That's why when my dad is talking to me about marriage, I always said to him that Nigeria during their time it's not the Nigeria of today.

KingMack:
My dad got Volvo a then for 5k! While I got my MTN SIM for 180k and now SIM card is almost free🥹

Sim cards were never sold for 180k bro.... unless that was a typo, I'm calling it cap 🧢

Shikena:
When you list all the Nigeria-based industries and manufacturers at that time then you understand why Naira crashed so badly over the years.

Peugeot Automobile of Nigeria (assembling those vehicles in Nigeria) was fully functional but gradually crumbling at the time of the subject of this thread (Exchange rate in 1984/85 was probably around N2 to $1). The real manifestation of the long-term continuous crash started a full crumble at the foundation level of our economy during IBB's romance with IMF and his structural adjustment program. Nigerian students fought hard against IBB's economic misadventures, but they stood no chance against a military dictator. By the time Abacha got to power, it was game over for Nigeria even when Naira was artificially sustained for several years at N22 to $1.

Not exactly...though IBB had issues.

The problem was the oil price crash of 1982. BY 1984, it was clear we were running out of dollars to fund things like importing CKD FOR the assembly plants. That was when Buhari started doing things like 'subsitituion' to attempt to keep the plants running. (we would exchange some oil in return for parts for cars ....it was complicated). But oil prices continued to fall...and by 1986, we had to accept a SAP. Either that, or the economy collapsed. SAP was hard, and ulitmately we still had a lot of other issues.....but because of the lack of dollars, we ended up finding it more difficult to import CKD for the car plants.

By the early 1990's, the plants began to produce less.

Also, some of the cars were becoming outdated too. VW was phasing out the old Beetle...in the 1980's. Peugueot had better models of cars in the 1990's. BUt the thing is, the assembly plants did not have enough dollars to keep importing ckd, and to keep on manufacturing....and there wasn't enough disposable income (even when the going was good...people took loans to pay for a new car. I know my parents did, for example).

There was an attempt to improve local content, and the Ajaokuta steel complex was supposed to help us in that regard. But it was never completed, and naturally, there wasn't enough dollars to keep importing . Not like before.

Racoon:


https://www.facebook.com/share/p/vYAVn4kxfoaXops6/?mibextid=oFDknk

This one wants to buy car for 1,500 but doesn't want 1,500 as salary. Social media hustlers.

Una good morning ohhh! Make una continue dey support idiots in the name of religion or tribe..... Asiwaju don dey secure bros Seyi and he children future!!!!

Racoon:


https://www.facebook.com/share/p/vYAVn4kxfoaXops6/?mibextid=oFDknk

That is a used car. In 1977, a 504 was N6,000 Naira

Is there any sense in this your comment

JikSneh:
No one should mention Asiwaju Tinubu, that'sy only concern as he is not the problem of anyone's misfortune or even your family's problem, y'all refused to vote for us, do go and wail to your ipobidients president.....this is not the time for Cho cho Cho, if you don't like how Nigeria is taking a new shape, kindly take a flight to Zimbabwe, thanks

Racoon:


https://www.facebook.com/share/p/vYAVn4kxfoaXops6/?mibextid=oFDknk

Never in the history of Nigeria has a brand new 504 cost N1,500.

Below are brand new prices for 1978 and the bottom 2 are for 1975

nairalanda1:


The thing is, in 1977, our economy was 'strong' because high oil prices then meant that the value of the naira was strong enough to support import based car assembly plants. That was the era of CKD parts being brought into the country, and assembled in Nigeria.

The problem was, the good times could not last. By 1981, the oil prices were tottering, by 1983, oil prices were crashing severely. Shagari was talking about austerity back then. BY 1983, that same car would have been costing over 10000 naira.

Nigeria's problem has been, resource dependency. Not developing an economy based on manufacturing...ie using avialable raw materials to make exportable industrial goods as seen in many developed countries...is why NIgeria keeps on having boom and bust economy. Boom when the prices of whatever resource we sell are high (or when we have a guaranteed market) , bust when prices fall. We had a good agric boom in the 1960's, and when that died down, we had the oil boom till 1982, then we went into economic doldrums until oil rose again in 2008 , and again in 2010-14...and now we are back again.

