The Director-General of the Employers’ Consultative Association of Nigeria, has said that organized businesses lost more than one trillion naira in total between 2022 and 2023.
According to Oyerinde, a lot of businesses wound up, and a lot of others moved to other places, which made the issue of job security a necessity, according to Nairametrics.
In addition, Oyerinde stated that many businesses were shut down with many others relocating to other climes which has necessitated the need for job security.
He emphasized the need for sustainable enterprises to create job security. Thus, he underlined that organized businesses to take all legally permitted measures to safeguard enterprise sustainability, job security, and national prosperity.
Oyerinde said “While we understand and note the current high cost of living, it is pertinent to state that there can only be jobs when enterprises are alive and sustainable.
“Between 2022-2023, organised businesses lost over one trillion naira cumulatively.
“Many businesses were shut down and others relocating to other climes; this makes the need for job security important.”
This aligns with the UNDP report, which states that disruption in business operations was evident with at least two-thirds of businesses operating in the country having to close down during and after the pandemic.
Businesses also turned to fire workers to survive, and business closures destroyed vital revenue streams for households that relied on them.
Additional barriers to new job chances were a decline in capital investment and a lack of new business opportunities.
Oyerinde also discussed the choice made by organised labour and the negotiations on a new minimum wage.
He noted that in a conversation that was either tripartite or bipartite, one side could not unilaterally decide on the schedule or the viability of the result.
“We hope that reason will prevail and the 100% increase in the national minimum wage will be acceptable to organised labour, “ Oyerinde said.
He raised concerns that important factors like the need to preserve jobs, productivity, and ability to pay were not given enough consideration during the negotiations of the new national minimum wage.
