"Minimum wage above N62,000 will lead to job losses" - NECA


Mr Adewale Oyerinde: Director-General, Nigeria Employers’ Consultative Association, NECA

The Nigeria Employers Consultative Association (NECA) has warned that approving minimum wage above N62,000 will lead to job losses.

NECA Director-General, Mr. Adewale-Smatt Oyerinde, made this statement during a press briefing on Tuesday in Abuja, coinciding with the third edition of the Nigeria Employers Summit themed “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility.”

Oyerinde explained that the organized private sector cannot afford a minimum wage higher than N62,000, as agreed upon in the tripartite committee negotiations.

He cautioned that setting a minimum wage above this amount would result in non-compliance and legal disputes, stressing that an unsustainable national minimum wage could lead to widespread litigation and crises.

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Addressing concerns about delays in the process, Oyerinde clarified that there was no delay, asserting that the process is ongoing as planned.

He dismissed claims of a waiting game as misinformation.

Following the tripartite committee’s recommendations, Oyerinde noted that a bill will be sent to the national assembly for legislative approval. He urged labour advocates to push for a swift completion of this process.

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