Every African country has the same issue, which is why most of them look like Nigeria, despite not having been run by Nigerian leaders. Except those whose populations are very small, or countries like South Africa and North Africa that have some industrial export potential.

i always say that Nigeria has never had a good leader. Because at the end we needed a leader that would have done the appropriate reforms...ie more free market, less mass welfarism, better tax coverage, and a development policy favoring manufacutirng of exprtable stuff...rather than just selling oil, and hoping for the best (as seen in this government, for example).

But such projects mean more hard times.

Are you aware same people of the 70s and their relations still dominate our political space? Check the list yourself. One of them just finished his 2 terms as president and you're one of the voices behind his failed party.

Racoon:


https://www.facebook.com/share/p/vYAVn4kxfoaXops6/?mibextid=oFDknk

You think is small money then,even at that time not every body that can afford it

If the generation then knew, there would have converted all their cash to gold or dollars

goslowgoslow:

Yes I agree with you on that,but there is still no basis for the comparison.
And to all these kids shouting Tinubu as if Tinubu is the only president of Nigeria since 1984 till date, very annoying.

Nobody is saying Tinubu was the president then but what he doesn't know is taking the mantle of leadership and thinking it is a thing of my turn or jamboree. He has a lot to do in the next three years.he should forget about second term because it is not authomatic

JikSneh:
No one should mention Asiwaju Tinubu, that'sy only concern as he is not the problem of anyone's misfortune or even your family's problem, y'all refused to vote for us, do go and wail to your ipobidients president.....this is not the time for Cho cho Cho, if you don't like how Nigeria is taking a new shape, kindly take a flight to Zimbabwe, thanks

what is tinubus job as president of nigeria?

is he no longer "hitting the ground running"?

casualobserver:


Never in the history of Nigeria has a brand new 504 cost N1,500.

did you read the name of the document that you shared?

Sicklebear28:


Nobody is saying Tinubu was the president then but what he doesn't know is taking the mantle of leadership and thinking it is a thing of my turn or jamboree. He has a lot to do in the next three years.he should forget about second term because it is not authomatic

Is this post about Tinubu and elections?
I thought you are different. Have a nice day.

Its still the same

That N1,080 was the principals Salary for over10 years!

He saved money and even collected cooperative loan join to pay cash for that car, go and ask.

Can you save all your salary for 7years? Then you can buy a car too with additional car loan or deposit and pay small small!

Nothing different bro. Work towards your goal abeg.

lexy2014:


did you read the name of the document that you shared?

You are an eeediot. The receipt says 1977 Prices of all items were controlled in Nigeria until the abolition of the price control board. Go and ask your father if you have one what the price of a new Peugeot 504 was in 1977 or 1984. He will tell you there was never a time in Nigeria when the price of a Peugeot 504 was N1500. Even a beetle cost more than N3,000.

Nigeria is doomed. We are gradually pushing ourselves to the precipice of catastrophe. The leaders are recalcitrant and evil while the citizens are lukewarm.

casualobserver:


You are an eeediot. Prices of all items were controlled in Nigeria until the abolition of the price control board. Go and ask your father if you have one what the price of a Peugeot 504 was in 1977 or 1984. He will tell you there was never a time in Nigeria when the price of a Peugeot 504 was N1500.

but your emotional outburst has left the question unanswered....did you read the name of the document that you shared?

Cogs:
Omo...but in those times, not everyone could have that amount of money conveniently.

Off cause not everyone but Nigeria was very much liveable for almost all the citizens. There was the high, middle and the low class but today you only have the high class and the poverty level. .
It ain't funny but all our past leaders deserve the Charles Taylor treatment. Only then will this nation ever progress without this criminals will continue to run riot in government.

Oga, is it a typo error or for real. Sim card was never sold for 180k . Kindly edit and retype

KingMack:
My dad got Volvo a then for 5k! While I got my MTN SIM for 180k and now SIM card is almost free🥹

Nice. Thanks for your insightful perspective on this.

*What are your thoughts on the opportunities we had with high oil price circa 2010 and 2014?

nairalanda1:


Not exactly...though IBB had issues.

