Hello there guys, it's @joetunex and @josediccus here again. Today we talked about the cost of living in South Africa and Nigeria. We took a look at governance, government policies, and corruption as the major reason why the cost-inflation inflation in Nigeria is more chronic than the normal wave of inflation that's currently going on in the world.
We look at COVID-19 as the game changer, especially since inflation has been imminent in south Africa but took a major toll after the pandemic. In the video, we were quick to point out that, there weren't jobs for people to lose in Nigeria, unemployment was already imminent, and the major economic repercussions of COVID were the hoarding of goods, services, and products, and some major commodities became expensive, business owners ran into debt and of course, the Nigerian native currency lost a lot of its value.
In SA, it was different, people were offered less or had to lose their jobs, many were retrenched and the economic activities never remained the same.
In Nigeria, people had to deal with scarcity, the lack of opportunities increased and the lack of regulations from a conscious government sank the country. It was more evident in the GDP rate and the per Capita income of people.
In the video, we talk about survival in the sense of food, clothing, and shelter, as these are the basic things that are inevitable for survival. Interestingly, we discussed things from the average salary of a regular person in South Africa and Nigeria, the cost of owning or renting a house, and the most expensive and cheapest place to stay.
A R1.4million house in South Africa is N30,947,140 in Nigeria.
We talked about regions from Cape Town, and Johannesburg to Abuja and Lagos, and the amount of money one would need to maintain a flamboyant or modest lifestyle. At the end of the day, we ended up seeing similarities and huge differences between these two countries that could be helpful to anyone who would find the information we provided to be very relevant.
This content is relatively advantageous to anyone curious about an opinionated view of having the experience of living in these two countries respectively. Till some other time, cheers.
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In Nigeria and every part of the world, there's inflation. But the level of corruption in Nigeria is so much that from the Government with it's policy, down to the manufacturer, middle chain and consumer is so astronaumical that the consumers suffer terribly.
Everyone seem to want to take advantage of the inflation and make surplus gains at the expense of another.
And wow! 17 rand is equivalent to 1 dollar while 500 - 700 Naira is equivalent to 1 dollar. The dollar is severely depreciated!!!
And yeah, cost or price doesn't always determine quality!!!
How much do you need to take a gold digger for a date?
Common! That's such a hilarious financial question! I couldn't help laughing!
I really enjoyed the conversation!
Please keep doing more of this @jj-finance
Hahaha thanks for actually taking the time to watch, exactly what I said, the inflation eats deep and hardly the fault of the government alone. People want to take advantage of the dying economy to enrich themselves. At the end of the day, there are so many socioeconomic actors involved in act, making it difficult for us to easily make policies that can put an end to cost-push inflation.
How much do you need to take a gold digger for a date?
Hahaha well you never know, any of the viewer might actually be dating a gold digger, or prospective do so, they might need this information. Thanks for totally watching.
You still are very funny. But then you are honest too. Inorder to avoid "washing plates" like we colloquially say in Nigeria, a guy needs an air tight budget to take certain class (so called class) of girl out. I don't know about others, but I think everyone, gender irrespective, should earn their income rather that leech on someone else.
The level of corruption in Nigeria is scary, it was a system I experienced before leaving the country. South Africans do complain about corruption in their government now and then, while that is true, I often tell them SA is nowhere near Nigeria's government when it comes to corrupt practices.
Lol, some funny moments there. And thanks for listening to us much appreciated.
@joetunex
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You know how the man that has 10 pairs of shoes complains of having too few until he meets the man that has no legs and so needs no shoe.
I guess that's what we are having here.
Lol, this is true, I like your analogy over this comment. We at times think we are having it worse until we see another person in a far worse condition than us.
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Absolutely!
One of the problems in Nigeria is favoritism, I know that it is everywhere all over the world where you favor the rich more but some other countries balance this and know that no citizen should be greater than the other. Banks pumping dollars into the rich hands will never stop in Nigeria. As a rich men in Nigeria you are all most above the law which is very bad. Imagine, 1$-700 naira. Make I run go Southy remain.
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It is really bad for the Naira to depreciate so badly. It is ridiculous and I fear the worse of Nigeria.
That is common here in SA as well but you might also not get away with it as the law catches up with those breaking the law.
@joetunex
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Hahaha it might even be the situation in some other African countries with the same corruption level as Nigeria. Favouritism feels like the reason behind every bad governance in Nigeria. It's a total cancer.
I think Botswana and probably Namibia aren't too bad corruption-wise am not too sure but I don't think there is any country in Africa as corrupt as Nigeria.
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