Nigeria had the worst situation among 64 countries where the research was conducted.
, said the value of basic food products for the healthy living of an adult in a month, at the beginning of 2022, stood at N40,980, higher than the N30,000 minimum wage in Nigeria. This represents a 15.89 per cent increase compared to the beginning of 2021.
They concluded that basic food sufficient to meet the minimum nutrient requirements is worth 136.6 per cent of the minimum wage in Nigeria, the worst rate among the 64 countries. In 10 out of the 64 countries covered, the minimum wage rates have not changed compared to the preceding year, the report said. “These include Armenia, Hong Kong, Israel, Malaysia, Nigeria, Slovenia, Philippines, Thailand, Vietnam and Peru.”
They depended on data from official government websites, relevant ministries or committees. “We have omitted countries where the minimum wage is negotiated by individual trade unions and where there is no statutory minimum wage ,” As for the local currencies, Picodi converted them using the average Google Finance exchange rate for the fourth quarter of 2021.Since food preferences and perceptions of a comfortable life vary from region to region, and even from person to person, the organisation said it compared the prices of basic food products with the minimum wages to see how much of the minimum income a person has to spend on necessary products.
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