The biggest economic howler ever committed anywhere in the world was in Nigeria in 1974. That was during the Udoji award of 1974. What happened in nigeria on that day was un-precedented and never happened to any nation in the world, even the most industrial nations have never done such a thing in their history. To double the salary of every man, woman, in the  land was biggest political and economic howler ever commited.   To be sincere Gowon did not have a clue what to do with all these money he just increased everybody's salary.  [/b]

[b]"  These extracts was taken from Vanguard on-line "

Instructively, the pain of that war was assuaged by an oil boom in the early 70’s. With it came the Udoji salary increase of 1974 which upped the minimum wage from 312 Naira per annum to 720 Naira per annum. Notable is the fact that the Naira was then more powerful than the dollar and 720 Naira was the equivalent of 1200 dollars. Adjusted for inflation, this had more purchasing power than the current national minimum wage.

Nigeria effectively became the richest nation on Earth.

Look at where we are today its a real shame.

you wish

@Richie Boy,

Go and read your history books Nigeria started the race with the likes like Saudi Arabia, Kuwait, ask your parents what the udoji award was?

In 1975 Britain was in recesseion so was Japan, America and other industrial nations oil price threble in price from what it was in 1973, basically Gowon was awash with so much money he did not know what to do with, Nigeria even paid the salary of striking teachers in Jamiaca in 1974

We've not progressed much because we look too much into the past. What is the point of this thread if i may ask? To curse our leaders, bite our fingers in regret, wish for those past days or to proffer solutions to the present deadlock.

the real problem the country has and is still having is the citizen thmselves, I bet you, if you interchange the citizens of Burundi with the citizens of Nigeria, just watch what will happen, Burundi will sink in three yers, while Nigeria will rise to the top in two years - so, the problem is you, me, everybody, just read the mindset of Nigerians on NairaLand, you will be amazed, you will be surprised and wonder, why wont the country go under?

what about the mindset? enlighten me brother.

@babalawo,

the essence of the thread is to make our current leaders to learn from the mistakes of the past. The past defines the future. Even General Gowon admitted that certain things would be done diffrently if he had the opportunity again.

i_laugh:

the real problem the country has and is still having is the citizen thmselves, I bet you, if you interchange the citizens of Burundi with the citizens of Nigeria, just watch what will happen, Burundi will sink in three yers, while Nigeria will rise to the top in two years - so, the problem is you, me, everybody, just read the mindset of Nigerians on NairaLand, you will be amazed, you will be surprised and wonder, why wont the country go under?

i_laugh the comedian.

Nigerians are very tough, corrupt and arrogant people to work with, but to think that the burundians of all people can do better than nigerians sounds ridiculous. Exactly the reason i mistaken you for a comedian.

Enlighten us a little bit on how the burundians had and are still faring in their own country.

KnowAll:

The biggest economic howler ever committed anywhere in the world was in Nigeria in 1974. That was during the Udoji award of 1974. What happened in nigeria on that day was un-precedented and never happened to any nation in the world, even the most industrial nations have never done such a thing in their history. To double the salary of every man, woman, in the land was biggest political and economic howler ever commited. To be sincere Gowon did not have a clue what to do with all these money he just increased everybody's salary. [/b]

[b]" These extracts was taken from Vanguard on-line "

Instructively, the pain of that war was assuaged by an oil boom in the early 70’s. With it came the Udoji salary increase of 1974 which upped the minimum wage from 312 Naira per annum to 720 Naira per annum. Notable is the fact that the Naira was then more powerful than the dollar and 720 Naira was the equivalent of 1200 dollars. Adjusted for inflation, this had more purchasing power than the current national minimum wage.

Nigeria effectively became the richest nation on Earth.

Look at where we are today its a real shame.

Poster,

Try to use words correctly. Nigeria was never and has never been the richest country in the world. Yes Nigeria was wealthy at the time but definitely not the richest.
Even the countries you listed as undergoing a recession were richer than Nigeria at the time. A recession is a reflection of the economy and does not necessarily indicate that you've suddenly become poor. To effectively determine the richer nation, you would consider GDP, foreign reserves, assets e.t.c

A-town:

Poster,

Try to use words correctly. Nigeria was never and has never been the richest country in the world. Yes Nigeria was wealthy at the time but definitely not the richest.
Even the countries you listed as undergoing a recession were richer than Nigeria at the time. A recession is a reflection of the economy and does not necessarily indicate that you've suddenly become poor. To effectively determine the richer nation, you would consider GDP, foreign reserves, assets e.t.c

My sentiments exactly.

