get to where we’re going. We want a minimum wage that would not result in the loss of jobs for people. It must still be something that would be good enough to cater for the high cost of living right now without necessarily leading to other social factors,” she explained.
She urged all parties to be willing to prioritise the nation’s interests during the discussions, and also explained the importance of national stability to them.
Ekundayo described the issue of unemployment as a worrisome trend that required a collective effort to tackle.
“We hope that all the parties involved would be ready and willing to put the national interest first, national stability as it were. Unemployment is a worrisome trend, which all and sundry must work together to do something about,” she noted.
She urged the government to diversify the economy beyond oil and gas, focusing on sustainable agriculture and manufacturing.
“Beyond oil and gas sectors, we need the government to do more in the area of agriculture, and manufacturing and also put in place an enabling environment that will enable that sector to thrive. Diversifying the economy is very key, and we have always held that position at ICSAN. It is an area we want to see improvement by the government,” she stated.
