Multinationals leaving Nigeria because ‘household consumption is negative’ – Kalu Aja

A financial analyst and educator, Kalu Aja has stated the multinational companies are leaving Nigeria because “household consumption in the country is negative”.

In a post on his X handle on Thursday, Aja said the nation can’t fix the economy if households are not spending.

According to him, the N70,000 minimum wage helps but is not sufficient with inflation at 33%.

He said: “This is why the multinationals are leaving Nigeria

“Household consumption in Nigeria is negative.

“You can’t fix the economy if households are not spending. The N70,000 minimum wage helps, but inflation is still 33%.

“The economy just has to create wealth by boosting productivity.”