Economically,can we say that the new minimum wage will affect Nigeria? Positively or Negatively? In what ways?

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First it will give the workers more purchasing power and also boost their moral. It will also increase the tempo of economic activities because workers have more money to spend.  However the high rate of inflation in the country will eat up the income and before you know it, it will back to square one.  The best way to manage the economy is not necessarily giving the workers increased pay, but to reduce inflation so that our money will command higher value.
Hmm! Good,but what are d steps to be taken and what are d set of people we need?

Charles Ugochukwu Okere said:
First it will give the workers more purchasing power and also boost their moral. It will also increase the tempo of economic activities because workers have more money to spend.  However the high rate of inflation in the country will eat up the income and before you know it, it will back to square one.  The best way to manage the economy is not necessarily giving the workers increased pay, but to reduce inflation so that our money will command higher value.
Minimum wage 'll boast workers moral positively wen d paymnt commence fully.
But is that not going to affect us later?

Usman Ndama said:
Minimum wage 'll boast workers moral positively wen d paymnt commence fully.
Increased production of locally made goods, sustainable electricity, improved infrastructure and  being an exporting nation instead of importing.

adebayo ademola israel said:
Hmm! Good,but what are d steps to be taken and what are d set of people we need?

Charles Ugochukwu Okere said:
First it will give the workers more purchasing power and also boost their moral. It will also increase the tempo of economic activities because workers have more money to spend.  However the high rate of inflation in the country will eat up the income and before you know it, it will back to square one.  The best way to manage the economy is not necessarily giving the workers increased pay, but to reduce inflation so that our money will command higher value.

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