What Should Nigeria’s Minimum Wage Really Be? – A Quantitative Verdict- By Pastor Prof Chukwuemeka Ifegwu Eke
WHAT SHOULD NIGERIA’S MINIMUM WAGE REALLY BE? — A QUANTITATIVE VERDICT It should be calculated from the purchasing power workers have lost. Nigeria’s minimum wage was raised to ₦30,000 in 2019. It became ₦70,000 in July 2024. The ILO has acknowledged that although the increase was significant, persistent inflation had already weakened its real effect and made it inadequate for the rising cost of living. 0 1. THE INFLATION TEST A minimum wage is meaningful only if it can buy approximately what the earlier wage bought. Using Nigeria’s cumulative inflation experience since 2019, the ₦30,000 minimum wage would now require…
