Private Sector Rejects N100,000 Minimum Wage Proposal

The private sector in Nigeria has expressed strong opposition to the proposed N100,000 minimum wage, stating that it is unaffordable for many businesses. Ley Kupoluyi, President of the Lagos Chamber of Commerce and Industry, emphasized that the financial capacity of individual businesses should be considered rather than imposing a uniform wage increase.

He noted that the current economic conditions, including inflation and rising energy costs, have significantly increased operational expenses. Adewal Oyerind, from the Nigeria Employers' Consultative Association, acknowledged the need for higher wages due to economic hardships but insisted that any wage review should follow established procedures involving negotiations among relevant stakeholders.

He cautioned that a wage increase without broader consultation could lead to job losses and business closures. Segun Kuti and Femi Egbesola also highlighted the varying capacities of businesses to absorb wage increases, particularly affecting small enterprises already struggling with declining consumer purchasing power.