“Minimum wage above N62,000 will lead to job losses” – 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.

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.