I’m opposed to minimum wage. And I know I’m saying this at the risk of losing readers.Sounds foolish, right? How can more naira in the pocket of the Nigerian worker currently on a minimum wage of N30,000 be bad? In a country where each of 469 lawmakers earns N13.
Third, another unintended consequence of minimum wage is that it might reduce job opportunities for young people because employers may be forced to prioritise experience and skills. Also, minimum wage laws could reduce the chances of employment amongst groups, like the physically challenged, for example, who may be perceived to be less productive.
On whichever side you belong, the consensus among economists is that minimum wage laws increase unemployment among low-skilled workers, a bitter truth that Labour may be unwilling to face.