The Managing Director of Financial Derivatives Company, FDC, Mr. Bismarck Rewane, has urged the Nigerian Labour Congress, NLC, to reconsider its stance on benchmarking the minimum wage demand on dollar exchange rate, saying that it would result in massive job layoffs, especially among the private sector operators, who are the major employers of labour.

He spoke at the 2024 Annual Vanguard Economic Discourse with the theme: “Reform in an era of Global Economic Uncertainty: Whither Nigeria”, in Lagos.

He argued that the private sector operators are currently confronted with several other macroeconomic challenges that erode their revenue, saying that they can only pay the minimum wage from the revenue.
Rewane also said for efficient price reforms to be achieved, it must be preceded by institutional reforms that would ensure that the right set of people are emplaced in positions of authority.

According to him, the naira would also continue to depreciate in value if the country does not earn dollars via export.

June 5, 2024

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