PANDEMIC OF EMPTY POCKETS Almost all Nigerians have become poorer in naira terms over the last eight years, contends Seun Awogbenle Make no mistake about it; there is anothe
Almost all Nigerians have become poorer in naira terms over the last eight years, contends Seun Awogbenle
In the last eight years, the price of basic staples, such as bread, rice, cereals, potatoes, yam, fish, meat and oil, have increased exponentially, leading to a decline in individual and household income. In November 2022, the country’s headline inflation hit a 17-year high, at 21.47%; the highest recorded since September 2005 and at least 6.07% higher than what was recorded in November 2021.
Let us take food inflation for example, eight years ago, a 50Kg bag of rice was sold between N7500 and N8500, today the same Kilogram of rice sells for an average of N35, 000 to N40, 000, in some places even more. Within the same period, a crate of egg, which used to sell for N700, today the same egg is sold for an average of N2000. Again, within the same period, the average price of fish was N900; today the same fish sells for N1800 and even more in some places.
Today, our human capital indices continue to degenerate, in 2018, the United Nations Human development Index ranked Nigeria 158 out of 189 countries, failing to stand shoulder to shoulder with countries like Singapore, Malaysia and even Brazil that were once in the same per capita income bracket in the 1960s. For the avoidance of doubt, Nigeria’s Per Capita income has remained a paltry $2, 229 for a long time, compared to Malaysia’s $11, 521.
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