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The Special Adviser to the President of the Federal Republic of Nigeria on Economic Affairs,Dr Tope Fasua, has revealed that a significant portion of Nigerians are employed in informal settings.
He pointed out that only about 7-8% of the working population in the country is in formal wage employment, which is overseen by the National Labour Congress (NLC).
Fasua made these remarks during the Nairametrics’ macroeconomic outlook for the third quarter of 2024 on Saturday.
He emphasized that the government's main focus is on those who are not in formal wage employment and mentioned that negotiations are ongoing between the government and the labor union.
Fasua also mentioned that the president is open to making concessions as the reforms have led to the need for higher wages.
Additionally, he expressed concerns about whether the minimum wage should be uniform across all states, considering the varying cost of living.
However, the NLC has previously opposed the idea of decentralizing minimum wage negotiations, which would allow states to set different minimum wages.
