Dr. Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, recently sparked a thought-provoking conversation about poverty, currency value, and the realities of living in Nigeria compared to the U.S. During an insightful appearance on the MicOnPodcast with Seun Okinbaloye, Fasua took a deep dive into the complexities of poverty measurement and how the naira’s purchasing power still holds strong locally.
While addressing common misconceptions about multi-dimensional poverty, Fasua explained how it goes beyond just food insecurity. “Multi-dimensional poverty is not just about lack of food—it could mean your children’s school is too far or there’s no nearby hospital, and these factors contribute to your poverty status,” he clarified.
He also used a striking comparison to emphasize the affordability of living in Nigeria despite the high exchange rate. Fasua pointed out that while $1 equals N1,500, which is a significant amount for many Nigerians, $10 would barely cover a meal in the U.S., where you’d need at least $20 for lunch. In contrast, $5, or N7,500 in Nigeria, could get you a decent meal at local eateries, like enjoying a plate of Boli and fish in Gwarinpa for just N1,500.
Fasua’s remarks shed light on the true cost of living in both countries, showing how the naira’s value and local purchasing power continue to offer considerable advantages for many Nigerians.
