NACCIMA to NLC: Basis for Proposed N1m Minimum Wage Must Be Reviewed

The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Kelvin Oye, has reiterated the need to follow due process and ensure that all discussions around the adjustment of the minimum wage were based on a comprehensive understanding of the facts and implications and that the new wage is reflective of the nation’s economic realities.

Oye, stated this in a letter in response to the recent interview given by the President of the National Labour Congress (NLC), Mr. Joe Ajaero, on Arise Television, regarding the proposed new monthly minimum wage of N1 million.

The NACCIMA boss noted that it would be premature and unfair for NACCIMA or any other member of the recently constituted 37-man Committee to join issues with the NLC President or engage in public debates on the matter without first having the opportunity to review the facts and basis of the proposed N1 million minimum wage.

According to Oye, “I am writing in response to the recent interview given by the President of the NLC, Mr. Joe Ajaero, on Arise Television, regarding the proposed new monthly minimum wage of N1 million.

“First and foremost, NACCIMA acknowledges the critical role played by the Nigerian workforce in driving the economic growth and development of our nation.

“It is the hard work and dedication of our workers that sustain the businesses and industries that NACCIMA proudly represents. We also recognise that the current economic climate, characterised by high inflation and a depreciating Naira, exerts significant pressure on the standard of living of workers and their families.

“However, we must emphasise the importance of following due process and ensuring that all discussions around the adjustment of the minimum wage are based on a comprehensive understanding of the facts and implications.

“As such, it would be premature and unfair for NACCIMA or any other member of the recently constituted 37-man Committee to join issues with the NLC President or engage in public debates on the matter without first having the opportunity to review the facts and basis of the proposed N1 million minimum wage.”

The NACCIMA boss charged, “We encourage all parties involved to approach this issue with a spirit of cooperation and constructive dialogue. NACCIMA is committed to working alongside the NLC, the federal government, and other stakeholders to ensure that a fair and sustainable wage structure is established, one that reflects the economic realities of our nation and the welfare of our workforce.”

He further noted, “In anticipation of the committee’s discussions, NACCIMA appeals to all parties to exercise patience and to prepare for negotiations that are founded on empirical data, economic analysis, and the shared goal of economic stability and prosperity for all Nigerians.

“We stand in solidarity with the Nigerian workers in their pursuit of fair compensation. At the same time, we must balance this with the capacity of employers and the broader economic implications of wage adjustments. NACCIMA looks forward to contributing to a dialogue that will ultimately lead to a balanced and equitable resolution that safeguards the interests of workers, businesses, and the national economy.”