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The Impact Of Minimum Wage Fluctuation On Growth Of Nigerian Economy
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“That
said, it is important to note that the Nigerian government and
companies need to pay living wages to their workers. I think that is
what Nigerian workers are demanding. It is important to note that the
world over, at best only 10 percent of the population of any country can
be said to really be financially emancipated.
“The situation is
worse in developed countries where people merely live from one salary to
another, while worrying about the huge overhang of debt that they have
been pressured to acquire as a result of the wrong economic paradigm of
capitalism which their countries believed in.†But there are others who
argue that wage increase may have adverse effect on the economy.
Therefore, the research will focus on impact of minimum wage fluctuation
on growth of Nigeria economy.
1.3 OBJECTIVE OF THE STUDY
The
broad objective of this study is to evaluate the impact of minimum wage
fluctuation on growth of Nigeria economy .The specific objectives of the
study include to:
i) To evaluate the effect of minimum wage fluctuation on economic growth in Nigeria
ii)
To determine their adequacy minimum wage in the light of the current
economic realities and cost of living index as it affects the economic
growth of Nigeria.
1.4 JUSTIFICATION FOR STUDY
At the intellectual
levels the study examines some alternatives or contending paradigms on
minimum wage fluctuation in particular, econometrical and empirical
underpinning and resulting conclusions as investigated by several
researchers. In this regard, the study is regarded as a cornucopia of
authoritative information on the subject matter, both in term of wealth
of data as well as its analytical insights. It is hoped that the study
will appear to a wide variety readers including not to current but
future economic policy decisions makers and planners to enhance their
decision making ability but also to student of economics, finance,
business administration and cognate endeavors but also researchers who
will find as a germinal contribution and stimulant of further researcher
in the field.
1.5 RESEARCH HYPOTHESES
1. Ho: there is no significance relationship between minimum wage increase and economic growth in Nigeria
Hi: There is significance relationship between minimum wage increase and economic growth in Nigeria
2. Ho: There is no significant relationship between minimum wage increase and fluctuation in composite consumer price index
Hi: There is significant relationship between minimum wage increase and fluctuation in composite consumer price index.
1.6 SCOPE OF STUDY
This
study uses data set covering a period of twenty-nine (29) years from
1980-2010. Central Bank of Nigeria (CBN)‟s Statistical Bulletin which is
the main source of data used in this research. A long period of study
like this will provide an insightful behavioural characterization of
minimum wage fluctuation on the growth of Nigeria economy.
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ABSRACT - [ Total Page(s): 1 ]This research work investigates the impact of minimum wage fluctuation on growth of Nigeria economy. Determinants of labour market in Nigeria arising from the economic transformation in recent years, and how public policy affects in particular labour market outcomes. The result has shown that increase in minimum wage increase by l unit (1 million), increase real gross domestic product by 0.038million. Similarly, an increase composite consumer price index in by 1 unit (1 million) reduced RGDP by ... Continue reading---
