Proposed Review of Eroded 2011 National Minimum Wage in Nigeria: Implications for Economic Development

The eroded value of ₦18, 000 minimum wage signed into law in 2011, led to an increasing desire by Nigerian Labour Congress to compensate workers’ for a loss of purchasing power due to high rate of inflation and devaluation of naira from ₦155.00 in 2011, to ₦363 in 2018. To address the restiveness, Organized Labour persuaded the Federal Government and a new minimum wage committee was inaugurated. In line with this, ₦56, 000/₦96, 000 new minimum wages review proposal for workers’ was demanded by Nigeria Labour Congress with Trade Union Congress and United Labour Congress. Thus, the study assesses the proposed review of eroded 2011 National Minimum Wage in order to find out the implications for economic development in Nigeria. The research adopted documentary method and analyzed data using descriptive approach. Social dialogue theory was used. The paper recommends that a wage review should reflect rural, urban and national inflation.