Top 10 African Countries' Minimum Wage Ranked as Tinubu Approves $44 Monthly for Nigerian workers
- 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 and 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 Nigerian workers, using the closing exchange rate of N1566.82 on July 18, 2024.
The wage increment represents a 133% increase compared to the previous N30,000 ($20) approved in 2019.
Source: Getty Images
Tinubu approved the new minimum wage after meeting with labour leaders in his Aso Rock Villa, Abuja, on Thursday, July 18, 2024.
Nigeria lags behind other African countries
Despite the upward adjustment, Nigeria’s wage is substantially lower than that of its neighbouring African nation.
Nigeria’s minimum wage starkly contrasts the earnings of 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
Legit.ng provides a snapshot of the disparity of Nigeria's minimum wage when compared to other African countries.
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 10 African economies
| Countries ranking | GDP | Minimum wage in dollar |
| South Africa | $373bn | $248.12 |
| Egypt | $347bn | $156.57 |
| Algeria | $266bn | $140.85 |
| Nigeria | $252bn | $44 |
| Ethiopia | $205bn | $51.96 |
| Morocco | $152bn | $285.61 |
| Kenya | $104bn | $136.03 |
| Angola | $92bn | $120 |
| Cote D'ivoire | $86bn | $96.19 |
| Tanzania | $79bn | $61.48 |
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.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
