Economy
SOME artisans in Ibadan have called on President Bola Tinubu to crash the prices of food and improve the overall economy as their own share of the new national minimum wage.
The artisans spoke in separate interviews with the News Agency of Nigeria (NAN) in Ibadan on Friday.
NAN reports that the Federal Government and organised labour had. on Thursday, agreed on N70,000 as the new minimum wage.
Mr Sunday Oyekanmi, Chief Executive Officer of S. Oye Steel and Building Construction Works, said that the new minimum wage might increase the hardship of Nigerians if other factors were not taken into consideration.
“This new minimum wage may increase the hardship of Nigerians if other factors to improve the economy are not addressed, as it may further drive up inflation.
“I want to advise government to build infrastructure to support local businesses and encourage indigenous artisans through creation of an enabling environment.
“Government should also see to how best to reduce the high cost of food items, as many staples are currently beyond the reach of most Nigerians.
“This should be the priority of government so as to reduce the hardship which Nigerians are currently facing,” Oyekanmi said.
Also, Mr Olaniyi Olawuyi, the Chief Executive Officer of Obasola Electrical Works, said the new minimum wage would not solve the problem of Nigeria, if there were no intervention in other sectors of the economy.
“We want government to provide an enabling environment for those who are entrepreneurs to thrive.
“Let there be grants and loans that are easily accessible for small scale businesses. We have continued to suffer from the poor economic situation and we want to be able to rise above this.
“Government should encourage local production and manufacturers as well as artisans by providing regular electricity supply,” Olawuyi said.
To the Chief Executive Officer of GGI Ventures, Mr Gbenga Gbolasere, the dividends of good governance should be for all.
Gbolasere said that taking care of the workers alone would not address the hunger currently being experienced by people.
He said that provision of security and reduction in food prices would help in bringing great relief to all categories of Nigerians.
“What we want is a holistic approach to fixing the present economic situation and reducing inflation,” he said.
Meawhile, a Financial Consultant, Mrs Lolade Adesola, has described the new minimum wage as ‘too small’, saying that it could not buy anything.
According to Adesola, of L.A. Consult, the approved new minimum wage is ridiculous.
“A lot of money now goes into buying fuel and providing security. So it is really nothing to write home about,” she said.
Speaking on the high rate of inflation, Adesola said that government needed to engage people with better ideas on how to stem the situation.
“Those saddled with the responsibility of handling the economy have demonstrated over the past 13 months that they don’t have specific ways of managing the economy.
“Who are the economists managing the country? Recently, an ad-hoc committee was created which suggested that Nigeria should be importing food. Imagine.
“All they are doing is just guessing and trying different methods,” Adesola said.
Another financial expert, Mr Sola Famakinwa, said that N70,000 was too small, relative to the present economic reality
“I believe that N70,000 is too small compared to the economic reality of today, as it cannot buy a bag of rice. So, I don’t know what a civil servant will do with N70,000 as minimum wage.
“Government should jack it up to N120,000 to, at least, reflect the current economic reality,” said.
According to him, the approved new minimum wage is not commensurate with the prices of food and the cost of living.
Famakinwa decried the planned importation of food, saying that it was a slap on the face of the country.
“It is a bad idea to import food, especially with Nigeria’s rich resources, arable land and favourable weather condition as well as the expertise.
“Government should empower those in the agricultural sector by providing equipment so that they can engage in mechanised farming.
“Importing food cannot sustain us in the long run if we don’t produce our own,” he said. (NAN)
A.I
July 19, 2024 @ 16:53 GMT|
Tags: Mr Sola Famakinwa Mr Sunday Oyekanmi President Bola Tinubu
