Nigeria Labor Laws: Key Rules for Startups
- The minimum wage in Nigeria will increase to ₦70,000/month starting July 2024.
- Businesses with fewer than 25 employees, part-time, and commission-based workers are exempt from the minimum wage law.
- Employers must provide written employment contracts detailing wages, job roles, and termination terms.
While compliance with labor laws in Nigeria may seem daunting for startups, it is essential for building a reputable and sustainable business. By prioritizing legal adherence, startups can not only avoid penalties but also foster a positive workplace culture that attracts talent and investors. Continuous education and professional guidance will be key in navigating these complexities.
