Nigeria's Federal Government and organised labour have recently agreed on a new minimum wage of ₦70,000, with a commitment to review the national minimum wage law every three years. In the 43 years since 1981, Nigeria's national minimum wage has only increased five times, averaging 8-9 years between each increase.
Regular reviews could help ensure that wage increases are gradual and predictable, thereby reducing economic shocks, maintaining pace with inflation, and purchasing power for workers.
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