Edo MSMEs can’t afford N40,000 minimum wage — BENCCIMA

The Benin Chamber of Commerce, Industry, Mines and Agriculture (BENCCIMA) says Micro, Small and Medium Scale Enterprises (MSMEs) in Edo will find it challenging to pay N40,000 minimum wage.

The Gov. Godwin Obaseki of Edo on May 1 announced increased the N30,000 minimum wage of civil servants in the state to N40,000.

The Governor made the announcement on the occasion of the 2022 Workers’ Day celebration.

However, Mrs Aina Omo-Ojeonu, President, BENCCIMA, told journalists in Benin on Wednesday that it would be a burden on the private sector to pay N40,000 minimum wage going by the present economic challenges in the country.

“We can’t afford that because the business environment is not conducive for us, there is still problem of poor power, poor infrastructure and inflation.

“It is good for the state workers, it will help increase their purchasing power, but we are looking at the inflation in the economy.

“The new wage will increase prices of goods and services in the state because sellers will believe that purchasing power has increased,” she said.