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The organised private sector has opposed suggestions that businesses should automatically adopt a N100,000 minimum wage, warning that many employers are already struggling to keep their operations afloat amid worsening economic conditions.
Business leaders said while some state governments may have the financial capacity to implement the wage increase for public servants, many private companies, especially small and medium-sized enterprises, cannot sustain such a move under current realities.
The position comes amid growing discussions around workers’ welfare following decisions by some state governments to raise the minimum wage to N100,000.
Stakeholders in the private sector argued that wage increases should be based on the financial strength of individual businesses rather than being imposed across board. They maintained that many employers are battling rising inflation, energy costs, weak consumer spending and other economic pressures that have significantly increased the cost of doing business.
President of the Lagos Chamber of Commerce and Industry (LCCI), Leye
