At the 2026 National Pre-Retirement Summit organized by XEM Consultants Limited, Keyamo emphasized that the rising cost of living has significantly eroded workers' purchasing power, necessitating an urgent review of wages.
He urged the Federal Government to engage constructively with organized labor, noting that unions are demanding a substantial increase, with figures reaching as high as ₦500,000.
Keyamo recalled the negotiations that led to the wage increase from ₦30,000 to ₦70,000 in 2024, but stressed that even the current wage falls short in addressing economic shocks.
Critiquing the treatment of workers by some government agencies, he highlighted instances where essential allowances were denied while senior officials received hefty sums for international trips. “Without these workers, we will not have a country,” he asserted.
The minister reiterated that national development hinges on prioritizing workers’ welfare, emphasizing that the human element is central to productivity. “It’s not the machines; it’s the human factor,” he stated.
Also addressing the summit, Nigeria Labour Congress (NLC) President, Comrade Joe Ajaero, called on the government to utilize increased oil revenues to alleviate the hardships faced by workers. He pointed out that rising international oil prices have bolstered revenues, which should be redirected to support citizens grappling with higher costs.
Ajaero argued that minimum wage discussions should center on real purchasing power rather than mere figures, citing inflation and commodity prices as critical factors. He proposed indexing wages and pensions to inflation to ensure automatic adjustments in line with economic conditions.
Highlighting the urgency of the situation, Ajaero mentioned that the next minimum wage review is expected around March or April, but immediate relief for workers is paramount. “We are more concerned about how to survive today,” he said.
He also questioned the effectiveness of government initiatives aimed at reducing transportation and energy costs, specifically the Compressed Natural Gas (CNG) program, calling for a comprehensive approach to controlling inflation and food prices.
Dr. Eugenia Ndukwe, CEO of XEM Consultants Ltd., noted that the summit aimed to equip professionals with skills for a productive retirement, emphasizing the importance of financial management and digital innovation.
The discussions underscored the pressing need for government action to address the economic challenges facing workers, as both Keyamo and Ajaero called for a more proactive approach to wage negotiations and worker welfare.
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