money121:

He built the one his power reach

Funniest part he said the foundation is meant for upstair but as fund no too dey ground baba roofed it sharp sharp

you see, that's the ratio of his money to the economy then, and till now if you are not productive you won't have the better ratio compared to the economy

In 1990, a bag of cement was #38 Naira and the cost of building three bedroom flat was about #10,686, today, the same three building could cost you 20 million Naira, what a jump in the cost of things.

Panda7:


you see, that's the ratio of his money to the economy then, and till now if you are not productive you won't have the better ratio compared to the economy

Yes ooo
You need to plan your life

money121:
He bought 10bags of cement at rate of #700

Mean 1 bag #70

Do you think is possible to happen again in nigeria?

fergie001, Mynd44, OAM4J Seun Nlfpmod

You are more concerned with the price of cement!

Labour was N200
Welder was N105
Water tank was N120

And labour cost for the roofing was N1,500…one thousand, five hundred naira 😳

You could drink a bottle of Coca Cola for less than N1 and Guinness malt or Vitamalt would’ve been about N1 or N1:20.

There’s nothing so surprising about that list.

matify83:
Hmmm!

I'm speechless.

Just 2014 here, I was buying cement at 1300. I can't just comprehend why inflation can take that 50kg of dust to 8k and beyond.

To worsen matters, it's not like people's income has increased exponentially to match the spiralling inflation rates.

Those who voted Sai baba in 2015 & renewed shege in 2023 have answers to that

KosiGee:


You are more concerned with the price of cement!

Labour was N200
Welder was N105
Water tank was N120

And labour cost for the roofing was N1,500…one thousand, five hundred naira 😳

You could drink a bottle of Coca Cola for less than N1 and Guinness malt or Vitamalt would’ve been about N1 or N1:20.

There’s nothing so surprising about that list.

Yes because. Cement price is trending in nigeria now

Perewenkle1:
In 1990, a bag of cement was #38 Naira and the cost of building three bedroom flat was about #10,686, today, the same three building could cost you 20 million Naira, what a jump in the cost of things.

😳😳😳😳😳

ZombiePUNISHER:


Sai Tinubu

I'm voting Tinubu in 2027 to teach some people politics

I'm voting for Tinubiu again to teach people like you a lesson, to prevent an incompetent Agulu packaged fraud from becoming President and because Tinubu is still the best candidate so far.
Your sarcasm is lame and nonsensical.

Richtaiwo:
Well, not by any chance supporting the current situation of the country, but this comparison no follow at all. If you go backward to let's say 1980, the cost of a bag of cement may even be less than N20. Minimum wage now is 30k, which is being reviewed. What was the average earnings in 1992? Even in the US, where you all take as model, prices of commodities in the nineties are not the same today. Global inflation is the word. As I said, I'm not by any chance supporting the current harsh situation in Nigeria but that comparison is off track.

Yep, you are right, and the people criticising you don't know it.

The reason why we have massive inflation under tinubu is simple....for decades we spent billions of dollars to maintain the illusion the naira was stronger than it was.

Come may 29, 2023, the forex reserve was down to 4 billion dollars and our dollar income was eaten up by debt servicing. A lot of it. SO, the illusion cracked, and here we are with the results...massive inflation.

At least it is still tinubu's fault. If He and buhari had kept quiet in 2012, by now we might have been over the worst.

metaluterus:
I bought Dangote cement 8,500 Naira today

Next year it will be 100,000K per bag of cement

Are you serious?
Here in awka, cement is 11000/bag

Richtaiwo:
Well, not by any chance supporting the current situation of the country, but this comparison no follow at all. If you go backward to let's say 1980, the cost of a bag of cement may even be less than N20. Minimum wage now is 30k, which is being reviewed. What was the average earnings in 1992? Even in the US, where you all take as model, prices of commodities in the nineties are not the same today. Global inflation is the word. As I said, I'm not by any chance supporting the current harsh situation in Nigeria but that comparison is off track.

What you see today is worst than inflation.. This is hyper inflation

IbeOkehie:


I don't want it to happen, but I think Nigeria is already on the way to that place.

The recent measures announced by government are similar to those enacted in Lebanon and Venezuela at this point in their economic crisis and in fact similar to what Nigeria did under President Buhari in 1984. Nigeria didn't descend into complete economic meltdown in 1984 because Buhari was kicked out in 1985 and more importantly, IBB came in and introduced SAP.

President Tinubu is doing some SAP things right now and I commend him. He needs to go much further. The funny thing is, there will NEVER be economic development in Nigeria until the country adopts FREE MARKETS as the basic foundation of the political economy. Yes some people will "make it" in Nigeria just as there are people "making it" in Venezuela, but they will be few and of little general consequence.

This is not the appropriate thread or maybe it is, but I've already set out some things that MUST be done to make Nigeria a better place to live for all. There's really no choice in the matter. Again I thank @money121 for this thread, it's really important.

Good Luck to Nigeria.

Is Nigeria not operating FREE MARKET economy before now??



