Nigeria is one of the cheapest places to live in the world. Only Uganda, Egypt, Algeria and Tunisia have lower cost of living in Africa. You can check the data from different website. However we have a significantly low purchasing power index. This is the challenge.
Purchasing power index is associated with income and productivity of the citizenry. With our population size, we have to improve productivity. Focusing on income / wages with the NLC mindset without significant increase in productivity will yield zero results.
Productivity is dependent on a stable economy, structured markets and a skilled population. Monthly salaries doesn't encourage productivity. Per hourly wage will change the dynamics. The vulcanizer on my street makes between 3000 - 5000 Naira daily.
The guy that came to service my A/Cs charged me 10,000. Within 4 hours he was done. Civil servants don't make 1/10th of this amount per hour. A barber in Lekki charges between 1000 - 1500 for a 30mins haircut. Why will a civil servant sit in the office for 8hrs daily
For 20 days and earn a minimum wage of N30,000. If they can finish their daily activities in 3hrs, let them work for 3hrs, pay them and let them find something else to do with their time. We have to explore other sectors and acquire skills to become more productive.
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