MINILS DG Urges Focus on Human Resources in Economic Reform for Sustainable Growth

Date: 2024-11-04

Voice of Nigeria reports that Comrade Issa Aremu, the Director General of the Michael Imoudu National Institute of Labour Studies (MINILS), has called on the federal government to prioritise human resources within its economic reform agenda to foster sustainable growth and reduce poverty.

Aremu offered this advice during an interview with journalists at the third annual Kwara State conference of the Chartered Institute of Personnel Management of Nigeria (CIPM), held at MINILS in Ilorin.

Comrade Aremu said this is because “world wide, labour creates wealth” thus Human Resources should be both the “drivers” and “ends” of reform for sustainability.

While commending President Bola Tinubu for initiating inevitable reforms, he however said it was time to “rethink” monetary policies that have eroded purchasing power of working men and women through avoidable devaluation and rising inflation.

According to him, Nigeria faces the “twin crises of low compensation and low productivity” adding that it was time for a wage-led economic recovery for sustainable development.

“While I commend the CIPM for putting human resource at the centre of national discussion, because reforms are inevitable despite the challenges involved, however, these reforms can only be successful when we carry the human resource, the human beings, along. And in this case, I can say labour is at the heart of it because labour creates wealth”, he said.

“Because, it's only when you pay them for the work done that you can get the best out of them. There is a direct link with productivity and proper motivation of the work force,” he said.

While he commended President Tinubu and Federal Government, organised labour and the sub national for the new minimum wage implementation, Aremu however, said that minimum wage is not same as living wage, adding that through sectoral collective bargaining and social dialogue it was time for wage improvement that would guarantee adequate working and living conditions for enhanced productivity.

He called on government to promote more negotiations and collective bargaining in the respective sectors of the economy, in order to start talking about real adequate pay for workers.

“The minimum wage is significant, but in real terms when you take inflation and devaluation of the naira, you will see that the new minimum wage is even less than the old minimum wage”, he said.

He charged members of the CIPM and all labour market actors to make a case for appropriate monetary policy that would promote decent work real, as opposed to nominal purchasing power. He saying that stakeholders should relook at the monetary policy of wholesale floatation of naira, which he said is not appropriate for developing nation like Nigeria.

“Our currency needs to be well managed.There's no where in the word you allow your currency to be vagaries of the market forces. CBN should not only be targeting inflation, but target growth and purchasing power of the citizens.

“You're targeting inflation and you're hiking interest rate. Who can borrow money at 36% interest rate? And you allow naira to float in a way that drastically devalued the new minimum wage. So, what the President has commendably given with the right hand through collective bargaining with labour has been taken away by the left hand of devaluation. We should initiate monetary policies that will ill assist the President to eradicate poverty, lower inflation and ensure double digit growth rate.”

The MINILS Director General, who said that the conference, themed, “Human Resource Management in a VUCAR (volatile, uncertain, complex, ambiguous, and risky) World: Building Resilience and Agility”, challenged government to take labour market institutions dealing with human resource more serious though adequate funding and engagement.

“The Federal Government should make labour market institutions partners in the reform agenda of government,” he said.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Binta Abubakar-Mora     Ibrahim Abduquadri Abikan     Orisun Igbomina     Chemiroy Nigeria Limited     Bankole Omisore     Abdulkadir Akanbi-Oke     Danhawa     Yusuf Zulu-Gambari     Oba Of Jebba     Saka Balikis Kehinde     Kayode Oyin Zubair     Apado     Pakata Development Association     Abdulwaheed Musa     Nupe     Gbemi Saraki     Abdulrazaq Adebayo     AbdulHakeem Ajibola Akanbi     Mohammed Lawal Bagega     Ganiyu Abolarin     Economic And Financial Crimes Commission     Bamidele Adegoke Oladimeji     Third Estate     Mohammed Alabi Lawal     Alagbado     GRA     Magaji Erubu     Ibrahim Taiwo     Umar Bayo Abdulwahab     Stephen Fasakin     Sodiya     Quareeb     Salman Suleiman     Abdulhakeem Amao     Salmon Babatunde Salmon     Mohammed Abdulahi     Hauwa Nuru     Muftau Akanbi Oke     Riskat Opakunle     Olofa Of Offa     Aso-ofi     Quran     Elesie Of Esie     Eleja Taiwo Banu     Saba Mamman Daniel     International Aviation College     PharmAccess Foundation     Ballah     20 Billion Bond     Split Diamond Interchange     Reuben Paraje     Matthew Okedare     Ubandoma Of Ilorin     Issa Baba     Ilorin East     Babajide Ajayi     Na\'Allah     Mutawali Of Ilorin     Sulyman Atolagbe Alege     Taofik Mustapha     Mohammed Halidu     Timothy Olatunde Fadipe     Elerin Of Adanla Irese     Shagari     Haliru Yahaya     Local Government Pension Board     Idi-Ape     Revenue Court     Gbenga Awoyale     Abubakar Baba Sulaiman     Wahab Egbewole     Nigerian Supreme Council For Islamic Affairs     Alfa Belgore     C2c@kwarastate.gov.ng     Babaloja-General     Bond     Bayo Ajia    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Abdul-Rahoof Bello     Turaki Of Ilorin     Lanre Badmus     Hajj     Popo-Igbonna     Mumini Ishola Hanafi     Babs Iwarere     Funke Adedoyin     Titus Ashaolu     TESCOM 2025     Ileloke     Alapansapa     Ilorin Emirate Stakeholders Forum     IQRA College     Toyin Olayinka Tejidini     Madawaki Of Ilorin     08001000100     Kwara 2019     Overland     Busari Toyin Isiaka     Nigeria Customs Service     Rafiu Ajakaye     Offa Poly     AbdulGaniyu Kareem     Universal Basic Education Commission     Fareedah Dankaka     Oko-Olowo     Special Adviser On Digital Innovation     Lanre Issa-Onilu     Aliyu Salihu     Abiodun Abdulkareem     Markaz Arabic And Islamic Training Institute, Agege     Raliat AbdulRazaq     Florence Saraki     Ibrahim Oniye     Abdulmutalib Shittu     Ishaq Salman     Kubra Kazum     Waziri Yakubu Gobir     John Olajide Adedipe     Magaji Erubu     Opolo Global Innovation Limited     All Peoples Party     Bisi Oyeleke     Abdulraheem Yusuf     Ilorin Durbar     Ajeigbe     Ajidagba     Bamidele Aluko     Nnazua     Aishat Sulu-Gambari     REO CAKES     Olaitan Buraimoh     Mohammed Yisa     Sulyman Abdulkareem     Gambari     JSSCE     Chief Imam Of Offa     Abdulrahman Abdulrazaq     CCEPE     Alumni Association Of The Federal Polytechnic Offa     Kumbi Titilope     Federal Allocation     Ojuekun     Abdulkadir Bolakale Sakariyah     Benin Republic     Ladi Hassan     Gbemisola Saraki     Yahaya Muhammad     Buhari     2023 Elections     Danhawa     Shehu Jimoh     Muhammed Taofeeq Abdulrazaq     Idowu Laro     Edret Sabi Abel     Olam Food Ingredients