KnowAll:


@babalawo,

the essence of the thread is to make our current leaders to learn from the mistakes of the past. The past defines the future. Even General Gowon admitted that certain things would be done diffrently if he had the opportunity again.

You read this from history and online newspaper, our current leaders witnessed it because it must have happened when they were kids and youths. Which is a better reminder, actions experienced or words from history books?

Again I put it to you, what is the essence of this thread Mr KnowAll?

@ BOSS

You are wrong with the criteria used to determine the wealth of a nation. It is per capital income & not GDP. But Per capital income is GDP divided by population. That is why lexumburg has for a very long time continue to be the riches country in the world.

@BOSS

"Notable is the fact that the Naira was then more powerful than the dollar and 720 Naira was the equivalent of 1200 dollars. Adjusted for inflation, this had more purchasing power than the current national minimum wage. "


Look at that statement carefully, what the writer is saying here is that the lowest paid Nigerian in 1974 was getting in today's valuation of the dollar in excess of $1,200.00. a month effectively making Nigerians the highest paying nation on Earth at that point in time.

You can imagine paying the lowest paid person $1,200.00 a month. You young Nigerians go and speak to your parents about this era, it was an era of plentiful and I dont thing it will ever happen again.

I met a Gentleman in one of the poshest part of london, St John's Wood to be precise was living in a £4 million pound house, I went to his house to do some work for him, he asked me where are you from, I said Nigeria, Oh !! Nigeria!!!, Nigeria had it going in the 70's in fact he categorically told me he made his money from Nigeria, he left Nigeria in 1979.

poor nigeria

@Babalawo,

I dont need to read anything about the history of Nigeria On- line I experienced it, I can remember my senior cousins after finnishing Uni getting their car keys and house keys from their parents to start their lives. I dont need to read that on-line. I thought it was the norm everywhere on getting here in England I notice parents here do not that for their kids. That tells you something Nigeria was not just rich, but very, very rich. I stand by my statement we where the richest  nation on Earth as of 1974.

The essence of the thread is to educate young Nigerians growing up, that Nigeria has had a glorious past,  such past could inspire them  to turn the clock back from this bleak and doom we are experience today  to boom time again.

2good:

@ BOSS

You are wrong with the criteria used to determine the wealth of a nation. It is per capital income & not GDP. But Per capital income is GDP divided by population. That is why lexumburg has for a very long time continue to be the riches country in the world.

There is a difference between wealth, riches, and poverty levels of any nation.
Using your arguement, i guess you're trying to say that Kuwait and Libya are richer/wealthier than the U.S.A (knowing very well that the U.S has several trillions in deficits)?
Again, the wealth of a nation includes its assests and reserves. That is how you determine the richest nation. Per capita income only shows how well the citizenry is doing and not the networth of the nation. Despite the huge deficits incurred by the U.S, they can still buy several countries if need be.
In simple terms, if every nation sold off every thing each owns, who would have the highest amount of money. . . . I believe the answer is simple

@A-TOWN

You will expect a person / albeit a Nation that has been wealthy for close to 200 years to have more assets and reserve than a country that suddenly finds itself as the most liquid nation on Earth in 1974. You have to remember Nigeria was a young country only about 14 years old but the fact still remains it was the most liquid nation on the planet as at that time. The comparison with Kuwait and Libya does not hold water because neither Kuwait and Libya are paying their lowest paid worker $1,200.00 a month, . I am not talking GDP here, where you divide the population by the amount the country is making we are talking Real money with a capital (R) this is not an academic exercise but facts.

KnowAll:

@A-TOWN

You will expect a person / albeit a Nation that has been wealthy for close to 200 years to have more assets and reserve than a country that suddenly finds itself as the most liquid nation on Earth in 1974. You have to remember Nigeria was a young country only about 14 years old but the fact still remains it was the most liquid nation on the planet as at that time. The comparison with Kuwait and Libya does not hold water because neither Kuwait and Libya are paying their lowest paid worker $1,200.00 a month, . I am not talking GDP here, where you divide the population by the amount the country is making we are talking Real money with a capital (R) this is not an academic exercise but facts.

No pun intended. I totally get what you mean. I just wanted you to use the right words. Richest (to me) was not the best word to use.

I'll say bouyant but not richest. Richest is a bit misleading.

[size=16pt]A VOTE FOR BB WOULD TAKE US BACK TO THE PINNACLE OF NATIONS. A PLACE WE ONCE STOOD WITH PRIDE AND ENVY FROM EVERY NATION ON EARTH INCLUDING THE MOST INDUSTRIAL NATIONS.

VOTE BB AND SEE NIGERIA BECOME EL-DORADO.[/size]

Lalasticlala comman see.