Fact Check: Is ₦8,000 in 2006 Really Worth ₦102,000 in 2025? Here’s the Truth About Inflation

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A viral social media post quoting StatiSense claims that ₦8,000 in 2006 is equivalent to ₦102,000 in 2025, representing a cumulative inflation rate of 1,187%. While the figure is striking, a closer look at Nigeria’s inflation data suggests the real number is even higher.

Over the past 19 years, Nigeria has battled persistent double-digit inflation, with prices rising steadily and accelerating sharply in recent years. From 2006 to 2019, annual inflation mostly ranged between 8% and 16%. Between 2020 and 2024, it surged above 18% on average, peaking above 24% in 2024. In 2025, inflation is still above 24% year-on-year as of March.

Using a conservative estimate of 20% annual inflation over the 19-year period, cumulative inflation comes to around 1,480%, meaning ₦8,000 in 2006 would now be worth about ₦127,000. If inflation averaged closer to 24%, the equivalent rises to around ₦136,000.

This means the viral claim understates the true impact of inflation. Nigerians have seen the naira’s purchasing power eroded even more severely than the post suggests — ₦102,000 today buys less than what ₦8,000 did in 2006. The reality is that the long-term bite of inflation has been deeper and more painful than many realise.