By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has described Nigeria’s minimum wage of N30,000 ($30) for 30 days as extremely poor and called for an urgent upward review of the wage structure.
The President of LCCI, Mr Michael Olawale-Cole, during the chamber’s Independence Day message on Sunday, said an appraisal of the past 63 years showed that the Nigerian economy had performed sub-optimally with huge implications on citizens’ welfare and rising uncertainty.
It noted that the economy was struggling with difficult conditions including high inflation, weak currency, declining reserves, falling household purchasing power, rising debt burden, high and rising unemployment, rising income gaps and poverty levels.
He also said that despite these challenges, Nigerians have persevered in promoting democracy and becoming Africa’s pride since 1999.
According to him, since 24 years ago, Nigerians’ support for democracy has earned the country enormous goodwill as one the few stable democracies in Africa.
“The present administration has implemented far-reaching policy reforms, such as removal of fuel subsidy, exchange rate harmonisation, tax reforms, etc., in an effort to change the country’s growth trajectory.
Sustaining market-friendly policies and promoting macroeconomic stability is one of the most important steps in achieving optimal growth and improving citizens’ welfare,” he said.
LCCI also recognised the impacts of the reforms on vulnerable workers and low-income earners.
“The Chamber is of the view that there is an urgent need to review the wage structure of Nigerian workers. At $30 for 30 days, the minimum wage is extremely poor.”
Despite calls for the minimum wage to be restructured, President Tinubu during his Independence Day broadcast announced an increase in the minimum monthly allowance for federal civil servants of N35,000. The money will only be paid monthly for six months.
