Pointing out a significant trend, financial analyst and educator Kalu Aja has highlighted that multinational corporations are departing from Nigeria due to the detrimental state of household consumption in the country.
On Thursday, Aja shared on his X platform that the economy of the nation cannot be revitalized if households are not actively engaging in spending.
He emphasized that despite the existence of a N70,000 minimum wage, it falls short in combating the effects of the prevailing 33% inflation rate.
Expressing his viewpoint, Aja remarked, “This is the driving force behind the exodus of multinationals from Nigeria.
“Household consumption in Nigeria is experiencing a downturn.
“Without active spending from households, economic recovery remains unattainable. While the N70,000 minimum wage offers some relief, the persisting 33% inflation dampens its impact.
“To steer the economy towards growth, a concerted effort towards wealth creation through enhanced productivity is imperative.”