NECA’s Push for Sustainable Development and Economic Harmony in Nigeria

The Nigeria Employers’ Consultative Association (NECA) is spearheading efforts to foster sustainable development and economic harmony in Nigeria, as highlighted by recent statements from its Director-General, Adewale Oyerinde, outlining NECA’s multifaceted approach to mitigating a range of economic and social challenges and underscoring the need for balanced growth that benefits all sectors of society.

In a forum with the Labour Writers Association of Nigeria (LAWAN) in Lagos, Oyerinde outlined NECA’s vision for a more robust and equitable Nigerian economy. While wage issues were part of the discussion, NECA’s focus extended beyond wages, encompassing broader economic reforms, environmental sustainability, and social welfare.

“Our goal is to create an environment where businesses can thrive while contributing positively to society and the environment,” Oyerinde stated. He emphasized the importance of policy coherence, where economic decisions consider their long-term impacts on employment, security, and overall national development.

However, Oyerinde pointed out that the potential impacts of enforcing a new minimum wage on the private sector, could result in multiple job losses and more economic depression. Amidst ongoing debates, Oyerinde advocated for critical systemic reforms to complement wage adjustments, providing more insights on the broader ramifications for the nation’s security and employment landscape.

While acknowledging the necessity of a living wage, he cautioned against unilateral wage increments without considering their economic viability and adverse effects on employment rates.

“To avert unintended consequences, businesses commend efforts to maintain operations and the dialogue for wage negotiations at the senatorial and sectorial levels. However, it’s pivotal that any agreed-upon figure aligns with the economy’s capacity to sustain it,” Oyerinde elaborated. He illustrated the dilemma by referencing the closure of a biscuit factory, which led to over 300 job losses, underscoring the cascading effect on the economy and security.

Affirming that NECA’s approach to addressing these challenges is multifaceted, Oyerinde offered innovative strategies to alleviate the cost of living and reduce dependency on only cash wages. Stressing the need to attain an equilibrium in wages that meet legal minimums and sustain a decent standard of living.

NECA further proposed a more holistic approach to stimulating economic growth, such as infrastructure improvements – through the implementation of a structured rail system for efficient interstate food transportation, which would not only reduce food costs but also open up new markets for farmers and traders. Additionally, he suggested introducing subsidized public transport schemes, such as providing bus cards for civil servants and selling buses at a discount to older people, to ease transportation burdens, alleviate the cost of living and reduce dependency on cash wages.

Environmental sustainability also received attention, as the organization lauded the federal government’s initiative to introduce Compressed Natural Gas (CNG) as a cheaper and more environmentally friendly fuel alternative. “We’re encouraging our member companies to adopt green practices and invest in sustainable technologies,” Oyerinde explained. “This not only reduces our environmental footprint but also creates new business opportunities.”

NECA is also actively promoting skills development and employability initiatives. “To achieve sustainable development, we need a workforce equipped for the jobs of tomorrow,” Oyerinde said. The organization is collaborating with educational institutions and government agencies to align curriculum with industry needs and support vocational training programs.

The ongoing dialogue about living standards and economic reforms further exemplified NECA’s collaborative approach to addressing complex economic challenges, as it underscores NECA’s commitment to fostering partnerships between government, labor, and employers. February’s international assembly, which included representatives from the International Trade Union, employers’ bodies, and the International Labour Organization (ILO).

As Nigeria navigates its path towards sustainable development and economic harmony, NECA’s role in shaping policy and promoting responsible business practices remains crucial. The organization’s holistic approach, balancing economic growth with social and environmental considerations, offers a blueprint for inclusive development in Nigeria.

Oyerinde concluded, “Sustainable development and economic harmony are not just goals, but necessities for Nigeria’s future. By working together and implementing thoughtful, comprehensive policies, we can create a more prosperous and equitable society for all Nigerians.”