Professor, N500 per meal is out of reach of Many.


A Professor of Economics has joined the debate in the matter of our sliding

National Currency. His take is that with N500 a Nigerian can still feed well whereas a dollar or a pound cannot buy much in US and UK.

With due respect Sir, I have a few problems with this position.

The first Sir, is that food is very cheap in both UK and US.

The second is that N500 a meal for one on minimum wage is an overkill.

The third which may interest you the most is the matter of Purchasing Power Parity.

Sir, this is an old argument which we should be wary of using. If at a time, our currency was stronger than the Pound and the Dollar, and now it is no longer so, we should fight to strengthen our Economy and not play the Ostrich.

The indices that are weakening our currency are too well known to bear repeating here.

For a start, when our currency was stronger, we were consuming quality goods made in Nigeria. We had made in Nigeria Education, Cars and clothes 

Today everything is fairly used including undergarments for men and women.

Our productive capacity has been seriously eroded and is in dire need of revamping.

Going the way of Purchasing Power Parity is to practice Sophistry and make the leaders of the nation revel in self glorification.

When the time comes for a national rebirth, it will be. But the question is when?

Comments

  1. Philips OkewandeSeptember 23, 2021 at 12:12 PM

    Thank you Elder P, with due respect to our Prof. I think it is good to compare likes with the likes.(Apple with Apple)
    Prof. should have compare $1 with N1 QED (why the exchange).

    Secondly in abroad there are consumables of Cent (like sweets, Chocolates etc). Back home there's no consumables of Kobo (sweets, Chocolates etc are sold in N50K notes). Our educated Prof. have succeeded in confusing people of below average analytical skills. All in the name of seeking Political relevance. In the end everyone of us are losers.

    I read about SAP (structural adjustment programm of the 80s. Where has it lead us now?

    ReplyDelete

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