Economic Insight: Inflation and Exchange Rate Insights (2012–2024)

Dear BIVILLEPM Community,

I trust this message finds you well. Today, I’d like to share insights into the economic landscape, particularly focusing on inflation and exchange rates in Nigeria and the United States from 2012 to 2024.

Corrected Exchange Rates:

Image By #GeorgeNWOGU

Updated Main Table:

Image By #GeorgeNWOGU

Average Inflation Rates (Per Annum):

• Nigeria: 14.92%
• United States: 3.25%

Average Devaluation Rate (Per Annum, 2012 to 2023):

• Nigeria: ([(800–165) / 165] / 11) 100 ≈ 37.35%*

Analysis:

1. If the currency depreciates by 37.35% annually and inflation rises by 14.92%, Nigerians are resilient, enduring a 2.5 times devaluation within a decade.
2. To maintain value, salary, and business profit should ideally increase by 14.92% annually. A business with 20% net profit is only beating inflation by approximately 6%, reflecting the Nigerian saying, “Nor Gree for Anybody.”

Note:

• I refrained from using the parallel of 1220 NGN/USD market value for the analysis. This highlights the challenges faced by Nigerians and emphasizes the need for corporate and government leaders who understand and address these economic complexities.
• These values are important for project budgeting by the PM that spans more than a year and for procurement of out-country EPC Projects Source for Nigerian infrastructure and based on the Country of Source if not USA.

References:

1. National Bureau of Statistics (NBS) Nigeria: [https://www.nigerianstat.gov.ng/](https://www.nigerianstat.gov.ng/)

2. Bureau of Labor Statistics (BLS) US: [https://www.bls.gov/](https://www.bls.gov/)

3. Central Bank of Nigeria (CBN): [https://www.cbn.gov.ng/rates/inflrates.asp](https://www.cbn.gov.ng/rates/inflrates.asp)

4. Your PMP Data (2012): Personal communication during PMP writing.

Image By #GeorgeNWOGU

Thank you for your time, and I look forward to engaging in discussions around these crucial economic trends.

#EconomicInsight #InflationRates #ExchangeRates #NigeriaEconomy #LeadershipInsights #GlobalEconomy #GeorgeNWOGU #BIZVILLEPM 🚀

Best regards,

Engr. George (Chìsom) ÑWÒGU (MBA, PMP®️)

Motto: Humanity First, then Smart and Green. 🚀

My name is George Nwogu, a Senior Project Manager and Global Trainer from Nigeria. I’m the Founder of Bizville Project Management Limited

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