What a Million Dollar Can Buy In 1970, You Need $8.8 Million To Buy in 2025” — Peter Esele

According to a video posted on Nevon HQ on Tuesday October 19, 2026, Peter Esele said one million dollars in 1970 would need 8.8 million dollars to buy the same goods in 2025. He used the figure to explain how inflation reduces the value of money. He said workers feel this most.

Mr Esele said inflation eats into wages whether a person belongs to a union or not. He said he was not speaking only about the formal sector. He said the effect is felt across the board.

In his words, Peter Esele said, “Somebody was talking about, oh, it doesn’t matter whether you do dollar or you do naira. I just use an example. I use dollar as an example. I say if you can even imagine that way back in 1970, what a million dollar can buy in 1970, you need 8.8 million dollars to buy in 2025, as at 2025. So now let’s situate that with naira,” he said.

He then gave a naira example. He said someone told him about a 10 million naira investment in MTN made about seven or eight years ago. He said the same value would now need about 65 million naira.

Mr Esele said this shows what inflation is doing to the Nigerian worker. He added that the worker is poorer than he was about four years ago, according to the interviewer’s question, which he did not dispute. He said workers must organise to press for better conditions.

Watch headline quotes from (00:06:04–00:06:14).:

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