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Friday, July 19, 2024

Manufacturers Outline Requirements for Implementing N70k Minimum Wage

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Sure, I’ll rewrite the blog post using simpler language and include user intent, user interest, and examples for better understanding. Here it is:

The Manufacturers Association of Nigeria (MAN) wants the government to listen to businesses before they agree to pay the new higher wages to workers.

The leader of MAN, Mr. Segun Ajayi Kadir, talked about the new wage agreement of N70,000 made between the government and labor unions.

He said the President promised to help small and large businesses pay this new wage. MAN is hopeful the President will keep his promise.

He said, “We talked to the government about the problems businesses have. We need the government to fix these problems so businesses can afford to pay the new wage.”

“If the government does not help, some businesses may find it hard to pay the new wage.”

What MAN’s Director-General Wants

Mr. Ajayi Kadir gave a list of things that can help businesses pay the new wage:

1. **Small and Medium Businesses (SMEs) Need a Break:** It’s hard for very small businesses to pay the new wage. So, they should not be forced to do so.

2. **Help with Foreign Exchange:** The Central Bank of Nigeria (CBN) should help businesses buy foreign money that they need to conduct their businesses.

3. **Lower Electricity Costs:** The government should lower the cost of electricity or make sure businesses get at least 20 hours of electricity if they have to pay more.

4. **Import Support:** Businesses should not have to pay extra taxes on items they bring into the country to help them work better.

5. **Freeze New Taxes:** For the next five years, businesses should not be given any new taxes so they can grow and become stable.

If the government helps as suggested, it will be easier for businesses to pay the new wage to their workers.

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