The Lagos Chamber of Commerce and Industry (LCCI), has warned that an upward review of minimum wage and election spending may heighten inflationary trends in the country.
It said inflation will remain on the upward trajectory over the coming months unless the Federal Government formulates and implements policies that will enhance non-oil sectors’s productivity to increase output and moderate inflation.
Addressing reporters in Lagos yesterday, its President, Mr Babatunde Ruwase said the gross domestic product growth of 1.81 per cent is below the nation’s annual population growth of about three per cent and remains a cause for concern due to its wider implications for welfare, unemployment and poverty in the country.
As elections draw near, Ruwase said the economy and investors are faced with new challenges that will require some immediate adjustments.
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