Organised labour has defended its rejection of a proposed ₦100,000 minimum wage, arguing that better wages are necessary to boost workers’ purchasing power and stimulate economic growth. Speaking on Trade FM’ BUSINESS BREAKFAST BRIEFING,Comrade Rufus Olusesan, National President of PERESSA and National Chairperson of the CDWR, said businesses benefit when workers earn enough to spend on goods and services.
Olusesan argued that Nigeria’s dependence on imports continues to weaken the naira and expose the economy to external shocks. He called for greater investment in local production, manufacturing and industrialisation, saying the revival of dormant industries would create jobs, reduce imports and strengthen the economy.
While acknowledging concerns that businesses may pass higher wage costs to consumers, he maintained that inflation is driven by broader structural challenges. According to him, stronger wages would benefit both formal and informal sector workers by increasing consumer spending, supporting small businesses and driving economic activity.
