If you are planning on moving to Nigeria, then looking at the cost of living is a spectacular way of familiarising yourself with the way people live their lives in Africa’s most populated country.
Every year, do the prices of food increase or reduce? That is the kind of question you may want to find the answers to. With accurate information in this article, you will find it easy to plan your budget and align it with the actual living cost in Nigeria.
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Table of the cost of living in Nigeria
| Average Restaurant Prices | |
|---|---|
| Meal (Inexpensive Restaurant) | $1.38 |
| Domestic Beer (0.5 Liter) | $0.83 |
| Water (0.33 Liter) | $0.24 |
| Average Market Prices | |
| Milk (1 Liter) | $2.16 |
| Loaf Bread (500g) | $0.91 |
| Eggs (12) | $1.44 |
| Average Transport Prices | |
| One Way Ticket | $0.55 |
| Monthly Pass | $19.29 |
| Gasoline | $0.40 |
| Average Utility Prices | |
| Basic (Water, Electricity, Garbage, Heating, Cooling) | $26.55 |
| 1 min. of Prepaid Mobile Tariff Local | $0.05 |
| Internet (Unlimited Data, Cable/ADSL) | $38.85 |
| Average Leisure Prices | |
| Fitness Club, Monthly Fee for 1 Adult | $34.03 |
| Tennis Court Rent (1 Hour) | $9.09 |
| Cinema, 1 Seat, International Release | $5.51 |
| Average Clothing Prices | |
| 1 Pair of Jeans (Levis 501 Or Comparable) | $19.36 |
| 1 Summer Dress in a Chain Store (Zara, etc…) | $25.20 |
| 1 Pair of Adidas Walking Shoes (Mid-Range) | $51.33 |
| Average Rent Prices | |
| Apartment (1 bedroom) in City Center | $754.64 |
| Apartment (1 bedroom) Outside of Center | $475.97 |
| Apartment (3 bedrooms) in City Center | $2092.36 |
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Does Nigeria have a low cost of living?
For expatriates and foreigners, Nigeria has some of the cheapest cities in the world. By extension, it has a low cost of living. The bare necessities like food, housing, rent, transport fares, and light and television bills are way cheaper in Nigeria than in most countries. But for, the locals struggle to meet these expenses because of the massive poverty and inflation that has rocked the country for years. In addition, the Naira currency loses its value every year, which means a high cost of goods since the economy is dominantly import-dependent.
Let’s quickly look at how Nigeria fares in the human development index ranking to clarify the cost of living in Nigeria for an average Nigerian.
| 157 | Rwanda | 0.536 | ||
| 158 | Nigeria | 0.534 | ||
| 159 | Tanzania | 0.528 | ||
| 159 | Uganda | 0.528 | ||
| 161 | Mauritania | 0.527 | ||
| 162 | Madagascar | 0.521 | ||
| 163 | Benin | 0.520 | ||
| 164 | Lesotho | 0.518 | ||
| 165 | Ivory Coast | 0.516 | ||
| 166 | Senegal | 0.514 | ||
| 167 | Togo | 0.513 | ||
| 168 | Sudan | 0.507 | ||
| 169 | Haiti | 0.503 | ||
| 170 | Afghanistan | 0.496 |
Nigeria Average Salary, Minimum Wage & Mortgages
- Average Salary: $206.90
- Minimum wage: $115.9
- Mortgage Interest Rate: 19.14%
This shows that Nigerians generally have a low-quality life typically. Since the economy is oil-dependent, and oil by its very nature is volatile and prone to slump in prices, Nigeria’s economy continues to be wrecked by these challenges.
How much money do I need to live comfortably in Nigeria?
In Nigeria, wages are exceedingly low, especially considering the high cost of living.
The country’s minimum wage is roughly $100, making it nearly impossible to cover all expenses.
Nigeria’s monthly average net pay is relatively low — barely $200 – implying that people are likely struggling to make ends meet.
You can live a life of luxury here for roughly 1000$ a month, shopping for clothes, dining out, and taking vacations overseas thrice or more a year while still saving money.
Whereas many professional Nigerians struggle with as little as $200 to $300 per month, others make much less.
In Nigeria, how does the average person spend their money?
Rent is, without question, the most expensive thing on anyone’s budget in Nigeria.
In many other economies, people spend roughly the same amount of cash on food and rent as they do on food, but that isn’t the situation in Nigeria. Rent consumes about half of a person’s earnings, while the remaining 20% is spent on food.
Other important expenses include transportation, utilities, and dining out.
Even with the economic downturn, roughly $500 should meet your basic monthly costs (eating, social activities, a little shopping, and other expenditures) if you’re visiting Nigeria.
Can you use American money in Nigeria?
Nigeria’s official currency is the naira. However, you’ll discover that USD is generally accepted in airport terminals, lodgings, and tourist hotspots. But because currency rates fluctuate, double-check that you’re receiving a good bargain before spending your money in Nigeria.
How much money does it take to be wealthy in Nigeria?
According to the 2017 Knight Frank Wealth Report, it will now require a net worth of $70,000 (N28.7 million) for a Nigerian to climb into the 1 % population of the rich.
What’s it like to live in Nigeria?
When it comes to how happy people are, Nigeria ranks towards the bottom. The researchers used figures on per capita GDP, autonomy to make lifestyle choices, standards of living, kindness, social benefits, benevolence, and opinions of corruption to rank happiness.
What is the best country in which to retire?
4 Great Places to Retire Where You’ll Feel Right at Home
- Portugal
- Malta
- Costa Rica.
- Mexico
Is life in Nigeria difficult?
Right now, living in Nigeria is a full-time job. It’s also a difficult job. The normal guy is surrounded on all sides by nearly overwhelming obstacles. One very cheap thing here presently is human life, due to the frequency and fierceness with which it is taken, in huge numbers.