The Nigeria Employers’ Consultative Association (NECA) has rejected the Nigerian Labour Congress’ (NLC) demand for a N500,000 minimum wage, stating that current economic difficulties make it impossible for the private sector to meet such a demand.
NECA emphasizes its commitment to the previously proposed N57,000 minimum wage, a 90% increase over the current rate. They argue that businesses are already struggling due to rising interest rates, logistics costs, energy tariffs, and various taxes. Many companies have even declared losses or been forced to shut down. NECA warns that a higher minimum wage would threaten business sustainability and job security.
Despite rejecting the NLC’s proposal, NECA maintains its focus on worker well-being. They believe this can only be achieved through sustainable businesses. In upcoming negotiations, NECA urges the tripartite committee to prioritize job creation and security, particularly in light of Nigeria’s rising unemployment rate.