Nigerian Company Announces 44% Salary Increase for All Its Workers, CEO Explains Decision

Nigerian Company Announces 44% Salary Increase for All Its Workers, CEO Explains Decision

  • Nigerian company Neveah Limited has announced a new salary structure for all categories of staff
  • The company stated that the new salary structure became necessary due to the current economic realities in Nigeria
  • In the last few months, the cost of living has skyrocketed in Nigeria, with many families having to deal with food items price changes

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Neveah Limited, a Nigerian commodities export company, has announced a 44% increase in the salaries of its employees.

The company’s chief executive officer, Ibidapo Lawal, revealed in a statement seen by Legit.ng that the salary increment is to help ease the burden of economic hardship in the country.

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Nigerian company Neveah increases workers' salary
Neveah believes the new salary will ease the financial stress on workers. Photo credit: VioletaStoimenova
Source: Getty Images

Lawal also stated that while most Neveah employees would receive a salary bump of over 44% on average, some would enjoy a 70% upward review.

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Lawal said:

“We understand the challenges that our employees are facing, and we want to do everything we can to support them during these difficult times.
“We believe that investing in our employees is not only the right thing to do morally, but it also makes good business sense. Happy and financially stable employees are more productive, engaged, and committed to the company’s success.”

He added that implementation is effective immediately, and all the workers will receive higher salaries for March, Punch reports

Nigerians have encountered challenging situations following the removal of fuel subsidy, which has led to escalating inflation, heightened living expenses, and stagnant wage rates.

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Banks spend on workers' salary

Legit.ng reported that as banks increased salaries to alleviate the effect of high living standards on their staff, about ten banks in Nigeria spent N589.88 billion on personnel costs in the first nine months of 2023, representing a 33.2% increase from the N442.97 billion reported in the first nine months of 2022.

Access Holdings Pls, Zenith Bank, UBA, Guaranty Trust Bank, and First Bank are the banks.

Others include Fidelity Bank, Wema Bank, Stanbic IBTC, Sterling Financial Holdings, and Unity Bank.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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