Wailers will tell you that South Africa's minimum wage has hit a huge N127,000 (it's actually R3500, which is equivalent to N91,000 not 127,000 as purported) so far while Nigeria is still struggling with N30,000, but they won't tell you that;
In South Africa, a 50kg bag of Royal Stallion Rice = R 325 ($234)
So, a bag of rice in South Africa is sold at N84,240
How much is a 50kg bag of Royal Stallion Rice in Nigeria? = N17,500
In South Africa, a liter of Petrol = R16.5 ($11.88)
So, 1 liter of petrol is in South Africa is sold at N4,147
How much is 1 liter in of petrol in Nigeria? = N145
In South Africa, a loaf of Bread = R3.14 ($2.26)
So, a loaf of 125g Bread in South Africa is sold at N815
How much is a loaf of 125g Bread in Nigeria? = N350
Note:
R1=N26.37
R1=$0.72
$1=358
In other words, what N30,000 can buy for you in Nigeria, N127,000 can not buy same in South Africa. A simplest way to explain the two phenomenon; exchange rate and inflation.
From Yahya Tawakali Ndatsu .
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