The Manufacturers Association of Nigeria (MAN) has said the organised private sector will not be able to implement the N70,000 minimum wage unless the federal government addresses the concerns raised during the negotiation.
Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi Kadir stated this in his reaction to the minimum agreement between the federal government and organised labour unions yesterday.
He said exempting Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs) from compliance due to their limited capacity and operational challenges will help them manage the new minimum wage payment.
Ajayi-Kadir also urged the Central Bank of Nigeria (CBN) to honour all validly transacted outstanding foreign exchange forwards for companies in the productive sector as this move would provide much-needed financial stability for businesses engaged in production.
The MAN president also called for the reversal of the electricity tariff increase or, alternatively, a 100 per cent increase in tariffs for a minimum of 20 hours of supply, saying it would ensure that businesses receive adequate electricity supply to justify the higher costs.
He also proposed duty exemptions on imported conversion kits and government subsidies for their procurement as well as a freeze on the introduction of new business taxes for the next five years to help businesses stabilize and grow
According to him, President Bola Tinubu had promised to find ways to help the private sector and sub-nationals pay the minimum wage and manufacturers looked forward to the promised assistance and urged the private sector to rely on the President’s commitment to facilitate their alignment with the agreement.
“So, the assumption is that Mr President will give expedited consideration to those challenges and take necessary steps to address them. This will go a long way in onboarding the private sector in the new agreement on the minimum wage,” he added.
