Renowned political economist Prof. Pat Utomi has urged the convening of a stakeholders’ summit to discuss and propose strategies for reconstructing Nigeria’s economy. He made this call while speaking with the News Agency of Nigeria (NAN) on Monday in Lagos.
Reacting to the May 15 tripartite committee meeting on the new minimum wage, where organised labour withdrew following disagreements, Utomi criticized the mismanagement of the Nigerian economy. He noted that the tripartite committee did not fully grasp the complexities of the economic challenges.
“Labour is looking at price inflation and naturally, they take the traditional approach—inflation has increased by 100 percent, so wages should rise proportionally. However, the issue is far more complex,” Utomi said.
He emphasized the need for a national emergency understanding, where all stakeholders collaborate to rebuild the economy. He identified low productivity as a major economic challenge, arguing that economic managers are not creating conducive conditions for production, while workers are developing an entitlement mentality.
“If we had serious leadership, we would react as nations do during war—with a national strategy and massive mobilization to address the crisis,” Utomi stated.
He proposed a war cabinet approach, suggesting the mobilization of a farm protection army to address agricultural insecurity and promote massive agricultural investment, similar to the Operation Feed the Nation initiative from the Obasanjo era.
Utomi also advocated for increased productivity through strategic volunteer mobilization and suggested adopting the German system, where labor representatives are included on company boards to understand production needs and advocate responsibly for wages.
NAN recalls that on May 1, the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) proposed a new minimum wage of N615,000, reflecting the current economic situation. However, the May 15 tripartite committee negotiations ended with the labor unions pulling out due to disagreements over the government and employers’ proposals, which they deemed inadequate for a living wage.
The summit, Utomi believes, would bring together labor, the private sector, and government to improve productivity and agree on sustainable wage parameters, ensuring a balanced and effective economic strategy for Nigeria.
