The organized private sector has agreed to the Nigerian Federal Government’s proposal for a new minimum wage of ₦60,000. Ajayi Kadri, Director-General of the Manufacturing Association of Nigeria, confirmed this during a recent interview, citing economic, infrastructural, and security challenges as reasons for not exceeding this amount.
Kadri emphasized that the current negotiations focus on establishing a minimum wage, not a living wage, due to the significant economic difficulties faced by both the private sector and the government. He highlighted the necessity for cooperation to bolster the economy rather than resorting to nationwide strikes.
The acceptance comes amid ongoing negotiations between the government, private sector, and labor unions, with the latter recently announcing an indefinite strike in protest against the government’s refusal to increase the proposed minimum wage.