CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Liquid Intelligent Technologies Acquires Israeli Tech Company, Telrad

    Liquid Intelligent Technologies Acquires Israeli Tech Company, Telrad

    Flutterwave Defies Global Layoffs, Hire 200 more Staff

    Flutterwave Defies Global Layoffs, Hire 200 more Staff

    The Federal Government Will No Longer Tolerate the Importation of SIM Cards — Pantami

    The Nigeria Startup Bill Passes Third Reading at the House of Representatives

    The Nigeria Startup Bill Passes Third Reading at the House of Representatives

    ECWA Partners with Bitnob to Raise Charity

    ECWA Partners with Bitnob to Raise Charity

    Sudo Africa appoints Farida Kabir as Group Head of Growth

    Sudo Africa appoints Farida Kabir as Group Head of Growth

  • FEATURED
    How MTN Nigeria is Aiding National Evolution

    How MTN Nigeria is Aiding National Evolution

    Understanding nHub’s Build Back Better Strategy

    Understanding nHub’s Build Back Better Strategy

    Diversity Equity Inclusivity: Bringing More Disabled Persons into the Tech Ecosystem

    Diversity Equity Inclusivity: Bringing More Disabled Persons into the Tech Ecosystem

    Harnessing the Potentials of Social Media to Grow SMEs in Nigeria

    What the 5G Spectrum Launch and Starlink’s Expansion mean for Nigeria’s Digital Economy

    What the 5G Spectrum Launch and Starlink’s Expansion mean for Nigeria’s Digital Economy

    Against all odds, African female-led tech startups are raising funds

  • BLOCKCHAIN
    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

  • FINANCE
    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    What could Flutterwave and Chipper Cash’s no-license in Kenya mean?

    What could Flutterwave and Chipper Cash’s no-license in Kenya mean?

    How Two Nigerian Fintech Executives Flouted Anti-money Laundering Policy in the U.S

    How Two Nigerian Fintech Executives Flouted Anti-money Laundering Policy in the U.S

    Eight Alternative Virtual Dollar Cards to Use in Nigeria

    Eight Alternative Virtual Dollar Cards to Use in Nigeria

    Visa’s Partnership with Flocash will Provide Digital Solutions for African SMEs

    Visa’s Partnership with Flocash will Provide Digital Solutions for African SMEs

    Abeg Rebrands to Pocket, set to Pioneer Social Commerce in Nigeria

  • START UPS
    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    The Nigeria Startup Bill Passes Third Reading at the Senate

    Moove Raised $135 Million in H1 2022 to Scale its Vehicle Financing Business Globally

    GetEquity wants to Replicate its Nigerian Success in Kenya.

    GetEquity wants to Replicate its Nigerian Success in Kenya

    Kenyan foodtech Startup, Kune Shuts Down Months after Raising $1 Million

    Kenyan foodtech Startup, Kune Shuts Down Months after Raising $1 Million

    How 10 African Startups Raised $218.4 Million in May 2022

    How 10 African Startups Raised $218.4 Million in May 2022

  • PODCAST
CRESTHUB
  • NEWS
    Liquid Intelligent Technologies Acquires Israeli Tech Company, Telrad

    Liquid Intelligent Technologies Acquires Israeli Tech Company, Telrad

    Flutterwave Defies Global Layoffs, Hire 200 more Staff

    Flutterwave Defies Global Layoffs, Hire 200 more Staff

    The Federal Government Will No Longer Tolerate the Importation of SIM Cards — Pantami

    The Nigeria Startup Bill Passes Third Reading at the House of Representatives

    The Nigeria Startup Bill Passes Third Reading at the House of Representatives

    ECWA Partners with Bitnob to Raise Charity

    ECWA Partners with Bitnob to Raise Charity

    Sudo Africa appoints Farida Kabir as Group Head of Growth

    Sudo Africa appoints Farida Kabir as Group Head of Growth

  • FEATURED
    How MTN Nigeria is Aiding National Evolution

    How MTN Nigeria is Aiding National Evolution

    Understanding nHub’s Build Back Better Strategy

    Understanding nHub’s Build Back Better Strategy

    Diversity Equity Inclusivity: Bringing More Disabled Persons into the Tech Ecosystem

    Diversity Equity Inclusivity: Bringing More Disabled Persons into the Tech Ecosystem

    Harnessing the Potentials of Social Media to Grow SMEs in Nigeria

    What the 5G Spectrum Launch and Starlink’s Expansion mean for Nigeria’s Digital Economy

    What the 5G Spectrum Launch and Starlink’s Expansion mean for Nigeria’s Digital Economy

    Against all odds, African female-led tech startups are raising funds

  • BLOCKCHAIN
    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

  • FINANCE
    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    What could Flutterwave and Chipper Cash’s no-license in Kenya mean?

    What could Flutterwave and Chipper Cash’s no-license in Kenya mean?

    How Two Nigerian Fintech Executives Flouted Anti-money Laundering Policy in the U.S

    How Two Nigerian Fintech Executives Flouted Anti-money Laundering Policy in the U.S

    Eight Alternative Virtual Dollar Cards to Use in Nigeria

    Eight Alternative Virtual Dollar Cards to Use in Nigeria

    Visa’s Partnership with Flocash will Provide Digital Solutions for African SMEs

    Visa’s Partnership with Flocash will Provide Digital Solutions for African SMEs

    Abeg Rebrands to Pocket, set to Pioneer Social Commerce in Nigeria

  • START UPS
    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    Nigerian startup, CreditChek, raises $240,000 in pre-seed round to Drive Credit Infrastructure

    The Nigeria Startup Bill Passes Third Reading at the Senate

    Moove Raised $135 Million in H1 2022 to Scale its Vehicle Financing Business Globally

    GetEquity wants to Replicate its Nigerian Success in Kenya.

