Key questions this article answers:
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Is it possible to increase the minimum wage for wealth redistribution in Nigeria despite the high unemployment and large informal sector?
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What should the new minimum wage be?
Life comes at you fast as a Nigerian consumer. One day, you're grappling with the challenge of providing for your family amidst soaring food prices devouring 56% of your income. And in the blink of an eye, petrol prices skyrocket, causing transportation costs to double. Now it’s harder to make ends meet and even commute to work to earn a meagre salary that can no longer sustain your family's needs.
It's the same for your employer, too. She faces the difficult decision of downsizing due to the escalating expenses of keeping the business running. Last year, when diesel prices tripled, she invested in a petrol generator to keep the lights on and passed on the additional costs
