brandsoncharlie:

Is Nigeria the only country that depend on crude oil? That's a silly excuse.

Who cares?

thebosstrevor1:


I disagree with your points

You forgot to add differences in standard of living.

500 naira will get you a standard hair cut will 500 naira get you standard hair cut in the United states?

How about labour cost.

Iabour is expensive in the United states, labour is cheaper here in Nigeria. A country where labour is expensive, expect higher pay to meet up with the high cost of goods and services.

Food

500 naira will get you an healthy and organic meal here in Nigeria, will 10 dollars get you an healthy meal in the United states

labour is expensive in US because there's dignity of labour. It's here in naija that we capitalize on the economic situation to offer people peanuts and offer one person's pay for 5 people's jobs. There in the us, even people who do seemingly 'low grade' jobs still earn enough for a decent living.

SUPERPACK:
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

b


But this Dutch Disease just infected you and the lifeless one between 2015 and 2021. Abi? Do brain examination before it's too late.

Funminded:


This is so beautiful. I have never really had anyone make me appreciate Nigeria like this.
But truth be told sha, our Naira is getting more useless everyday.

Have you seen how expensive food has become recently?

seriously

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

Have you considered other factors responsible in the purchasing power of both countries.
Those countries pay higher taxes for stable electricity, water bill and other good living you cannot afford in Nigeria due to corruption.

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

Mr Economist, do brain test ooo, before it's too late. Purchasing power ko, purchasing Muscle in...

Lekan239:
i thought there are only guys who don't reason normally on nairaland, every time i see an intelligent post, i always shout WOW

So this is an intelligent post to you.

Illiteracy is a disease indeed

nybol:


labour is expensive in US because there's dignity of labour. It's here in naija that we capitalize on the economic situation to offer people peanuts and offer one person's pay for 5 people's jobs. There in the us, even people who do seemingly 'low grade' jobs still earn enough for a decent living.

It has nothing to do with dignity of labour.

Labour is expensive because of higher standards of living.

So employers will pay salaries to meet up with the high cost of living.

Also don't forget your skillset also matter when getting a good salary

McStoic:


Non..je suis Igbo. Mais j'ai etait au Cotonou quelquel annees ago...Tu connais Sodjeatime, pres Cine Concorde?

Oui je connais sodjeatime bien, acote La Beninesse(brewing company). J’habite a Lom-Nava(along senade)

Lekan239:
i thought there are only guys who don't reason normally on nairaland, every time i see an intelligent post, i always shout WOW

Go and do IQ test, you will score less than Zero.

Grace001:


Oui je connais sodjeatime bien, acote La Beninesse(brewing company). J’habite a Lom-Nava(along senade)

MAD 101: Introduction to Simple Madness.

Kenn55:


So this is an intelligent post to you.

Illiteracy is a disease indeed

An infectious disease for that matter. That's how the lifeless one infected those formerly educated guys working for him.

McStoic:


Non..je suis Igbo. Mais j'ai etait au Cotonou quelquel annees ago...Tu connais Sodjeatime, pres Cine Concorde?

MAD 201: Principles and Practice of Advanced Craziness.

Togo will soon buy Nigeria. How na rice, cement, beans, engine oil in Nigeria?

thebosstrevor1:


You can't take 500 naira to the United states because they use dollars but you can take the dollar equivalent of 500 naira to the United states and you will be able to buy only a can of coke whereas, the 500 naira will be able to get you a good meal here.

At the bolded the Naira has no value.

There is no point arguing about the naira and dollar.
Our N1 cant purchase anything valuable in this world.

sirblend:


At the bolded the Naira has no value.

There is no point arguing about the naira and dollar.
Our N1 cant purchase anything valuable in this world.

The naira equivalent of 1 dollars is 500
The dollar equivalent of 1 naira is 0.0024 dollars

1 naira and 0.0024 dollars can't purchase anything in both countries

Grace001:


Oui je connais sodjeatime bien, acote La Beninesse(brewing company). J’habite a Lom-Nava(along senade)

Ok. Quand tu va retourne au Cotonou or tu revenir permanently?

travelwaka:
The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.

Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.

From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.


Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1
dollar and not 1 dollars 480 naira .

Think about this your analysis again.

