Nigerian workers have been adjudged as the worst remunerated among the top 10 global oil producers and members of the global cartel known as the Organisation of Petroleum Exporting Countries (Opec).This report also links three major factors such as high population, low opec quota and high PMS price as some of the reasons why the standard of living and the development of physical infrastructures has be very low in the country.
BusinessWorld Investigations can now reveal that while the official minimum wage expected to be earned by Nigerians is N18,000, countries such as Kuwait pay their citizens a minimum of N161,500 monthly while Iran pays N101,240. Other payments include, Venezuella (N95,600), Saudi Arabia (86,500), Algeria (55,900), Libya (N23,800) Iraq (N25,800). Oman and the United Arab Emirate are believed to be earning even far higher.
Economists also believe that this disparity is not unconnected with Nigeria’s population which also has a very high workforce which is as large as that of the total population of the entire Opec countries. For instance, Kuwait which pays the highest among all Opec members even with equal production capacity has a total population of about 3.5 million people, far lower than the population of many state governments in Nigeria. Venezuela has a population of 29 million, Saudi Arabia 27 million, Iran 75 million,Iraq 30 million etc. Nigeria’s current population is estimated at 170 million people.
Further investigations also show that among all these member nations, Nigerians pay the highest amount on fuel to a range that is considered as twice what is paid by countries like Libya, Algeria,Iran, Kuwait. This also implies that citizens of all the Opec countries earn better salaries and pay even less on other needs that could task their disposable income, such as transportation. Transport cost is seen as one of the components that have very high cost implication on the income of the very low Nigerian workers.
BusinessWorld can reveal that the only way Nigerian workers can get out of the very ridiculous wage differential is for the country to increase its crude oil export since the Opec quota does not take care of the people even as the reserve level is still very high.  Meanwhile, some economic experts are of the view that the diversification of the economy should be a way out so that government can foot the bill of enhanced wage bill. While the minimum wage for these other countries are seen to be adequate, they are also fortified by other social security packages that the Nigerian worker has to fund from his very meager income.