The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, has given kudos to President Bola Tinubu for successfully fixing a minimum wage for Nigerian workers, describing the development as a remarkable achievement for his administration.
He also reaffirmed the administration’s determination to revamp the economy and lift many people out of poverty.
The minister made the remark at the weekend in Lagos while delivering the 70th-anniversary lecture of Loyola College Ibadan, which was organised by the old boys association of the college.
He spoke on a topic, “Reconstructing the Nigerian Economy for Sustainable Growth and Investment,” with many dignitaries, including the Secretary to the Lagos State Government, Mrs. Abimbola Salu-Hundeyin, in attendance.
According to him, the conclusion of the negotiation on the minimum wage is a good one. The issue has been around for a long time, and getting to this level was quite challenging, I must commend the President for his role in this and also the labour unions.
Edun emphasised the importance of government at all levels in maintaining fiscal stability to be able to support the implementation of the new minimum wage bill.
He acknowledged the huge economic challenges faced by the country, expressing confidence in the government’s ability to surmount them.
He shared insights into some steps taken by the federal government to build “a trillion-dollar economy and develop a billion-dollar business within three to five years and with foreign manufacturer involvement.”
Edun also stressed the need for economic growth that will alleviate poverty, emphasising the importance of investment and the role of savings in driving it.
He said the high inflation rates truly undermine confidence and hinder investment, while disclosing that the government is concerned about food and nutrition security, especially for children who are within their first 1,000 days of life.
Similarly, Edun touched on the government’s efforts to support micro, small, and medium-scale enterprises to thrive.
He noted that the government has many plans, including duty waivers and other incentives to support their growth, adding that the contributions of SMEs to GDP in Nigeria are huge.
Edun, however, commended the organisers of the anniversary lecture for coming up with the lecture, noting that the discussion would bring a positive result.
In his remarks, the President of Loyola College Ibadan Old Boys Association (LOCOBA), Prof. Olufemi Ogunbiyi, highlighted the importance of the school’s 70th anniversary, saying it is to celebrate the school for producing them and also give back to its development.
According to him, Loyola College was founded in 1954 by the Catholic Mission and has produced so many people who are leaders in various fields.
He said a series of events, including essay competitions, career talks, talent hunts, and a gala night, are still in the pipeline for the anniversary.
He commended the minister for honouring the invitation to perform the role of a lecturer at the event.
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