Tope Fasua Highlights Economic Inequality: A Global Comparison of $10 in the US vs N1,500 in Nigeria

Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs (VP Office), recently delivered a powerful reflection on the stark economic differences between the United States and Nigeria. Fasua, while discussing the cost of living, pointed out the significant gap between the two nations: “$10 won’t buy you lunch anywhere in the US; you need at least $20. That means $20 x N1500 equals N30,000 in the US. In Gwarinpa, Abuja, you can buy a delicious meal of bole (roasted plantain) and fish from a roadside vendor for N1,500 instead of spending much more for lunch.”

Fasua’s comparison emphasizes that for the cost of a modest meal in New York, you could live quite comfortably in Nigeria. “What $10 will do in New York, you only need $1 in Nigeria,” he added, illustrating the drastic affordability difference.

To further highlight the discrepancy, Fasua used examples from New York and a rural region in the United States. In New York, a quick lunch of a sandwich and drink will often cost upwards of $20, translating to N30,000, a price that would be deemed excessive in many parts of the world. By contrast, a similar amount in Nigeria can buy a hearty and fulfilling meal of grilled plantain and fish, available on the roadside for just N1,500 in areas like Gwarinpa.

The reflection also pointed to a comparison with rural Georgia, where the cost of living is lower than New York but still significantly higher than in Nigeria. A modest meal in Georgia, although cheaper than in New York, would still be difficult to come by for $10, making it clear that the living standard in Nigeria remains more affordable.

Fasua’s analysis sheds light on an important point: while Nigeria faces its own set of economic challenges, the local markets still provide immense value in terms of everyday affordability. This sharp contrast underscores not just the cost of living disparity, but also the untapped potential in Nigeria’s local economies, where basic goods and services remain surprisingly affordable compared to Western standards.

This comparison offers a reflection on how Nigeria’s economic landscape presents both challenges and hidden opportunities. Fasua’s words are a call to recognize the value of local entrepreneurs and the crucial role they play in maintaining an affordable cost of living for Nigerians, providing an alternative to the high costs found in developed nations.

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