By Tambuwa Matt Class
Let’s take a moment to examine the harsh financial realities of our lives as Nigerians, realities we often endure without fully understanding the magnitude of their impact.
In 2014, the cost of a 2008 Toyota Corolla Sport was 1.2 million naira. Today, in 2025, that same car—now 17 years old—is being sold for 9 million naira. On the surface, this might seem like a simple case of inflation, but the underlying truth is far more distressing. The real story here is the dramatic devaluation of our currency, the naira, over the past decade.
In 2014, 1.2 million naira was equivalent to $6,000. Fast forward to today, and that same $6,000 is worth about 10 million naira, yet 9 million naira is barely enough to exchange for $5,500. This represents a shocking 700% depreciation in the naira’s value over ten years.
The Price of Living
The implications of this are staggering. In 2025, purchasing that same 2008 car requires seven times the amount of naira it did in 2014. But it’s not just about numbers; it’s about how much harder it has become for the average Nigerian to afford basic needs and luxuries alike.
Consider this: in 2014, a fresh intern medical doctor, right out of medical school, could earn 1.2 million naira in seven to eight months. That was enough to purchase the car outright. At the time, 1.2 million naira had real value—it represented tangible purchasing power.
But today, in 2025, no intern medical doctor can earn 10 million naira—the equivalent of $6,000—in the same timeframe. In fact, many professionals across industries struggle to save even a fraction of that amount within a year. This isn’t just a statistic; it’s a reflection of how much our earning power and economic stability have eroded.
The Bigger Picture
This car example is just one piece of a larger puzzle. The cost of everyday goods and services—food, housing, transportation, healthcare—has risen exponentially, while wages have largely stagnated or failed to keep pace. As a result, the quality of life for most Nigerians has significantly declined.
Ten years ago, owning a home, sending children to good schools, or starting a small business felt achievable for the average Nigerian. Today, these goals seem more like distant dreams, reserved only for a privileged few. The gap between the rich and the poor has widened, and the middle class—once the backbone of the economy—is shrinking rapidly.
The Emotional Toll
What’s even more concerning is the psychological and emotional toll this has taken on us as a nation. Many Nigerians have grown accustomed to this financial strain, adjusting their lifestyles and expectations downward just to survive. Dreams are put on hold, ambitions are downsized, and the spirit of resilience we once prided ourselves on is being tested like never before.
What Must Be Done?
The question we must now confront is: where do we go from here? As individuals, we need to focus on financial literacy, diversification of income, and investments that can protect us from the continued erosion of our wealth. At the same time, we must demand more from our leaders—policies that strengthen the naira, create jobs, and stabilize the economy are not optional; they are critical for our survival.
Ultimately, the economic realities of the past decade are a wake-up call for all of us. We cannot afford to ignore the deep structural issues that have brought us to this point. It’s time for honest conversations, bold action, and a collective commitment to rebuilding a country where the average Nigerian can once again afford to dream and thrive.
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