Emmanuel OchayiMr Adewale Oyerinde, Director-General of Nigeria Employers’ Consultative Association, highlighted the severe impact of inflation on the disposable income of the average Nigerian worker.
Oyerinde stressed the urgent need for an approach to address the broader economic challenges arising from the escalating cost of living.
“The pervasive impact of inflation on the disposable income of the average worker underscores a broader economic challenge that demands urgent attention,” Oyerinde stated.
He urged not only sound monetary policies to curb inflation but also emphasized fostering a business environment prioritizing the well-being of the workforce.
According to the National Bureau of Statistics, Nigeria’s inflation hit a 27-year high of 28.92% in December 2023, exacerbating the economic struggles faced by citizens. Oyerinde acknowledged the legitimacy of labour demands for a pay rise but expressed concerns about the approach taken, emphasizing the unique challenges faced by the private sector.
“The organized private sector does not receive allocations from the government,” Oyerinde noted, highlighting disparities in support during crises like the COVID-19 pandemic.
He pointed out the difference in survival strategies, with many private sector employees facing difficulties due to the absence of government-provided infrastructure for remote work.
As economic challenges persist, Oyerinde’s call for a multifaceted approach echoes the need for immediate and effective measures to alleviate the financial strain on Nigerian workers.
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