Global Compact Network Nigeria Sparks Crucial Conversation on Living Wage
Multistakeholder Dialogue Aims to Address Poverty and Promote Sustainable Business Practices in Nigeria
Lagos, Nigeria - The Global Compact Network Nigeria recently convened a groundbreaking multistakeholder dialogue on the concept of Living Wage, bringing together businesses, government representatives, and UN agencies, including the International Labour Organization (ILO) and the UN Global Compact.
The event aimed to address the pressing issue of poverty among workers, with 1 in 3 workers worldwide living in poverty. In Nigeria, this issue is particularly pertinent, given the current economic challenges faced by both businesses and workers.
The conversation was marked by candid and thought-provoking quotes from participants, including:
- "In my business, I've already raised salaries three times this year because of inflation."
- "A happy worker is a productive worker."
- "Let's acknowledge that poverty is also a political tool."
- "We need to go beyond declarations and books, and check actuals, especially with vendors and contractors."
While there was consensus that raising wages to a living level is beneficial for businesses, as it increases workers' purchasing power and creates new sales opportunities, participants acknowledged that this requires a stable and supportive economic environment.
In Nigeria, this means addressing pressing issues such as inflation, foreign exchange, energy, and infrastructure, to sustain the value of wages and reduce operating costs for businesses.
The recently established minimum wage of NGN 70,000 was also discussed, with participants emphasizing the need to strike a balance between this new minimum wage and the ability of businesses to pay a living wage, to avoid creating conditions of systematic non-compliance.
The Global Compact Network Nigeria's initiative on Living Wage is a crucial step towards promoting decent work and reducing poverty in Nigeria. The Network's efforts, supported by partners and stakeholders, will continue to drive progress towards a more equitable and sustainable future for all.
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