Man Buys 40 Bags of Groundnut For N2.5 Million, Says He Used Same Amount to Buy 800 Bags Years Ago
- A Nigerian businessman said he used to buy 800 bags of groundnut with just N2.5 million in the year 2018
- However, he said things have changed drastically and that with the same N2.5 million, he is only able to buy 40 bags
- He shared his story in a video which he posted on X, noting that there is high inflation as the value of the naira has dropped
A Nigerian man has said the value of the naira has dropped considerably.
According to the businessman, the value of the Nigerian currency is not the same as compared to 2018.
Source: UGC
In a post he made on X, the man, Spike Atimbo said he used to buy 800 bags of groundnuts with N2.5 million.
However, that was in 2018 as things have drastically changed in 2024.
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According to Spike, the same N2.5 million can only fetch him 40 bags of groundnut in 2024.
His words:
"Hear me out. I bought 800 bags of Groundnut for 2.4M in 2018 and I am using the same amount to buy just 40 bags in 2024."
When contacted for a comment on the story, Chidimma Otti, a woman who buys raw rice and perboils for sale agreed with Spike. She said the situation applies to rice as well which has skyrocketed in price.
She said:
"Yes! Everything has skyrocketed. Before we used to buy one full bag of paddy rice for less than 9000. As at 2018/19 it was around N45,000, but now it is more than N130,000. If your capital was able to buy let’s say 10 bags before, now you won’t even buy up to 4 bags now. And the price is not stable. What you buy this week will be different from what you will buy next week."
Watch the video below:
Reaction to Spike's post
@Completecultur1 said:
"Bro, I feel you. I don't even know what to say. The money I used to clear 6 40 footer in 2022 can't clear one 40 footer in 2024."
@oweh1 said:
"The painful part is we can't do anything about it other than complain on social media."
@abunana007 said:
"18 Oct 2025. Max 10 bags."
@IAMVINTAGE4 said:
"This is hard to believe. You mean a bag of ground nut was 3000 per bag?"
@MobiThomas said:
"The economy actually collapsed my business. I closed it down finally."
@GiftIfeoma9 said:
"The thing shock my guy. Na God go save us oh."
Lady laments high cost of rice
Meanwhile, a Nigerian lady said she moved to Canada to start living there because she could no longer afford Nigeria
The lady said she could no longer be paying N500,000 rent and buying a bag of rice for N80,00 while in Nigeria
She said all these costs could not be covered by a meagre salary of N70,000, making her to move abroad
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Source: Legit.ng
