Former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, has expressed support for organised labour’s consideration of a ₦100,000 minimum wage for Nigerian workers. This comes after a strike on June 3 over a new minimum wage and increased electricity tariffs for Band A customers.
Organised labour, including the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC), initially proposed ₦615,500 and ₦494,000 respectively, citing inflation and economic hardship. However, after meeting with the Federal Government, the strike was suspended to allow room for negotiation.
Moghalu, in a post on his X handle, emphasized that while the NLC’s demand for ₦400,000 is justified, it is unrealistic given Nigeria’s low productivity. He recommended a minimum wage of ₦75,000 to ₦100,000, stressing that productivity improvements through human capital development and better infrastructure are crucial for sustaining higher wages.
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