By Prof. Abdelghaffar Amoka
In 2011, the exchange rate was 1 USD to 155 naira, and in 2024, it is about 1 USD to 1,550 naira. That is a ratio of 1: 10 for 2011 and 2024.
In 2011, a loaf of bread cost 150 naira, and in 2024, it is about 1,500 naira. That is a ratio of 1: 10 for 2011 and 2024.
In 2011, a bag of maize cost about 5,000 naira. In 2024, it is about 55,000 naira. That is a ratio of 1: 10 for 2011 and 2024.
The price of most basic needs has increased ten times between 2011 and now. That is still a ratio of about 1: 10 for 2011 and 2024.
Then, the price of fuel in 2011 was 65 naira per litre, and the current price in 2024 is about 690 naira. That is still a ratio of about 1: 10 for 2011 and 2024.
If the exchange rate and fuel price remain the same, if the minimum wage was 18,000 naira in 2011, it should be 180,000 naira in 2024.
Abdelghaffar Amoka Abdelmalik, PhD, wrote from Ahmadu Bello University, Zaria. He can be reached via aaabdelmalik@gmail.com.