See top 10 African countries' minimum wage compared to Nigeria's new $44 monthly

• The Nigerian government and labour unions have reached an agreement on a new minimum wage of N70,000
• When converted to dollars, this new wage amounts to $44.6 per month and is one of the lowest among the top 10 African economies
• Since the removal of the fuel subsidy, Nigerians have been struggling with high cost of living, food prices

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

President Bola Tinubu has approved a new minimum wage of N70,000, which is $44.67 per month for Nigeiran workers using the closing exchange rate of N1566.82 on July 18, 2024.

This wage increment represents a 133% increase compared to the previous N30,000 ($20) approved in 2019.

President Tinubu approves N70,000 minimum wage Photo credit: Olukayode Jaiyeola
Source: Getty Images

Tinubu approved the new minimum wage after meeting with labour leaders in his office at Aso Rock Villa, Abuja.

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Nigeria lags behind other African countries

Despite the upward adjustment, Nigeria’s wage is substantially lower than those of its neighboring African nations

BusinessDay reports that Nigeria's minimum wage stands in stark contrast to the earnings of President Tinubu, who receives N8,625,000 monthly ($5,750 converted at N1,500/$).

President Tinubu's figure is approximately 123 times higher than the new minimum wage, highlighting a significant disparity in income distribution.

Snapshot of minimum wage in Nigeria

A recent report by SBM Intelligence, which compares monthly salaries and minimum wages across Africa’s largest economies, underscores the disparity.

Morocco, the continent's sixth largest economy, offers the highest monthly minimum wage at $285.61 (equivalent to N428,415).

This amount is six times higher than Nigeria’s current minimum wage.

Snapshot of minimum wages in the top ten African economies

NLC hails Tinubu with aluta song

Legit.ng earlier reported that the NLC and TUC leaders were seen in a trending video hailing Tinubu at the end of their minimum wage meeting at the presidential villa in Abuja on Thursday, July 18.

Tinubu had pegged the minimum wage at N70,000 after months of negotiations between the government, labour, and the organised private sector.

The president also promised the workers other incentives, including the review of the minimum wage every three years.

Source: Legit.ng