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A former Deputy Governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, says Nigeria’s productivity level can’t support the ₦494,000 minimum wage demanded by the Organised Labour.
In a post on X (formerly Twitter) on Tuesday, hours after the Organised Labour relaxed its strike, Moghalu recommended a wage of between ₦75,000 and ₦100,000.
“In the debates on national wages in Nigeria, we miss the fundamental point: there is little or no productivity in the economy. If we had a truly productive economy there is no reason we can’t have the kind of minimum wage of 400 or 500K that Labour wants.
“But we can’t, because the level of productivity in the economy cannot support it. Remember, the minimum wage is not just about government salaries. There are not more than 2, at most 3 million civil servants in Nigeria. It is even more about what is paid in the private sector, to household staff, etc.
“All of this is why, all things considered, including avoiding a minimum wage that multiplies already ravaging inflation (assuming such a wage can even be paid), I recommend a minimum wage of between N75,000 and N100,000.”
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