    GetEquity wants to Replicate its Nigerian Success in Kenya

    Kenyan foodtech Startup, Kune Shuts Down Months after Raising $1 Million

    Kenyan foodtech Startup, Kune Shuts Down Months after Raising $1 Million

    How 10 African Startups Raised $218.4 Million in May 2022

    How 10 African Startups Raised $218.4 Million in May 2022

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home Opinion

THE MINIMUM WAGE: WHAT AN AVERAGE NIGERIAN SHOULD KNOW.

by Johnpaul Nwobodo
October 31, 2018
in Opinion
Reading Time: 4 mins read
0
THE MINIMUM WAGE: WHAT AN AVERAGE NIGERIAN SHOULD KNOW.
Share on FacebookShare on Twitter

For a couple of weeks now, there has been a buzz on the Nigeria cyber way about raising the minimum wage that is earned by an average worker in Nigeria. Nigeria happens to be among the countries with the lowest minimum wage in the world (18,000 which is equivalent to $50 when using the parallel market price.) With the Nigeria Labour Congress (NLC) proposing the sum of 65,000 naira to be adopted as a Minimum wage, one could easily understand the main reason behind such proposition.  A minimum wage is meant to cover a workers’ Health Insurance, food, transport and the cost of shelter.  However, taking a look at the break down of the current minimum wage (18,000 naira), when divided by 30 days, you get 600 naira/day; which is not even enough to take care of an average worker’s feeding and transport per day.

While the new minimum wage proposed by the NLC will be of good advantage to Nigerians at large, meanwhile it might also pose a threat in the aftermath due to the following reasons:

 

RECOVERY FROM RECESSION:

Due to the fact that the Nigeria economy is still recovering from its previous state of recession, mounting on it the pressures of increment in the minimum wage bill may prove to be fatal.



According to the lead director, Centre for Social Justice (CENSOJ), Eze Onyekpere,   “implementing the 65,000 minimum wage may not be realistic, If one is looking at the narrow view of today’s finances and state of the country’s economy, you will realize that the economy has been struggling to stabilize, hardly able to assimilate further recurrent pressures, following its fragile recovery from one of its worst recessions in the country’s history in 2017”. – Premium Times

 

 

 

HYPER-INFLATION SCARE:

While the NUC request for a raise in the minimum is as a result of the current inflation trend, which has made it impossible for an average worker to cover his or her daily expenses. Raising the minimum wage can potentiate the inflation rate.

In 2018, a statistic from the Nigeria Bureau of Statistics put inflation rate in the second quarter of the year at 11.23 per cent. With the mismanagement of the economy on different sectors, if government increases minimum by over 200 per cent today, under one year, the economy is likely to slip into a hyper-inflation that will take everything and return the workers to square one.

 

IF APPROVED, CANNOT COMMENCE IN 2018:

A statement by the Ben Akabueze, the Director General, Budget Office of the Federation in January, states that the Federal Government may go for supplementary budget to implement the new minimum wage if approved by the law. –Eagle online With the year coming to an end, the possibility of putting it into effect is zero when approved.



 

THE HARSH TRUTH:

With the current state of the economy, the harsh truth is that the federal government may not increase the minimum wage up to 65,000 naira as proposed by the NLC.  Should the federal government make the mistake of raising the minimum wage, Nigeria should be ready for another round of recession.

 

The Good news is that while the government may not be able to fully heed our request, at least they may consider to slightly increase to the minimum wage while our economy gradually recovers.

Related

Tags: businessMinimum WageNigeria
Previous Post

HOW BUSINESS STARTUPS IN NIGERIA CAN LEVERAGE ON THE POWER OF CUSTOMER CARE TO ACQUIRE MORE CUSTOMERS.

Next Post

PERFORMANCE REVIEW CAN STRENGTHEN EMPLOYEE EXPERIENCE, KNOW HOW YOU CAN CREATIVELY USE IT.

Next Post
PERFORMANCE REVIEW CAN STRENGTHEN EMPLOYEE EXPERIENCE, KNOW HOW YOU CAN CREATIVELY USE IT.

PERFORMANCE REVIEW CAN STRENGTHEN EMPLOYEE EXPERIENCE, KNOW HOW YOU CAN CREATIVELY USE IT.

image of startup idea

HOW TO CHOOSE A STARTUP IDEA TO WORK ON.

Please login to join discussion
No Result
View All Result

CRESTHUB MAGAZINE

Popular Posts

  • Flutterwave Defies Global Layoffs, Hire 200 more Staff
  • How Yuorit Yoghurt Achieved Business Success Through Social Media
  • The Hub: How Vendors can Drive Sales using Social Media
  • Inside Stakefair’s No-Loss Betting Platform
  • How Microsoft is building Strong Foundations for a Digital Economy in Nigeria

Cresthub

Learn, Start and Grow your Business with Innovative Business Solutions at Cresthub.

Company

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

Products

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

Socials

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address