Says fresh wage increase ill-advised
Explains Why Nigeria’s Industrial Sector not Competitive
An economist, Mr. Henry Boyo, has opposed calls for the sale of some of the National Assets to source adequate fund to reflate the economy.
He said the problems facing Nigerian economy is not lack of funds.
Speaking on a Rockcity 101.9 FM Programme ‘DAYBREAK SHOW’, the economist said there is now excess fund in the Nigerian economy for creating the much fund needed to reflate the economy.
On the agitation for a New National Minimum wage, Mr. Boyo said it does not make sense to raise the minimum wage, considering the situation in the Nigerian Economy.
Boyo said instead of increasing the wage that would be rendered useless in an economy awash with excess liquidity, government should adopt measures to improve the value of the naira.
He also said that Nigeria’s manufacturing sector which is battling with a 17 per cent interest rate, cannot compete with manufacturers of other economies where the interest rate was two per cent.