Out of Nigeria’s population of 229 million individuals, around 76 million individuals (which equates to 33.2 per cent) are considered to be part of the workforce. However, not every one of them is expected to reap the direct benefits of the wage hike due to various influencing factors, as highlighted by analysts.
According to a rough estimate by the National Bureau of Statistics (NBS), approximately 1.2 million individuals (equivalent to 23 percent) are employed by the federal government and receive salaries funded by the Consolidated Revenue Fund. Additionally, around 0.3 million workers (six percent) are employed by government-owned enterprises.
In addition, there are 1.3 million individuals (25 percent) employed by state governments, their agencies, and local government areas, as well as 0.7 million workers (13 percent).
Approximately 1.8 million individuals, accounting for 34 percent, are employed by formal private organizations.
New minimum wage to benefit 5.3 million workers
