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.
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).
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!!