The Nigeria Employers Consultative Association (NECA) has cautioned that any increase in the minimum wage above N62,000 will result in job losses.
Adewale-Smatt Oyerinde, NECA’s director-general, conveyed this warning during a discussion with journalists on Tuesday in Abuja. This conversation occurred at the third edition of the Nigeria Employers Summit, themed “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility.”
Mr. Oyerinde stated that the organized private sector cannot afford to pay more than N62,000, as agreed during the tripartite committee negotiation meetings. He warned that any figure above N62,000 would lead to non-compliance and related legal issues.
“Setting a national minimum wage that reduces people’s ability to pay will set the stage for litigation and crisis,” Oyerinde stressed.
Addressing allegations of delays in the process, Mr. Oyerinde refuted such claims, explaining that the process is ongoing and there is no waiting game, describing the allegations as misinformation.
“There is no waiting game, and I think we must put all this into context. It is misinformation,” he stated.
He added that a bill, following the tripartite committee’s recommendations, will be sent to the National Assembly for legislation. He also noted that the labor sector can advocate for a faster process.
(NAN)
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