A former Acting Vice-Chancellor of Fountain University, Professor Abdullateef Usman has said that despite the implementation of the N70,000 minimum wage, labour laws must be strengthened to prevent exploitation of workers by employers.
Usman who is a professor of Economics while delivering the 4th Inaugural Lecture of the institution titled ‘From Honeypot to Tinderbox: The Trajectory of Nigeria’s Most Valuable Asset,’ highlighted the importance of Labour, Trade Unions, National Industrial Court and Employee Compensation Acts.
He said the future of Nigeria’s economy is tied to its labour market which encompasses employment rates, labour productivity, education and skills development and policies.
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Professor Usman advised that Nigeria should diversify its economy instead of the way it is being locked into the oil economy despite the abundance of opportunities.
“Effective labour policies and regulations are essential for protecting workers’ rights and promoting fair labour practices. Of utmost importance is the Minimum Wage Policy. Implementing fair minimum wage policies to ensure a living wage for workers is the key to peaceful industrial relations.
“Strengthening labour laws to protect workers from exploitation and ensure safe working conditions will create industrial harmony and reduce productivity loss due to industrial unrest and strike actions.
“To foster workers’ commitment to the workplace, a robust social security system to support workers in times of unemployment, illness, or retirement backed up by legislation is very important,” Usman said.