Inflation erodes Nigeria’s minimum wage by 41% in 3yrs – Report
According to a new analysis by Afrinvest (West Africa) Ltd, a financial advising organization, Nigeria’s rising inflation rate has degraded the N30,000 monthly minimum wage by more than 40% since 2019.
According to the report titled ‘The Cost of Nigeria’s Spiraling Inflation Rate on the Average Household,’ the headline inflation rate index has risen by approximately 68.3 percentage points (ppts) from the end of 2019 to 517.39 points in February 2023, since the national minimum wage was raised to N30,000 from N18,000 in 2019.
