Nov 5 (Lagos) - The All Share Index opened on positive note for the week. However the NLC strike is likely to shut down most of the Country thereby affecting the GDP.
The demand of rise in minimum wage is justified given the 150% devaluation of the Naira from the time of last minimum wage increase under President Goodluck Jonathan.
At the same time people want the government to reduce its own expenditure most of which is made up of their salaries, entitlements. The government keeps taking on debt to fund its expenditure and increasing the burden on the people.
The external reserves had been badly depleted before this Government took over. The current Government are doing well to protect the Naira but it is coming at expense of external reserves. As long as the crude oil prices stay at elevated levels, we can expect the ASI to bounce back strongly after the elections and the consumption boost from rise in minimum wage.
reporting for easykobo.com on Monday, Nov 5 2018 from Lagos, Nigeria