By Damilare Adeleye
Amidst ongoing negotiation for a new minimum wage, the Lanre Akinpelu Campaign Organization has called on the Nigerian government to address the country’s economic indexes for sustainable economy.
In a statement issued in Abeokuta, Ogun State capital, the group, which is dedicated to promoting policies that drive sustainable development and economic prosperity in Nigeria, held that increase in minimum wage without complementary measures may inadvertently lead to inflation, and erode the purchasing power that the wage increase seeks to enhance.
While backing the demands of the Labour unions for better wages, the group noted that the government must address the broader economic implications of such a policy.
Particularly, the organisation urged the government to expediently implement policies that support small and medium-sized enterprises (SMEs) and local manufacturers, provide incentives for businesses that prioritize local sourcing and production and enhance infrastructure to facilitate efficient production and distribution networks.
The group said, “Lanre Akinpelu Campaign Organization wishes to draw the attention of the Nigerian government and the general populace to the critical discourse surrounding the proposed increase in the national minimum wage.
“While we acknowledge and support the legitimate demands of the Labour force for better wages, it is imperative to address the broader economic implications of such a policy.
“Our organization believes that an increase in the minimum wage, though necessary, is not a panacea for the economic challenges faced by Nigeria. Without complementary measures, a rise in wages may inadvertently lead to inflation, eroding the purchasing power that the wage increase seeks to enhance.
“We urge the government to simultaneously focus on boosting local production. Encouraging and investing in domestic industries will not only create jobs but also reduce the cost of essential goods and services. By fostering an environment where local products can thrive, we can mitigate the risk of inflation and build a more resilient economy.
“Lanre Akinpelu, our esteemed candidate, emphasizes, “A lasting solution to Nigeria’s economic woes lies in robust local production. We need to create an ecosystem where the populace can access high-quality, affordable goods produced within our borders. This approach will ensure that any increase in wages translates into real improvements in living standards, rather than being nullified by rising prices.”
“We call on the government to:
- Implement policies that support small and medium-sized enterprises (SMEs) and local manufacturers.
- Provide incentives for businesses that prioritize local sourcing and production.
- Enhance infrastructure to facilitate efficient production and distribution networks.
- Ensure that any wage adjustments are part of a broader strategy for economic stability and growth.
“The Lanre Akinpelu Campaign Organization stands ready to collaborate with all stakeholders in forging a sustainable path forward. Together, we can build a Nigeria where economic progress is both inclusive and enduring.”
