Data Story · Statistics

May Day! May Day!, Minimum wage Increase!

Considering the current realities of the Nigerian economy today, the prevailing inflation has left the average Nigerian struggling to survive with escalating prices of everyday commodities.  One wonders how salary earners are able to meet their basic needs with the ₦18,000 minimum wage. The Nigeria Labour Congress (NLC) have been in talks with the government advocating a review of the national minimum wage and demanding an increase to ₦56,000. This they argue is to cushion the effects of the high cost of living in the country.

Figure 1

Taking purchasing power into account (it tends to even out the differences in local prices of household commodities), Nigeria’s annual minimum wage ranks 7th compared to other West African countries using 2017 estimates for Purchasing-Power-Parity (PPP) rates, with countries like Mauritania, Sierra Leone, Ivory Coast and even Benin topping the charts (see Figure 1).

Figure 2

Looking at Nigeria’s stance as at 2011, it can be seen from the infographic (Figure 2) that Nigeria ranked 3rd (using 2011 PPP rates). The obvious can not be over-emphasized…

I hope that the negotiations between the Nigerian Government and the Labor Congress eventually favour the ordinary Nigerian amidst a stinging inflation that has crippled Africa’s largest economy.

Have a rewarding May Day Celebration!!

If you spot a typo or any error in the post, please let me know in the comment section – so I can fix it.

3 thoughts on “May Day! May Day!, Minimum wage Increase!

  1. Very true, salaries are not even enough to run the family, my 11 year old has statred selling fruit juice in school, a teacher help her set it up. it is so sad


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s