It all has to do with Nigeria's high foreign debt. If you want to pay off as quickly as possible the foreign debt, the CBN decides to devalue the naira to create that extra cash to pay it off. That is the hidden secret they are not telling you. It is deliberate. Everything else being said here is just nonsense. .😉

How is the labour market going to face more stress from min wage increase? It should be a blessing. The minimum wage recommended by the Fed govt will be increased by 100% but food prices have tripled to over 450% maybe more, e.g a tuber of yam formerly N1,500 is now N8,000. So, where is the stress? Besides, what this economic analyst is not saying here is, from where is the strong demand for the naira coming from to help it gain value to N1,000 per $1 and even more with time, where????

​@@4evertrue830 First let me set you straight because you do not know what a "labour market" is. A labour market is defined as the "availability of job vacancies and the workers needed to fill those vacancies, as defined by market forces." So when I speak of the labour market, availability of workers is on the one hand, and availability of positions/vacancies to be filled is on the other. A 2022 survey by the International Labour Organization (ILO) of which the NLC is a member union, found that SMEs account for 96% of businesses and 84% of all employment in Nigeria. You can see for yourself the kind of financial burden businesses are facing with lack of electricity, increased diesel and petrol costs post-subsidy removal, and the multiplicity of taxes they have to pay (CIT, National Information Technology Development Levy (NITDL), Personal Income Tax (PIT), Value Added Tax (VAT), Stamp Duties (SD) and Tertiary Education Tax (EDT). When you add an increased wage bill that will follow the national minimum wage increase (let's say from N30,000 to N100,000; a 230% increase), how many of these MSMEs that account for 84% of all jobs in Nigeria, will be able to stay in business, let alone be able to pay the new minimum wage? Now back to what I said. When the CBN keeps jacking up interest rates (which is the percentage cost of loans issues to commercial banks, who will then mark this up to their borrowing customers), how will an increase in minimum wage be a blessing to the labour market? How will it increase ability of MSMEs to employ the millions of unemployed in Nigeria? Like I said, if you had understood the definition of the labour market in the context of my initial submission, you would not have put up what you wrote there. I wait for you to counter my second submission with facts.

It's ok but Nigeria economics doesn't follow normal economics it's nigerionomics

The wọn trades over a thousand. They have Samsung. What does South Africa have

How. UNA gree produce anything

Food on the man's table is the man's daily business, work, hussle. the government has no business feeding the man, but to make the environment condusive for the man through sound economic management practices. The man will have to work to eat!

​@@AbillsableThose responsible for the creating the conducive environment are clearly not doing it. No light, no water etc

Gbam. That is what happens when you turn customs to revenue generator. The money customs generate I can bet you if you audit them, you see huge looting in customs.

Well said. The assumptions are plausible, however political corruption is the main problem

​@ia6145 but you pretend not to know that Tinubu and his incompetence and his juvenile nepotistic economic Lagos team with their flip-flop policies are the main cause of the hardship in Nigeria.

@@josephihedoro8729 I am not pretending. I know Tinubu and his Ikoyi boys economist are throwing everything on the wall to see which one sticks. When you have unstable exchange rate it affects businesses. The man in charge of customs is Tinubus boy. Customs said they made 4.5trillion naira first quarter of this year. Where did that money go to?

​@@josephihedoro8729 Tinubu is not the reason the naira is crashing. That's cheap political point right there.

Is he lying