The problem was the oil price crash of 1982. BY 1984, it was clear we were running out of dollars to fund things like importing CKD FOR the assembly plants. That was when Buhari started doing things like 'subsitituion' to attempt to keep the plants running. (we would exchange some oil in return for parts for cars ....it was complicated). But oil prices continued to fall...and by 1986, we had to accept a SAP. Either that, or the economy collapsed. SAP was hard, and ulitmately we still had a lot of other issues.....but because of the lack of dollars, we ended up finding it more difficult to import CKD for the car plants.

By the early 1990's, the plants began to produce less.

Also, some of the cars were becoming outdated too. VW was phasing out the old Beetle...in the 1980's. Peugueot had better models of cars in the 1990's. BUt the thing is, the assembly plants did not have enough dollars to keep importing ckd, and to keep on manufacturing....and there wasn't enough disposable income (even when the going was good...people took loans to pay for a new car. I know my parents did, for example).

There was an attempt to improve local content, and the Ajaokuta steel complex was supposed to help us in that regard. But it was never completed, and naturally, there wasn't enough dollars to keep importing . Not like before.

Racoon:


https://www.facebook.com/share/p/vYAVn4kxfoaXops6/?mibextid=oFDknk

Pop C had a 505 car brand new...sold it in 1999.

What we need is a bipartisan appeal to Aunty Ngozi to come home from World Trade Organization and lead a 1 year interim government to rescue Nigeria from the abyss.

No Pdp, Apc or Lp, just Aunty Ngozi.

SpaceX:
Alot of things have gone wrong in Nigeria not only corruption, tribalism also have done damage. We need total cleansing of mentality also, our approach towards life is something Else but if I become the president I will fixed everything.

Smuggle me in to ask rock and declare me the president— I have the solution!

You can't become president of Nigeria unless you belong to the class that loves hegemonic leadership for Nigeria.
Nigeria's rigged, lopsided fraudulent political structure will NEVER ALLOW a good leader emerge for Nigeria.
The political structure favours Fulani-led northern Nigeria.

HenryThegreat1:
According to Tinubu supporters we are making progress

So, Na Tinubu make #1080.00 then in 77 to be worthless today that he is now the president?.
Apart from the set of Awolowo and Co leaders then that was truncated and killed by the greedy southeastern love for Money and to dominate, Nigeria has never had true leaders until now.

The history shows that the Nigerian system problems are caused by the igbos. But they are still shouting bad leadership till today.
Azikwe, Aguyi ironsi are igbos that started the foundation of Nigerian problems till today. How I wished Namdi azikwe allowed separation that time, but he refused. Today, his boys are asking for separation after killing the system. No be juju be that.

KingMack:
My dad got Volvo a then for 5k! While I got my MTN SIM for 180k and now SIM card is almost free🥹

SIM was never 180k bro.

Suffry dey lie na. No be kids dey here.

Airtel and Samsung true i package then was like 80k which was a lot at the time.

goslowgoslow:

Is this post about Tinubu and elections?
I thought you are different. Have a nice day.

It is about leader providing solutions to the Nigeria problems. So those who ruled and made the economy what it is today are not worthy in the eyes of Nigerians. It is not about him in particular but all of them

Correct! I support you.

After you, its my turn....emilokan 😊

SpaceX:
Alot of things have gone wrong in Nigeria not only corruption, tribalism also have done damage. We need total cleansing of mentality also, our approach towards life is something Else but if I become the president I will fixed everything.

Smuggle me in to ask rock and declare me the president— I have the solution!

Bestline those days when Nigeria was still Nigeria..

Where is the ediot again? I hardly see him online again, "darling daddy" indeed.

Tokskob2008:
The enemies of this country are those who see red clearly but choose to call it white just because they are benefiting directly or indirectly from the chaos and and suffering the masses are going through.

They are all over here supporting strongly what isn't right. For good 8yrs one guy here kept shout "our darling daddy" and we all saw how disastrous the outcome was, now we are faced with another batch of enemies who don't see anything wrong even if the whole population is wiped out by starvation.

It's really a shame we have to face all this in a country so blessed just because of some wicked and heartless individuals.