Minimum Wages
The Article "Nigeria’s minimum wage grossly inadequate, can’t meet basic nutritional needs of an adult – Report"
Pecodi (an international e-commerce company) which found that averagely a Nigerian require about N40,980 monthly for food and basic necessities to survive as minimum wage which is higher than the controversial N30,000 that's not yet implemented, inflation has risen since the last year's 2021 research which according to the research is 15.89% higher. Henceforth, according to Picodi Nigeria is the worst among the 64 countries selected for the research which approximately require 136.6% of the minimum wages to sustain full nutrient for a an adult, some countries hadn't seen any change in minimum wage while some experienced it, the researchers depend on government statistics and relevant authorized agencies to get their numbers, while other countries without standard minimum wage are omitted, consequently, countries which wages differ regionally are calculated by the net amount using local currency.
The minimum wage downgrade the economic productivity of the country, it's been over 10 years since the N18,000 was imposed as minimum wage, since then naira has lost over 100 percent of it value, according to business circle economy is said to be moving when people had enough money in there disposal to purchase what they want and also invest some, which will boost the economy, but Nigeria's minimum wage require 136.6% of it to sustain an individual, Hence, nothing remains to invest or to purchase items that would help the economy.
Minimum wage is an example price floor which I believe government impose it to protect employees from exploitation and provide fair income among it citizens, thus, also help to avoid or reduce income gap among individuals which help the economy in the long run and short run.
I think governments should involve but not always and anyhow, because economy is very fragile imposing power or authority on the capitalist market doesn't always help sometimes it result in damage, except in socialist or communist market, Consequently nothing should be allowed to be above the law government should involve to bring fairness among two individuals (employee and employer) which they are close partners that each of them buy and sell each other's product (business circle).