The implementation of ₦70K minimum wage in Nigeria reduced the cost burden of a healthy diet, dropping it from 124.1% in June to 54.2% in July 2024

  • The share of minimum wage needed to afford a healthy diet fell from 124.1% in June to 54.2% in July 2024, when the minimum wage was increased from ₦30,000 to ₦70,000.
  • Before July, the cost of a healthy diet for a month exceeded 100% of [the] minimum wage, making it unaffordable for minimum-wage earners.
  • The sharpest burden was recorded in June 2024, when households needed their full salary plus 24% extra to eat healthily.
  • Between July and December, affordability worsened slightly from 54.2% to 64.1%, indicating that food prices continued to rise despite the wage boost.
  • The implementation of the ₦70,000 minimum wage in 2024 provided significant relief to Nigerian households struggling with the high cost of eating healthily.

According to the National Bureau of Statistics (NBS), the percentage of the minimum wage required to afford a healthy diet dropped sharply from 124.1% in June to 54.2% in July, following the new wage adjustment.

Before the wage increase, Nigerians earning the ₦30,000 minimum wage needed more than their entire monthly salary to maintain a healthy diet. By June 2024, the cost of a healthy diet was 24% higher than the minimum wage, underscoring the strain of food inflation on household welfare. After the new wage took effect, the burden eased considerably, though by December, the ratio had risen slightly to 64.1%, signalling that while wage reform improved affordability, price pressures persisted.

Source:

National Bureau of Statistics (NBS)

Period:

2024
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