₦airaland Forum

timbros:
Really? Where please?

Sorry, I meant can't.

Your purchasing power comparison is likewise insightful. Thanks!

NaijaphiliaBlog:
Your proposal is insightful. Let's check it out:

(A). PURCHASING POWER IN 1976 VS COST OF 1976 HONDA CIVIC
In 1976, Nigeria's nominal minimum wage was ₦60 per month i.e. ₦720 per annum.

In 1976, the cost of a brand-new Honda Civic was ₦3,205

This was equivalent to 53.5 months' salary (or four and a half years' salary).


(B). PURCHASING POWER IN 2023 VS COST OF 2023 HONDA CIVIC
In 2023, Nigeria's minimum wage is ₦30,000 per month i.e. ₦360,000 per annum.

In 2023, the cost of a brand-new Honda Civic is ₦19.5m (approx).

This is equivalent to 650 months' salary (54 years' salary).

(C). INFERENCE
By this purely linear logic (not taking any other germane factors into account), the base-salaried Nigerian worker in 2023 is more than 12-fold worse off than his 1976 counterpart!

Just imagine!

N3,205 wey no reach me to buy 1 month data.

NaijaphiliaBlog:
This is a photograph of a purchase receipt for a brand new Honda Civic car which was purchased on 17 Nov 1976 from Leventis Motors.

At that time, a brand new Honda Civic cost only Three Thousand, Two Hundred and Five Naira (₦3,205) in Nigeria.



SOURCE

https://naijaphilia.com/blog/2023/03/04/naija-throwback-honda-civic-purchase-receipt-in-1976/

NigeriaMustFly:
Just imagine!

N3,205 wey no reach me to buy 1 month data.

E no reach 1 week data for some people ooo...especially dem wey like to dey watch Netflix and Co!

One month data kẹ̀?

Rather say 5 or 6 days...

NigeriaMustFly:
Just imagine!

N3,205 wey no reach me to buy 1 month data.

My own preference is Amazon Prime Videos...they've got some fantastic stuff meehn!

UBER99Sam:
E no reach 1 week data for some people ooo...especially dem wey like to dey watch Netflix and Co!

This is a simple and straightforward way of comparing the cost of living in 1976 vs today.

Good one!

NaijaphiliaBlog:
Your proposal is insightful. Let's check it out:

(A). PURCHASING POWER IN 1976 VS COST OF 1976 HONDA CIVIC
In 1976, Nigeria's nominal minimum wage was ₦60 per month i.e. ₦720 per annum.

In 1976, the cost of a brand-new Honda Civic was ₦3,205

This was equivalent to 53.5 months' salary (or four and a half years' salary).


(B). PURCHASING POWER IN 2023 VS COST OF 2023 HONDA CIVIC
In 2023, Nigeria's minimum wage is ₦30,000 per month i.e. ₦360,000 per annum.

In 2023, the cost of a brand-new Honda Civic is ₦19.5m (approx).

This is equivalent to 650 months' salary (54 years' salary).

(C). INFERENCE
By this purely linear logic (not taking any other germane factors into account), the base-salaried Nigerian worker in 2023 is more than 12-fold worse off than his 1976 counterpart!

IngeniousFunso:
My own preference is Amazon Prime Videos...they've got some fantastic stuff meehn!

Yes indeed, Amazon Prime has some good series.

DaleMcWayne:
Yes indeed, Amazon Prime has some good series.

What about Showmax?

Have you tried it?

Yes, tried it...they have some nice stuff but didn't enjoy them as much as Amazon Prime Videos.

JapaNinja:
What about Showmax?

Have you tried it?

DaleMcWayne:
Yes, tried it...they have some nice stuff but didn't enjoy them as much as Amazon Prime Videos.

Alright then; one man's meat is another's cyanide.

ACRI:
The price of a brand new Peugeot vehicle was around #6000 naira at SCOA, my Father bought one around late seventies and early eighties. They had payment plans. I drove those vehicles cos I grew up to meet them.

University of ibadan was feeding students at dinning halls then and they had their laundry done for them too in the seventies.

The current political class destroyed this country shortly they took power in the eighties-bubu and nineties. Lets hope they fix it

The good, good old days...N6k for a brand new Peugeot? Really sounds unbelievable.

Nice work!

To buttress the relative drop in value over the intervening years, below is the record of Nigeria's annual inflation rate, from 1976.

It is evident that some years were particularly bad e.g. 1988/ 1989.

Nigeria Inflation Rate - Historical Data

Year Inflation Rate (%) Annual Change
2021 16.95% 3.71%
2020 13.25% 1.85%
2019 11.40% -0.70%
2018 12.09% -4.43%
2017 16.52% 0.85%
2016 15.68% 6.67%
2015 9.01% 0.95%
2014 8.06% -0.41%
2013 8.48% -3.74%
2012 12.22% 1.38%
2011 10.84% -2.88%
2010 13.72% 1.17%
2009 12.56% 0.97%
2008 11.58% 6.19%
2007 5.39% -2.84%
2006 8.23% -9.64%
2005 17.86% 2.87%
2004 15.00% 0.97%
2003 14.03% 1.16%
2002 12.88% -6.00%
2001 18.87% 11.94%
2000 6.93% 0.31%
1999 6.62% -3.38%
1998 10.00% 1.47%
1997 8.53% -20.74%
1996 29.27% -43.57%
1995 72.84% 15.80%
1994 57.03% -0.13%
1993 57.17% 12.58%
1992 44.59% 31.58%
1991 13.01% 5.64%
1990 7.36% -43.10%
1989 50.47% -4.04%
1988 54.51% 43.22%
1987 11.29% 5.57%
1986 5.72% -1.72%
1985 7.44% -10.39%
1984 17.82% -5.39%
1983 23.21% 15.51%
1982 7.70% -13.12%
1981 20.81% 10.84%
1980 9.97% -1.74%
1979 11.71% -10.00%
1978 21.71% 6.62%
1977 15.09% -9.21%
1976 24.30% -9.66%

NaijaphiliaBlog:
Your proposal is insightful. Let's check it out:

(A). PURCHASING POWER IN 1976 VS COST OF 1976 HONDA CIVIC
In 1976, Nigeria's nominal minimum wage was ₦60 per month i.e. ₦720 per annum.

In 1976, the cost of a brand-new Honda Civic was ₦3,205

This was equivalent to 53.5 months' salary (or four and a half years' salary).


(B). PURCHASING POWER IN 2023 VS COST OF 2023 HONDA CIVIC
In 2023, Nigeria's minimum wage is ₦30,000 per month i.e. ₦360,000 per annum.

In 2023, the cost of a brand-new Honda Civic is ₦19.5m (approx).

This is equivalent to 650 months' salary (54 years' salary).

(C). INFERENCE
By this purely linear logic (not taking any other germane factors into account), the base-salaried Nigerian worker in 2023 is more than 12-fold worse off than his 1976 counterpart!