The minimum wage in Nigeria is among the lowest compared to other oil-producing African countries. Calls for a review have intensified across the country, with labour and trade unions calling for strikes and industrial actions against the Federal Government as comparisons reveal that Gabon is at ₦376,500 and Equatorial Guinea at ₦323,878.
As of 2024, Nigeria's minimum wage still stands at ₦30,000 per month, which roughly translates to about $20 per month due to the depreciation of the naira against the dollar.
In contrast, other oil-producing countries in Africa have significantly higher minimum wages.
1. Gabon: ₦376,500
2. Equatorial Guinea: ₦323,878
3. Libya: ₦313,440
4. Algeria: ₦226,400
5. Tunisia: ₦199,573
6. Egypt: ₦194,700
7. Ivory Coast: ₦188,250
8. Chad: ₦150,587
9. Cameroon: ₦105,106
10. DR Congo: ₦94,947
11. Angola: ₦58,569
12. Ghana: ₦38,768
13. Nigeria: ₦30,000
14. Sudan: ₦7,590
These figures highlight the disparity in minimum wages among African nations, even though they share a common feature of being significant oil producers. The relatively low minimum wage in Nigeria reflects broader economic challenges and inflationary pressures that affect the country's labour market.
Some voices advocate for a drastic raise in Nigeria's minimum wage. They suggest a figure as high as ₦600,000. This reflects the belief that Nigeria's economic status requires a more substantial minimum wage. Some advocate a more moderate range of ₦100,000 to ₦200,000, emphasising the need for a balanced approach.
Criticism is aimed at the government for what is believed to be misplaced spending priorities, with concerns expressed over the allocation of money away from critical areas such as wage increments.
There is a request for a more comprehensive study of factors beyond minimum wage projections, with GDP per capita, productivity, and ease of doing business identified as critical metrics for informing wage policy.
Even as the country deals with historic levels of inflation (31.70 percent in February) and food prices (37.92 percent), Nigerian workers are vulnerable to economic headwinds.
Despite the FG's announcement to raise the minimum wage to 60,000, labour unions argue that the present salary is unrealistic due to the country's severe economic crisis and 27-year-high headline inflation rate.
