When the assertion was made, at first I didn’t believe it, then a train of thought crossed my mind, whether the person who made the statement, has completely lost his mind, about the acclaim that Nigeria is more ‘civilized’ than the United States of America, especially, on matters pertaining to the rights of women and labour laws protecting the interest of a female folk. But, when the issue is put within the context of which of the two countries, have a codified law, protecting the rights of a female to embark on a maternity leave, indeed, the Federal Republic Of Nigeria (FGN) is more ‘civilized’ than the United States of America (USA).
Because, while the former has an established law, guarding the rights of women to bear children, while still working, the latter does not have such an enforceable instrument of a legislation, to defend the rights of working women, to seek a leave of absence, during the delivery of children, while still being paid and with a guarantee for the protection of their official status.
I know many a reader, would ponder whether I am still writing about the same United States of America, which has a once former social worker as head of state and president of the republic, in fact, while other graduates of Harvard law, were taking the corporate path to success, President Barack Obama used the ladder of social activism and human rights defence to reach the zenith of political power. Thus, you would wonder how such individual with a known past, would preside and superintend over a nation that does not protect labour rights of women, but, a little more observation and perusal of the circumstance and the reason why such a scenario exist, would reveal it is for a more noble objective.
Which is that the American federal government, would rather protect the rights of the breadwinner, tax payer, and employer of labour, who is the small entrepreneur, by not tying him or her to a legislation, which forces the entrepreneur to do what could easily be met through contractual obligations of a Contract of Employment, that guarantees the rights of employees to seek a maternity leave.
Of course, that does not stop big conglomerates, large corporations and indeed, medium size industries, to have as a deliberate company policy, a stipulation and regulation for every eligible employee to have the right of a maternity leave. Generally, most small businesses employ limited number of workers, usually, less than ten or at most, less than twenty and most significantly, such establishments do not employ for a long time or what is called permanent and pensionable, thus, their workers are employed for certain but short duration of time and it is mainly for menial or unskilled labour, within such a circumstantial scenario, maternity laws are hardly applicable.
Because, a considerable number of employees are women, who are birthing mothers, that do not have offices to protect but rather, bills to pay and would care less about losing a job, because of a maternity leave, as they return to a promise of certain but another employment after the child delivery or giving birth vacation, as an example, a small firm employing just six people, would have its output and income affected, should just two of its workers, be on an extended vacation, thus, it would impact the sustainability of the overall business.
Generally, this is the choreography of events and happenings in the workplace of a small business, where usually, capital is small, access to credit is limited, remuneration is meager, highly skilled manpower are hardly attracted, but the sector is the engine room and driver of most economic activities in a country. As a protection to such workers, what is required of the government is to enforce a good national minimum wage, which allows them the capability to save.
Despite the fact, the United States of America has the largest conglomerates in the world, in 2011, according to the United States Census Bureau (USCB), there were 5.68 million employer firms in the country. But, firms with fewer than 500 workers accounted for 99.7% percent of those businesses and out of this established figure, businesses with less than 20 workers, constituted 89.8% percent of the computation.
Also, small firms or businesses accounted for 63% percent of net new jobs created between 1993 and mid 2013 (or 14.3 million of the 22.9 million jobs created), in fact, since the end of the last recession, from middle 2009 to middle 2013, small businesses have accounted for 60% percent of net new jobs, it is worth noting that nothing in the structure of American business, has changed to invalidate this figures in 2015. Yet, within the context of Nigeria, it is the large businesses and big companies who have enjoyed government support, in terms of massive bailouts, waivers and international financial guarantees, while the credit figures and support system for small businesses shrinks and withers.
And this three other things:
WHAT DOES NIGERIAN OIL INDUSTRY WANT?
Last week, the press was awash with a call by the newly appointed Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu Ibe, at the National Association of Energy Correspondence (NAEC) conference, demanding for the deregulation of the entire Nigerian oil industry. But, it was a joint call by all the players in sector, including the Nigerian Oil Marketing Companies (NOMC), the major multinational crude oil exploration companies and industry experts.
At first, when I saw the statement it made a lot of sense, until I saw the part where it was made to look like a prayer to the Federal Government of Nigeria (FGN), because, such power for policy change does not completely lie with the Nigerian government, but with the Nigerian National Assembly (NNA) and the now stillborn Petroleum Industry Bill (PIB), which is a comprehensive document detailing how the petroleum sector would be made efficient, profitable and accountable.
Thus, rather than making the counterproductive demand, shouldn’t the oil industry do the needful, which is lobbying the National Assembly (NA) to quickly pass the all important legislation, as it is done in most other established democracies of the world, besides, if it became a parliamentary enactment or an Act, it would not be within the premises of powers of President Muhammadu Buhari, not to implement the law.
THAT NBS INVESTMENT REPORT
It was at the tail end of last week, the National Bureau of Statistics (NBS) came out with the National Capital Importation Report (NCIR), stating that Nigeria’s Foreign Direct Investment (FDI) and other investments up to the second quarter (Q2) 2015 stood at $2.666,36 billion dollars, down from the first quarter (Q1) 2015, which was $2.671,59 billion dollars and it represented a 20% drop or a $5.24 million dollars, highlighting that expectation on Nigeria would remain the same and investment would remain lower ‘as long as an uncertain economic environment remains’, which clearly projects the problem as lack of local policy direction.
But, let’s examine investment climate in three countries, being the first and second biggest economies in the world and one of the most investor confident economies. Last week, in United States of America, Dow Jones Industrial, the measuring investment capital meter of the biggest blue chip companies in world, the Dow Jones Industrial Average (DJIA) in a day fell by 530 points and for the whole week it fell by 1000 points, a four year low and the ninth biggest point decline in the index history.
Many a financial analyst, had premised the American market decline on China, the second biggest economy in the world, whose stock market, the Shanghai Stock Exchange (SSE) was projected as having lost a third of its share value, since the beginning of the year 2015. Forcing the Chinese government to devalue its national currency, the Yuan twice, in order to regain export advantage, because of the fear of confirmed slowdown in global economic growth.
The British, Financial Times Stock Exchange (FTSE 100) has lost 10% percent of its value since the beginning of the year, 2015, in fact, in a single day of Monday the 24th of August that market lost a hundred billion pounds worth of share value. Now, when coupled with the ‘collapse in global commodity prices’, one of which being the crude oil, that sells at less than $50 dollars per barrel and it is the most investor friendly sector in the Nigerian economy, how can any local policy direction or lack of it, would have influenced anyone, not to invest in the Nigerian market.
AND THE SMI REPORT COUNTER
In the beginning of this week, precisely, on Monday the 24 of August 2015, the highly regarded London based market research firm World Economics, released the Sales Managers Index (SMI) report for the month of August, which registered a 66.3 points movement up from 65.2 points in July, the Business Confidence Index (BCI) posted a 93.4 points up from its value in July, also, the Nigerian economy signaled the fastest monthly rate of growth since December 2014, which is a 28 month high or specifically, highest since the month of April of 2013.
It is by far the most up to date data assessment of economic activity in Nigeria, providing economic indicator in all sectors of the economy. In the index, Nigeria registered the best of figures in the African continent, despite the fact the report noted the intensity of inflationary pressures on the Nigerian economy, which further confirmed President Muhammadu Buhari’s tactical policy driven approach of refusing to remove petroleum subsidy, in order not to fuel inflationary numbers and threaten overall economic confidence.
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