N30,000 minimum wage to increase liquidity, hike inflation rate- Sekibo
The Managing Director/Chief Executive Officer of Heritage Bank, Mr. Ifie Sekibo has said that the N30,000 minimum wage proposed by Nigeria Labour Congress (NLC) will increase liquidity and money supply in the economy, leading to hike in inflation.
Sekibo noted that the increased will force the Central Bank of Nigeria (CBN) to mop up the excess money through Open Money Operation (OMO) as means to stabilize the economy.
The lender last week announced partnership with Vanguard Media to organise the 2019 edition of its economic discourse in a bid to achieve inclusive economic development in the country.
The theme of the discourse on last Thursday was Human Capital Index versus Economic Growth, Nigeria’s policy options.
According to Sekibo, the bank decided to partner with the organisers to achieve inclusive growth in the economy.
Sekibo who was also one of the discussants at the event noted that there was need to deal with the energy problem confronting the country because it accounted for about 35 per cent of overheads of banks.
The discourse was informed by the recent World Bank Group ranking of Nigeria 152 out of 157 countries on its first-ever Human Capital Index.
Also, the Brookings Institution said Nigeria had overtaken India as the nation with the highest number of extremely poor people. The report showed that about 87 million Nigerians are in extreme poverty, with six Nigerians falling into extreme poverty every minute.
The discourse was therefore organised for economic experts to proffer solutions to the problems confronting the economy such that government would be able align the nation’s economic with that of human capital development.
Also speaking as a discussant, Director-General of Lagos Chamber of Commerce and Industry (LCCI) said because of inadequate resources available to the Federal Government to adequately fund human capital development vis-à-vis economic development, government should grant complete tax holiday to private operators in the educational and health sectors to enable them to complement the efforts of government.
He observed that there was a need to grow investments in a bid to grow revenue.
Also contributing, Mr. Doyin Salami, an economist and former member of the Monetary Policy Committee (MPC) of the CBN noted that there was a need for inclusive government for human capital to grow in tandem with economic development.
He also said there was a need to set the target like other developed economies such as China and focused on achieving it, remarking that because there is a capital deficiency in the economy, there is need to encourage the private sector to invest in the economy.
Earlier in his keynote address, former Managing Director/ Chief Executive Officer of Guaranty Trust Bank, Mr. Fola Adeola had identified 12 giant evils plaguing the Nigerian economy. They include hunger, disease, voidness, illiteracy, corruption, aimlessness, ignorance, visionless, directionless, crookedness, insecurity as well as fear of exploitation.
He said there was a need to systematically and comprehensively deal with those evils for the inclusive growth of human capital and economic development. Motolani Oseni
Sekibo noted that the increased will force the Central Bank of Nigeria (CBN) to mop up the excess money through Open Money Operation (OMO) as means to stabilize the economy.
The lender last week announced partnership with Vanguard Media to organise the 2019 edition of its economic discourse in a bid to achieve inclusive economic development in the country.
The theme of the discourse on last Thursday was Human Capital Index versus Economic Growth, Nigeria’s policy options.
According to Sekibo, the bank decided to partner with the organisers to achieve inclusive growth in the economy.
Sekibo who was also one of the discussants at the event noted that there was need to deal with the energy problem confronting the country because it accounted for about 35 per cent of overheads of banks.
The discourse was informed by the recent World Bank Group ranking of Nigeria 152 out of 157 countries on its first-ever Human Capital Index.
Also, the Brookings Institution said Nigeria had overtaken India as the nation with the highest number of extremely poor people. The report showed that about 87 million Nigerians are in extreme poverty, with six Nigerians falling into extreme poverty every minute.
The discourse was therefore organised for economic experts to proffer solutions to the problems confronting the economy such that government would be able align the nation’s economic with that of human capital development.
Also speaking as a discussant, Director-General of Lagos Chamber of Commerce and Industry (LCCI) said because of inadequate resources available to the Federal Government to adequately fund human capital development vis-à-vis economic development, government should grant complete tax holiday to private operators in the educational and health sectors to enable them to complement the efforts of government.
He observed that there was a need to grow investments in a bid to grow revenue.
Also contributing, Mr. Doyin Salami, an economist and former member of the Monetary Policy Committee (MPC) of the CBN noted that there was a need for inclusive government for human capital to grow in tandem with economic development.
He also said there was a need to set the target like other developed economies such as China and focused on achieving it, remarking that because there is a capital deficiency in the economy, there is need to encourage the private sector to invest in the economy.
Earlier in his keynote address, former Managing Director/ Chief Executive Officer of Guaranty Trust Bank, Mr. Fola Adeola had identified 12 giant evils plaguing the Nigerian economy. They include hunger, disease, voidness, illiteracy, corruption, aimlessness, ignorance, visionless, directionless, crookedness, insecurity as well as fear of exploitation.
He said there was a need to systematically and comprehensively deal with those evils for the inclusive growth of human capital and economic development. Motolani Oseni
