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It is true that inflation, that much dreaded factor, has spread all over the world and is affecting everybody in some way or form. While life becomes expensive, even the wealthiest citizens cannot escape the growing levels of inflation.
It is almost a clear message that no matter the hue, inflation is inevitable and for poor citizens – the everyday folk – the pain is always amplified.
In this current world, the lowest number of wages given to workers in my country Nigeria is at the rate of ₦ 30,000 monthly.
But there is a catch here, when one drills deeper, they get to find out that amount is grossly inadequate cannot even be used to cater for increased cost of living as experienced all over the country.
The Nigerian economy, like most African nations, has had a hectic ride with inflation of prices, fluctuating exchange rates, and an unstable economy forcing the normal Nigerian citizen to fight for his/her existence.
The income of Nigeria is currently low and its minimum wage cannot be considered as appropriate for an average citizen. Given the prevailing economy in the country, the ₦30,000 is roughly enough to give a decent living standard, which includes; food, shelter and clothing.
According to the information available, living cost in Nigeria is very expensive for individuals to bear and the prices of food, fuel, shelter and other necessities increases every other day.
If I had the chance to advise on some change regarding this development in Nigeria, I would strongly recommend that they increase the minimum wage or adjust it to the rate of inflation.
This would mean that those who are paid minimum wages would be well compensated for the work they do, so that can meet some of their fundamental needs in life by pulling through without extreme measures.
On the same note, I would advocate for policies that would help to close the income gap; these include progressive tax rates, social welfare, and employment generation policies. These measures would assist with the reallocation of wealth, ensure sufficient, basic resources for the needy, and reignite the economy.
Equally, I would stress education and skills development to help workers attain skills that could enable them to get better-paying jobs improving their socio-economic well-being. Hence, putting capital in human resources should help produce a better human capital, increase efficiency and spur growth in the economy.
Also, I would encourage other sources of income so that the dependence on oil exports is minimized; the other sectors include agriculture, manufacturing, and tourism. It would assist in stabilizing the economy; decrease inflation rates and also provided an opportunity to create new jobs.
All in all, the inflation rate currently being experienced in Nigeria has all these impacts: Therefore, it becomes crucial that we delve into the problem of low minimum wages and ensure that society is ‘fairer’ by providing decent standard of living of the population. In this manner, it is possible to construct a world which is more fair and rich for everyone – and which does not exclude any of its members.
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