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.

Offa Grammer School     Azeez Salawu     Rashidi Yekini     Presidential Election     Buhari     Kazeem Adekanye     Abdulmumin Yinka Ajia     Oke Sunna     Ahmad Belgore     AbdulGafar Tosho     2017 Budget     Bashir Badawi     Muritala Olarewaju     Adewuyi Funmilayo     Esinniobiwa Quareeb     Ridwan Agboola     Shehu Alimi Foundation For Peace And Development     ASUU     March 18     Ibrahim Abdullahi     ENetSuD     Mashood Dauda     Isiaq Khadeejah     MMWG     Okin Malt     Allocation     Pategi     Apata Ajele Secondary School     KWASSIP     Abdulkareem Alabi     Katibi Ibraheem Adeola     Rueben Parejo     Mohammed Yisa     Aminat Ahmed     Kayode Oyin-Zubair     Overland     Ilorin Talaka Parapo (ITP)     Siddiq Adebayo Idowu Salawu     Aso Ofi     Federal Polytechnic Offa     KW-GIS     T And K FOODS     Taofik Abiodun Ahmed     Reuben Paraje     Prince Mahe Abdulkadir     Shonga     Patigi Regatta     Tunde Yusuf     Ilofa     Susan Modupe Oluwole     Ilota     Ayinke Saka     Umar Ayinla Saro     Musa Alhassan Buge     Christopher Ayeni     Kwarareports.com     Usman Yunusa     Alloy Chukwuemeka     Transition Implementation Committee     Waziri Yakubu Gobir     Jimoh Olusola Imam     Abdulrasaq Alaro     Ekiti     Lateef Ademola Olatunji     Kazeem Gbolagade     Chief Imam Of Omu-Aran     Quareeb Islamic Association     Babs Iwarere     Sola Saraki Educational Foundation     Kola Ologbondiyan     Laduba     Ile Arugbo     Opaleke Bukola Iyabo     Amuda Musbau     Mohammed Kamaludeen     Abdulrahman Iliasu     Plat Technologies Limited    

Cloud Tag: What's trending

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

Asa     Nigerian Correctional Service     Nurudeen Mohammed     Okin Biscuits     Olaitan Adefila     Kwara 2019     Bamidele Adegoke Oladimeji     Fatimat Saliu     Olaiya Victor Mobolaji     Tunde Oyawoye     Eruku     Ubandoma     Salihu S. Yaru     Taofik Abdulkareem     C2c@kwarastate.gov.ng     Shuaib Boni Aliyu     Suraj Tunji Oyewale     AbdulRazaq Abubakar Jiddah     Ita-Ore     SUBEB     Ajikobi     Tinubu Legacy Forum     Saliu Ajia     Veterinary Teaching Hospital     Nigeria Association Of Women Journalists     Madawaki     Fareedah Dankaka     Kawu Baraje     Kwara State Governor     HICA     Kehinde Boyede     Kwara NIPR     Oke-Kura     Omar Bolaji Gambari     Ado Ibrahim     Gbugbu     AbdulHamid Adi     Iyaloja-General     Isiaka Abdulrazak     Shururat Olatinwo     Kwara     Sheikh Hamzat Yusuf Ariyibi     John Dara     Olateju Lukman     Alimi Abdulrazaq     Mazars Consulting     Third Estate     Yemi Osinbajo     Oke Sunna     Otunba Taiwo Joseph     The Herald     Lawal Arinola Kudirat     Omotoso Musa     Sobi FM     Rafiu Olasile     Sheikh Alimi     Abdulraufu Mustapha     Olatomiwa Williams     Yusuf Lawal     Lola Ashiru     Amoyo     Ayinde Oki     Yekini Adio     Omupo     CCEPE     Plat Technologies Limited     Just Event Online     Tafida     David Oyerinola Adedunmoye     Memunat Monsuma     Apaola     Abdullahi G. Mohammad     Adegoke Bamidele     Kwara State Branch Of The National Library     Dairo Kunle Paul     Amos Justus Sayo     Oye Tinuoye