I am not too good at mathematics but I must tell you that with the current economic situation in my country, you really need to start working with a notebook and a calculator. You need the notebook to write out the price you expect to meet the products you are going to buy (You do this because the price of goods and commodities aren't fixed). You do not need to ask before I tell you my country.I am a Nigerian, meaning that I come, and I live in Nigeria.
In Nigeria, we have all noticed an increase in price of goods in the last four years but it became worse in the last one year that the World Bank has blamed the Central Bank of Nigeria (The Apex Bank) for the country's currency fall as well as high inflation rate.
About 7 years ago, we lamented about the country's currency fell but at the time, the country's currency Naira (NGN) was bad at the official market rate of 189NGN / $1 and blamed the previous government for this but today, the price has fallen to 415.12NGN / $1 at the current bank rate and the price could go as bad as 580 NGN (#) / $1 and this is very bad for the nation. This means that If I am to go by the current price of HBD to Dollar, (0.9227 / USD) at the official market rate, the price of 1 HBD will be equivalent to $383.03.
What will 1 HBD $383.03, but for the purpose of this post, I will equate 1 HBD to 1 USD. With 1 HBD, what can I afford to purchase
- Bottle of water: 100NGN (#) = $0.24
- Instant Noodles: 250 NGN (#) = $0.60
- 1 Pet Bottle of ColaCola: 150 NGN (#)= $0.36
- 1 Oral-B Toothpaste: #400 = $0.96
There are very little things that can be purchased with 1 HBD currently in Nigeria so it will be very difficult to live around $1 or below a dollar. As a lady, I tend to purchase a lot compared to males and I am closer to the market since I go to the market on a regular. Today, I went to the market but before I get into what I purchased, I will like to explain that my purchase could go from body and apparel, costumes, food, fruit and so on. This is not including transportation and so on.
On a regular, so many Nigerians live below the minimum wage, very little live above the minimum wage, and a few live with the minimum wage. If we are to be sincere, the minimum wage cannot do anything significant as it is just $72.24, but people need to make money so they can live or would they rather sit at home hungry? So many of us have to live on debt as it is required by our bosses to look overly good in our dressing without a dressing allowance. I live with a salary of 70,000 NGN ($168) and most cases I have to live on Loans else, I could be out of a job and a live together.
My Purchases
Let me state clearly that I live alone and living alone in Nigeria is very expensive. Going to the market and store yesterday to purchase my groceries and other edible item, I got the shocker of the week as I always do (since you cannot predict the price of goods but you know they are always heading up).
When I go to the market, I purchase everything
I purchased a bowl of bell pepper for #800 ($1.93)and a bowl of Tomato for $1200 ($2.89).
When you ask them stuffs like Bell pepper is increasing, the sellers will tell you that the country's currency is devalued and the price of import duties for fertilizers, and other agricultural product.
A bottle of cooking oil is being sold for #2500 ($6.02), A sachet of Tomato paste goes for #150 ($0.36). These are stuffs I purchase on a regular basis as I need to cook and eat.
A sachet of Spaghetti is sold for #250 ($0.60) and I often purchase about 6 which will be enough for myself and my sister for a week. In most cases, Spaghetti and Noodle are safe haven for purchasing Rice, since rice can be very expensive.
I didnt understand the shocker yet until I got 5 small tubers of yam for $4100 ($9.88). If you are going to purchase a bag of rice which is imported, it is #37,000 ($89.13) and local rice for #35, 000 ($84.31).
Every house uses an Insecticide. Yes, we get mosquito bites and Malaria seems to be our closest companion. The only way to save yourself from this is using an insecticide. As small as an insecticide in my country cost #700 ($1.69) and I use this every 3 days so I do not spend the money I do not have at the hospital treating malaria which I still do once in a while.
Bathing Soap is another important thing for my daily living, and so I buy a pack of Fitso for which sold for #2400 ($5.78) I take three and my sister takes three. Fitso is not the best of soaps to use for me but then, I do not have enough funds to buy the type of Soaps I need so I just have to go with it. Another one is Laundry soap. I have to purchase Laundary soaps Which could go from OMO laundry soap, and Kdo. Kdo soap goes for #250 ($0.60) and OMO Laundry detergent medium size sold for #800 ($1.93).
