Adewale-Smatt Oyerinde, Director-General of the Nigeria Employers Consultative Association (NECA), has stated that the organized private sector cannot afford a minimum wage above ₦62,000, as agreed during the tripartite committee negotiation meetings. Speaking at the third edition of the Nigeria Employers Summit in Abuja, themed “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility,” Oyerinde warned that approving any amount above ₦62,000 would likely lead to job losses and create challenges related to non-compliance and litigation.
Oyerinde emphasized that setting a national minimum wage that exceeds the private sector’s capacity to pay would set the stage for legal disputes and operational crises. He also addressed concerns about delays in the minimum wage review process, clarifying that the process is ongoing and that there is no intentional delay. According to him, after the tripartite committee makes its recommendations to the President, the next step is to send a bill to the National Assembly for legislation.