I read his analysis and just shook my head. He's talking about purchasing power without considering wages and cost of living. A crate of egg can cost like $2 in the US or a bottle of coke $1, whereas the minimum wage in a state like California is close to $15. That means a California resident can easily afford 15 crates of eggs daily by working only 2 hours. Is the same possible in Nigeria?

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

Thanks for this. They easily compare the number and not the value/purchasing power.

BigSarah:
Should we say Nigeria stayed stagnant and Benin Republic caught up or Nigeria Went Backwards extremely.... Now nollywood movies can't even make fun of Cefa anymore...

CEfa is pegged to EURO... its very stable. It is Naira that is going backward pretty fast.

igbosoupkitchen:



Yes, I am talking about purchasing power and noone pairs 1 dollar to 1 naira, else we wont be having this conversation.

Read your analysis again..

Lets compare wages/salary rates for both countries and see what's up.
Like for example so so level of worker would work for 2hrs to get 480naira, but similar level of worker could get x dollars.. I think with that our comparison of purchasing/acquisition power could get better.

thebosstrevor1:


The naira equivalent of 1 dollars is 500
The dollar equivalent of 1 naira is 0.0024 dollars

1 naira and 0.0024 dollars can't purchase anything in both countries

Anyway you interpret it, you are absolutely correct. N1can't purchase anything.

WorldRichest:
b


But this Dutch Disease just infected you and the lifeless one between 2015 and 2021. Abi? Do brain examination before it's too late.

îmbecile.

aycapri:
It was crazy when I traveled there last December

I had similar experience activity i use to do will less than 400k caused me over a million.

SUPERPACK:
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

This nigerian - dutch disease strong pass [b] covid-19

SUPERPACK:
We are just suffering from Dutch Disease. It can happen to any country or state. Our inability to diversify from oil kept us were we are now.

Oil isn't our problem... Rather the problem is corruption mixed with a touch of clueless leaders

travelwaka:
The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.

Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.

From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.


Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1
dollar and not 1 dollars 480 naira .

Think about this your analysis again.

1000000000000 likes. You killed it sir. Was already frowning at his analysis but became happy when I saw yours.

travelwaka:
The moment you realize that an IPhone 12 is 1500 dollars where as it's 500,000 in Naira. You realize this analysis is just wrong. Your analysis only make sense to a Foreigner coming to Nigeria. But imagine a Business owner or manufacturer who used to buy a $100 resources at 15,000 when dollar was 150 naira then all of a sudden the same resources after 5 years is still $100 but it will now cost him and 46,000 naira which is triple the original price.

Whenever your currency is going bad it only favours foreigners coming into your country it doesn't favour the citizens.

From your analysis. A foreigner who can only buy 1 bottle water with 1 dollar comes in and all of a sudden he can buy 6, but you who is supposed to buy 6 goes into the international terrain, you can only buy 1.


Lastly if you are talking about purchasing power , you are supposed to pair it 1 naira to 1
dollar and not 1 dollars 480 naira .

Think about this your analysis again.

Bomboclat

McStoic:


Ok. Quand tu va retourne au Cotonou or tu revenir permanently?

Je vais revenir bientot

igbosoupkitchen:


While.we are comparing the numbers of the curency can we also please compare the purchasing power??
We are quick to compare naira to dollar,cedis to naira, cefa,euros, gbp etc and we only do so in terms on figures.

Let me ask you,
I dollar is = 480naira (what is the purchasing power of both?
1 dollar can buy you a cup of coffee in the USA but 480 naira can buy you tea( coffee, lipton,milo and milk) +sandwich
1 dollar can buy you 1 or 2 bottles of water in usa but 480 naira can buy 6 or 8 bottles of water in Nigeria.
500 cefa can only buy you 1 bottle water which is 250 cefa and 1 bottle of malt drink 250 cefa,
500 naira in Nigeria can buy you water, malt,gala,biscuit,bread and akara/eggroll
100cedis in ghana cannot buy you what 9000 can buy in Nigeria, FACT

If not for our lack of productivity as a country we will not be an import dependent country aĺways seeking validation of foreign currency.

What type of faulty analysis is This? Who taught you economics?

Grace001:


Je vais revenir bientot

Alors...je peux envoyer toi une pm?

thebosstrevor1:


They didn't say Nigeria economy is the strongest, they say the largest based on gdp.

Please kindly check economy of Africa by any means necessary you wish and tell me list