Nigeria’s Minimum Wage Ranked Lowest Among 7 African Countries

Nigeria’s Minimum Wage Ranked Lowest Among 7 African Countries

A recent analysis has revealed that Nigeria’s minimum wage of N30,000 stands as the lowest among seven selected African nations, shedding light on the economic challenges faced by workers in Africa’s largest economy. At the current exchange rate of N1,500 to a dollar, this wage translates to a meager $20 per month, proving insufficient to afford even half a bag of rice amid prevailing economic conditions…….READ ALSO Gov. Peter Mbah Extends Wage Award Payments Until New Minimum Wage Is Implemented

In stark contrast, workers in Seychelles, Libya, Morocco, Gabon, South Africa, Mauritius, and Equatorial Guinea enjoy significantly higher minimum wages, with monthly earnings ranging from $224 to $456.

Despite the wage increase from N18,000 to N30,000 in 2018, Nigeria’s minimum wage has remained stagnant for six years amidst soaring inflation, reaching 31.70 percent in February, with food prices soaring by 37.92 percent.

The labor unions have criticized the current minimum wage as unrealistic, especially considering the severe economic downturn and a 27-year high inflation rate. The depreciation of the naira has further compounded the situation, now trading at approximately N1,300/$ compared to N400/$ at the time of the wage adjustment in 2018.

However, there is optimism for Nigerian workers as President Bola Tinubu is set to announce a new minimum wage on Workers’ Day, May 1, following the inauguration of a tripartite committee by Vice President Kashim Shettima in January.

Comprising 37 members representing various sectors, the committee is tasked with reviewing and proposing a revised national minimum wage, potentially offering much-needed relief to workers nationwide.

During zonal public hearings, workers across different regions proposed varying minimum wage figures, ranging from N45,000 to N850,000, reflecting the diverse economic landscapes and cost of living across the country.

Meanwhile, the Nigeria Labour Congress (NLC) has warned that governors failing to implement the new minimum wage would be in violation of the law, indicating a firm stance towards ensuring compliance.