The Nigeria Labour Congress (NLC) has stated that Nigerian workers would derive little benefit from earning as much as ₦1 million monthly if the naira remains weak and economic conditions unstable.
NLC President, Joe Ajaero, made the assertion in Abuja, stressing that rising inflation has significantly eroded the real value of wages across the country.
“Even if Nigerian workers earn ₦1 million, it will not be meaningful if the naira has no value,” Ajaero said, underscoring the need for an economy that can sustain workers throughout the month.
He lamented the increasing cost of living, noting that basic needs such as food, housing, and transportation have become increasingly unaffordable. According to him, recent hikes in fuel prices have further worsened the situation by driving up costs across multiple sectors.
Speaking on the ongoing minimum wage debate, Ajaero clarified that there are currently no negotiations in progress, explaining that the process is guided by law and cannot be rushed for political reasons. He assured that discussions would commence at the appropriate time before the expiration of the current wage structure.
The labour leader also called on the government to urgently address inflation and develop a stable energy policy capable of shielding Nigerians from global economic shocks.
On pensions, Ajaero expressed concern over emerging challenges within the system, attributing disruptions to the proliferation of unions. He said the NLC is engaging stakeholders to ensure proper remittances and restore order.
Ahead of Workers’ Day, Ajaero noted that protests would only occur in states that have yet to fully implement the approved minimum wage. While acknowledging that most states have complied, he pointed to gaps in implementation, particularly at the local government level and within the education sector.
He reaffirmed the NLC’s commitment to advocating policies that promote workers’ welfare and ensure broader economic stability.