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Nigerians Don’t Need increase in minimum wage; See What Nigerians Needs– Sunny Onuesoke

Published by Tope Fakinlede on June 8th, 2024.

Nigerians Don’t Need increase in minimum wage; See What Nigerians Needs– Sunny Onuesoke

Sunny Onuesoke, a well-known political figure and former governorship candidate in Delta State, Nigeria, has shared his thoughts on the nation’s economic difficulties. He believes that the key to resolving Nigeria’s economic issues is through deflation rather than raising the minimum wage.

Onuesoke’s Key Arguments:

1. Deflation vs. Minimum Wage Hike:

– *mDeflation: Onuesoke maintains that lowering the prices of goods and services (deflation) would be more advantageous for Nigerians than increasing the minimum wage. He asserts that this would enhance consumers’ purchasing power by reducing the cost of living.

– Minimum Wage Hike: Although a higher minimum wage might offer short-term relief, Onuesoke argues that it could spur inflation. Increased labor costs might lead employers to raise prices, ultimately offsetting the wage increase’s benefits.

2. Inflation Issues:

– Onuesoke points out the detrimental effects of inflation, such as decreased purchasing power and a higher cost of living. He advises that the government should prioritize inflation control to maintain economic stability.

3. Economic Structural Reforms:

– He advocates for thorough structural reforms to tackle the fundamental causes of economic instability. These reforms might involve enhancing infrastructure, boosting productivity, and creating a more favorable business environment to attract investments.

4. Sustainable Solutions:

– Onuesoke stresses the importance of long-term economic strategies over short-term remedies. He believes that sustainable economic growth can be achieved through policies that stabilize the economy, encourage investment, and reduce import dependence.

By promoting deflation and structural reforms, Onuesoke aims to address the fundamental problems plaguing Nigeria’s economy and improve the overall quality of life for its citizens.