By Alex Abutu
There was a little jubilation last week as news filtered in that the federal government has approved a 40 per cent salary rise for some categories of civil servants.
As the celebration was going down with those who benefited from Buhari’s send-off largess, a new study conducted in 102 countries globally, has shown that no Nigerian worker can become a millionaire in the 35 years that they would work for the federal or states government under the present earnings.
Picodi.com conducted the study and their analysts calculated how many years of work are required to make one million dollars in different countries while earning an average wage.
According to the study, a Nigerian civil servant need to work for 519 years and 1 month to be able to earn One million dollars which is equivalent to N460 million and they are closely followed by Uganda where a civil servant will need 523 years 11 months to earn one million dollars.
Meaning it may take a family more than 10 generations of father to son to father to son to consistently work to attempt to earn such money under the current sorry wage system of the country.
“102 countries were included in our ranking. If we sum up all the money an average employee takes home, citizens of Switzerland will earn their first million the fastest – 14 years and 3 months. The second place belongs to Singapore with 16 years and 11 months. Citizens of Luxembourg have to work 5 months more – 17 years and 4 months. The USA and Iceland close out the top 5 with 19 years and 10 months and 20 years and 11 months respectively.
In this ranking, Nigeria ranked 99th – an employee earning the average wage will need 519 years and 1 month to make a million dollars. With this result, Nigeria overtook countries such as Uganda (by 4 years), Egypt (by 84 years) and Pakistan (by 102 years). On the other hand, workers from Kenya will earn their first million 310 years faster (81st – 209 years and 7 months), and there is a 450-year gap between Nigeria and South Africa (38th – 68 years and 3 months).
The group used the average monthly net wage data comes from Numbeo, where thousands of users worldwide monitor wages through monthly questionnaires. For currency conversion, they used the average exchange rate data from Google Finance for March 2023.
It is not necessarily true that Nigerian workers cannot become millionaires. However, there are several factors that may make it challenging for workers in Nigeria to achieve this level of wealth.
Firstly, the minimum wage in Nigeria is relatively low compared to other countries, which can make it difficult for workers to accumulate significant wealth. In addition, many jobs in Nigeria are in the informal sector, where wages are often not regulated, and workers may not have access to benefits such as health insurance or pension plans. This has made it impossible for workers in the country to plan ahead and liberate themselves from the shackles of extreme poverty.
Secondly, corruption is a major problem in Nigeria, and it can make it difficult for workers to get ahead financially. Corruption can affect everything from job opportunities to access to credit, making it harder for workers to build wealth. Today, most sector employing the services of Nigerians is not regulated leaving the wages at the mercy of the employer. Many are going to work for months without salary and are not even sure when it will be paid. How can these workers even dream of becoming millionaires. Like it said on government circles, any one flaunting wealth as a civil servant is stealing from our commonwealth and should be probed.
Thirdly, the lack of access to credit and investment opportunities can also make it difficult for workers to become millionaires. In Nigeria, the financial system is not well developed, and many people do not have access to bank accounts or other financial services. This can limit their ability to save and invest their money. Currently, the first-generation banks are being challenged by new online loan providers giving loan any all provided you have a BVN but such is not sustainable.
Overall, while it may be challenging for workers in Nigeria to become millionaires, it is not impossible. With hard work, perseverance, and access to opportunities, workers in Nigeria can achieve financial success. However, it is important to address the underlying issues that make it difficult for workers to get ahead, such as low wages, corruption, and limited access to credit and investment opportunities.
Government needs to revamp the current salary structure to one that can carry workers home because the present wages and salary system operated in the country has only forced people to think outside the box and perfect criminal ways of enriching themselves from the system.
