By Daniel Edu
In a press conference held in Abuja on Thursday, the Federal Government revealed its plan to approve a new minimum wage for workers in 2024. Mohammed Idris, the Minister of Information and National Orientation, shared this information, emphasizing ongoing collaboration with organized labor leaders in the development of the proposed wage.
Although the minister refrained from specifying the exact amount of the new minimum wage, he highlighted the government’s commitment to working on this initiative alongside other key economic reforms. Idris stated, “The Federal Government is also working on a new minimum wage for workers, which will come into effect next year.”
Furthermore, the minister outlined various economic measures underway, including the finalization of a Cash Transfer program of N25,000 monthly to 15 million of the poorest households over three months. Additionally, plans for a single-digit interest rate for manufacturing firms worth N75 billion and the launch of a student loan scheme in 2024 were disclosed.
Idris detailed, “By January 2024, we will be rolling out the new federal student loan program that was announced a few months ago.” He also mentioned the release of strategic reserves, such as 200,000 metric tonnes of grains and 225,000 metric tonnes of fertilizers and seedlings to households and farmers.
In the context of economic development, the minister highlighted the initiation of an access-to-credit program for startups and MSMEs, providing N50 billion in Conditional Grants to 1 million nano-businesses by March 2024. The launch of the 3MTT program, aimed at developing three million technical talents by 2025, and the National Talent Export Programme, with the goal of creating one million service-export jobs over the next five years, were also mentioned.
Idris concluded by discussing the establishment of the National Philanthropy Office (NPO), set to mobilize $200 million in private investments to support MSMEs. Additionally, the collaboration between the Small and Medium Enterprises Development Agency of Nigeria and Sterling Bank was highlighted, intending to establish a five-billion single-digit-interest fund.
Looking ahead, Idris expressed optimism about the transformative changes initiated by President Bola Tinubu, foreseeing increased economic opportunities, improved infrastructure, and a conducive business environment for innovation and prosperity in the coming year.