The President of the Trade Union Congress (TUC), Festus Osifo, has cautioned that increasing Nigeria’s minimum wage — even to as high as ₦1 million — would have limited impact if the value of the naira continues to weaken.
Speaking on the country’s economic realities, Osifo said wage adjustments alone cannot shield workers from rising living costs driven by inflation and currency depreciation. He stressed that without stabilising the naira, any nominal increase in salaries risks being quickly eroded.
His remarks come amid ongoing debates over wage reviews and the purchasing power of Nigerian workers, many of whom face mounting pressure from soaring prices of basic goods and services.
Osifo called for a broader economic approach that prioritises currency stability alongside wage reforms, arguing that sustainable relief for workers depends on strengthening the naira and addressing underlying structural challenges in the economy.