The real problems were created in 2015 when someone who was no longer functional took over and everything from security, to economy to anti-corruption started derailing grossly because he came to power with his own BIGOTED AGENDA.

nawao

faceland:
I may be wrong because I was too young, but in 1992, most people's salary was NOT up to 1k naira.

Registration for WAEC is #400 in 1992. How much is it now?

ZombiePUNISHER:


When you move from Buhari to Tinubu which is akin to jumping from frying pan to fire .


This is the end result..

Dead Economy
Dead Country

zombie citizens..

Chai..God bless you my brother!..
Mostly zombie citizens!!!

JB4life:



Is Nigeria not operating FREE MARKET economy before now??



The real problems were created in 2015 when someone who was no longer functional took over and everything from security, to economy to anti-corruption started derailing grossly because he came to power with his own BIGOTED AGENDA.

Nigeria is NOT operating a free market economy. The factors of economic production are land, capital and labor.

All land in Nigeria is owned by government. This fact alone makes Nigeria a controlled market.

The currency value is dictated by government. Currency is the unit of capital. So capital is controlled by government.

Labor price is determined by government via minimum wage. Some say Labor is a special factor that must be controlled. OK, why not let state governments set the price so there can be competition?

Nigeria is NOT a free market economy. Or it can be said that on a scale where

1) completely free market is 100
and
2) completely government controlled market is 0,

Nigeria is at about 25. I would put the USA at about 70 and Norway at around 85 and Venezuela at 15.

It's obvious to anyone who cares to do a simple evaluation. Others have done theirs, you can do yours.

https://www.heritage.org/index/

Good Luck to Nigeria.

What is nigeria gaining from this border closure and the ban on importation except refined petroleum?Nigeria doesnt have enough food and we are closing the borders.Besides,how many investors have come to invest?The closure of our borders is the reason local manufacturers are ripping nigerians off.

money121:


Yes proudly Daddy boy

Became landlord in lagos year 2018
That's the proof https://www.nairaland.com/4765255/see-photos-house-warming-ceremony


Show me your mansion and estate

Emi lo fe fi trend ni nairaland but online lo wa
You can talk anyhow
O ni jeun gidi

Alaraka

Don't mind that unfortunate fellow. God bless your hustle.

Nemesis is what's happening to TinubuLation(during 2012 "occupy Nigeria") and we are all suffering for it

You still dey explain and cry where is your house you poor church rat

Jagaban2012:


Set awon IPOb wanderer...

BiaFraUDn republic or nothing...

Your leader has turned into a monkey in prison....may his jail term last forever

mctech:

This is not correct.
Perhaps he wanted to write N7000 which amounts to N700 per bag.

N70? No.

It was N500 in 2001 so it can never be N70 in 2014.

So 2014 is now 32 years ago

Tinubu manufactured Lagos.
He is currently taking Nigeria to next level

Richtaiwo:
Well, not by any chance supporting the current situation of the country, but this comparison no follow at all. If you go backward to let's say 1980, the cost of a bag of cement may even be less than N20. Minimum wage now is 30k, which is being reviewed. What was the average earnings in 1992? Even in the US, where you all take as model, prices of commodities in the nineties are not the same today. Global inflation is the word. As I said, I'm not by any chance supporting the current harsh situation in Nigeria but that comparison is off track.

Keep defending nonsense.... Those economies have tools to ensure prices reflect situations of things.... It's why you have things like monetary policy tools.... Fiscal policy tools... Employment data.... Inflation data and many others that are managed to ensure it doesn't go out of hand.....

You country uses nepotism to put bastards in position they have no clue about..... THESE bstrds meant to continuously balance the economy are nothing more than political appointments..... So please never compare places where the system is working to a place where the bstds only do things for political reasons....

money121:
He bought 10bags of cement at rate of #700

Mean 1 bag #70

Do you think is possible to happen again in nigeria?

fergie001, Mynd44, OAM4J Seun Nlfpmod

Na owner dey spoil this country so with propaganda, you for still expect to buy am 70 naira 2024...life can never remain the same,why human being come day old?

ZombiePUNISHER:


When you move from Buhari to Tinubu which is akin to jumping from frying pan to fire .


This is the end result..

Dead Economy
Dead Country

zombie citizens..

You self na still Deadbody for the country, enemies of Nigeria

GreaterFuture:

What year?

1984/1985

Yes, if only we can go back to 1992

GravityDefier:
Yes, if only we can go back to 1992

You won't want to.

Times were hard back then. OPs dad was or is probably upper class or upper middle class.

Minimum wage as at then was 250 naira and one dollar was 20 naira.

jojothaiv:

Frankly speaking, I find nothing exciting about this country again, absolutely nothing.

As for the government of the day, it's been a tale of scepticism and distrust from the word, get go in fact when the last lying minister of information said there's nothing to campaign on as far as the umbrellas are concerned, it didn't caught me off guard and now they are in and nothing serious as expected.

Welcome to Nigeria bro! It's our home and we can't deny it.

Hmn! It's really a wishful thinking to get to buy a bag of cement at =N=700 in Nigeria. Only if I can turn back the hand of time.

No Dangote then.DANGOTE CEMENT IS SUPPOSED TO BE THE CHEAPEST but Bill Gates position in his mind.