Beverage is another important thing that is needed for my daily life, but trust me when I say that Beverage doesn't come cheap. A liquid tin milk of 158ML is sold for #450 (#1.08) which is a one time consumption beverage.
Inflation Rate and How I Survive
At the beginning of 2021, an Egg was sold for #30 ($0.072) but today, it is sold for #90 ($0.22) that's like 300% increase in 1 year. A year ago, a litter of Fuel was sold for #97 ($0.23) but today it is not sold at a fixed price but the least price you will get it #165 ($0.40). It is no doubt that in the last 1 year, the price of goods in My country has doubled and so many have tripled and so most of us just speculate on an expected price before going to the market and when we get to the market, we follow the flow.
The government say that interest rate has gone up 15.6% which we as citizens know that they are just playing us. They are trying to keep the country from collapsing while getting into more debt.
Living on a budget in Nigeria is very frustrating seeing that prices go up continuously, but do you have a choice? I try to budget my salary and sometimes, I could get salary advances and soft loans to help purchase things in bulk to escape unexpected rise.
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its crazy to see how prices of goods just goes one way .. up up up up up ! Thats one thing which does not go bearish
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This is true.. Bearish isn't in the dictionary of price lsof goods.
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The prices of these commodities never come down even when they are not as expensive as they ought to be.
As Nigerians, we also take opportunities in such times.
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Most of these hike in price is as a result of direct or indirect link to importation. The government shut down all borders for years and decided to open them since the elections are coming. Closed borders without a well stated and working plan is a failure.
I was unhappy when I saw the price of egg go up because I love egg but I was astonished when I saw that the price of feed had gone 2× with its quality and quantity reduced. The problem with the economy of Nigeria is that the Central Bank isn't harnessing the advantage we have but rather we have been fighting the opportunity.
Nigeria deals with cryptocurrency more than so many countries in the world. In fact we rank top at so many aspect of cryptocurrency but then, the government has shut against this, chased so many crypro company out of the country (company they could generate tax from) and then freeze accounts of anyone involved i cryptocurrency only to spend billions of naira creating its own cryptocurrency that is as good as useless to everyone.
Locally produced food is another thing that they pretend to us to be supporting instead, they give grants to themselves which they intend not to pay back. These grants aren't given to regular people who have the intent to do business. As a lady, I want to start a pepper 🌶 farm of 10 acres which includes chilli, Bell pepper and so on and then package and sell online and offline (grinded and whole) but I have been denied grant three times. Either I am ask to bring to give 2/5 of the grant as Kola(bribe) or I I told that the grant is only given to those who know people in power.
Surviving in a country like this is very difficult and i can imagine how difficult it is for other people but then, one has to be able to grow themselves. Having the power to vote a good content $1 means a lot and I hope I can grow myself to be able to reward users for their contents.
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You know the big deal of the country already, the boarder issue is what I don't want to speak about but do you know that the boaders in the north were not blocked at any point in time.
Ah, Grant is for people who know people but there's also a community of farmers that some folks join to get the loans easily.
I have a friend who's owns a farm, winnich farm, they got loans, basically international sponsors but that's the deal of the country.
We pay respect to who have money, that's how we roll.
Keep pushing and you'd get your your farm up to speed on time.
It's a good plan you have in store.
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The North doesn't really have much coming in from their Borders. They do not have an Ocean or even a simple lagoon. It is the west and south that is covered with water so the government didn't really give any concern to those Borders. But the four major Borders in Nigeria were shut completely
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The price of eggs shock me too, at times I look at my pocket and I sighed so badly, i pray for good prices to come again.
The way is going, we might start to buy egg for 200 NGN
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That might be very bad
Thanks for sharing your post too. It is great to see the value of HBD around the world, and that the prices are so different it truly makes you think.
Everywhere the % is rising and continue to do so. No end in sight. We truly all need to look at what we buy.
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