The Nigeria Employers Consultative Association (NECA) has warned that approving a minimum wage above N62,000 could result in significant job losses.
NECA’s Director-General, Adewale-Smatt Oyerinde, voiced this concern during a press briefing on Tuesday in Abuja. His comments came during the third edition of the Nigeria Employers Summit, which focused on “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility.”
Oyerinde emphasized that the organized private sector cannot afford a minimum wage higher than N62,000, a figure agreed upon during tripartite committee negotiation meetings. He cautioned that exceeding this amount could lead to non-compliance and subsequent legal battles.
“Setting a national minimum wage that businesses cannot sustain will inevitably result in litigation and crises,” Oyerinde stated.
In response to allegations of delays in the wage review process, Oyerinde clarified that there have been no unnecessary delays and that the process is actively progressing.
“There is no waiting game, and I think we must put all this into context. It is misinformation,” he said.
He explained that after the tripartite committee submits its recommendations to the president, a bill will be forwarded to the National Assembly for legislation. He also mentioned that labor groups can advocate for an expedited process.
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