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Structural Challenges will limit Impact of Higher Minimum Wage

Higher minimum wage necessitated by weaker purchasing power of employee compensation

Impact of Higher Minimum Wage

On 18 April, President Muhammadu Buhari signed into law the Minimum Wage Repeal and Re-Enactment Act 2019, which prescribes an upward adjustment in national minimum wage to N30,000/month (US$83.3)from N18,000 (US$50.0). The 67 percent increase in minimum wage follows months of agitation by the labour union which, in our view, is not misplaced, considering the…

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