How To Improve The Minimum Wage by Metamorphosis International

 




Op-ed | The Nigerian Economy: Minimum wage brouhaha or Something More?


Nigeria, Africa's most populous nation, is grappling with significant economic challenges. And while the government has implemented various initiatives, critics argue that a lack of clear direction and decisive action has hampered progress. The flailing efforts of the dream team are not yielding desired results at all. There is significant inflation struggling to get under control. Food, fuel and related items are flying out of reach of the ordinary man. And with this is the abandonment of fellow feeling for their neighbour, as the "all men for themselves" mentality kicks in.

One of the major criticisms is the overdependence on oil revenue. The collapse in oil prices in recent years exposed the vulnerability of the Nigerian economy. Diversification into other sectors, like agriculture and manufacturing, has been slow. Centralisation of the financing of the country appears to be another huge obstacle. How can the states, semi-autonomous, richly blessed - with mineral and human resources - stay hopelessly dependent on an already overburdened, possibly overwhelmed federal centre? It is like the proverbial healthy two legged man running from a fire using crutches!


Another concern is the prevalence of corruption and the profligacy of the political ruling class. Corruption diverts resources away from crucial investments in infrastructure, education, and healthcare. It stifles economic growth and creates an uneven playing field for businesses. Profligacy and a seeming heartlessness for the people is the fuel for massive class action, civil disobedience, riots, unrest, crime waves, and of course nationwide labour action and strikes.


To address these challenges, the Nigerian government, particularly at the state and local government levels, needs a rethink on how to address these challenges. If fresh thinking is injected into these stale problems new solutions will emerge. Solutions that strengthen the whole by powering the economy from ground up. Solutions that create and produce especially at the level of the state and local governments. Solutions sensitive to the execution culture and the mental frameworks that undermine ordinarily superb inspiring economic agendas and intelligent well thought out and thought through economic ideas and plans.


Nigeria has the potential to be a prosperous nation. But when it is, it will be because of incredible forward thinkers in various parts of the country. It will be because of them taking leadership within their regions by boosting their internally generated revenue via their most critical resource, their people. It will be done by stalwarts and servant leaders in Osun state, in Anambra state, in Ekiti state, in Nasarawa state, in Taraba state and more. For example, how can an Osun state with a population of merely 2% of the nation's total, a GDP of just over 3 trillion NGN in 2022 and a mineral deposits worth arguably hundreds of billions of US Dollars still have an Internally Generated Revenue of only roughly 25 billion NGN and struggle to meet and surpass her statutory obligations with excuses of inadequate federal allocation of almost 3.8 billion NGN?


Much much more is expected of her leaders if these negative economic headwinds are to be ridden through into anything even remotely resembling prosperity. Yet it can be done. Singapore does not have the allegorical two heads. The magic sauce may well be obvious yet simple - her people. Empowering them with fresh eyes, the product of fresh thinking. It is that rethink, that mind shift, that re-perspective that will transform potential into performance and performance into a better quality of life and standard of living. Not just in the state. The spill over effects will echo through the region, if not the entire country, and inspire others to do even better. The only true winners being the Nigerian people and the Nigeria project. A better future for all Nigerians regardless of tribe, ethnicity, religion or class. A Nigeria we can truly hail! Not just in a song but from our hearts. 


AOO


I remain your loyal ✍️ Olabusola Okeniyi 

Thank you 



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