The Nigeria Labour Congress (NLC) recently insinuated the possibility of pushing for a minimum wage of up to one million naira due to high cost of living, but is that a sustainable solution?
Development Diaries reports that since President Bola Tinubu took office, living expenses have been rising, primarily as a result of the end of fuel subsidy payments and other policies of the present administration.
In the past months, the costs of goods and services have skyrocketed while the value of the naira has continued to fall due to the forex crisis.
What the labour unions should be fighting for is an improvement in Nigeria’s economy and how the naira can appreciate.
There are areas that the federal government needs to improve on that would, in the long run, provide a better quality of life for Nigerian workers and citizens at large.
Calling for sustainable solutions would be beckoning the government to improve electricity, improve agricultural production and infrastructure, and reduce the costs of transportation.
It would make more sense if the NLC went on protests over the failure of the government to create an environment that supports productivity.
To boost productivity and spur economic prosperity in Nigeria, the government must prioritise several key initiatives, like investing in infrastructure development and enhancing transportation networks such as roads, railways, and ports.
This will not only facilitate the movement of goods and services but also reduce logistical costs for businesses, thereby improving efficiency and competitiveness.
Additionally, investing in reliable energy infrastructure is crucial to supporting industries and encouraging investment.
Secondly, the government should focus on creating an enabling environment for businesses to thrive. This includes streamlining bureaucratic processes, reducing regulatory burdens, and enhancing access to finance for small and medium enterprises (SMEs).
Simplifying procedures for business registration, obtaining permits, and complying with regulations can encourage entrepreneurship and attract domestic and foreign investment.
Furthermore, providing targeted support and incentives for key sectors such as agriculture, manufacturing, and technology can stimulate growth and create employment opportunities.
Development Diaries calls on President Bola Tinubu and his administration to focus on creating sustainable solutions to the economic woes bedevilling the nation to pave the way for sustainable development.
Photo source: NLC
