Cost of Living in Nigeria (Updated Monthly)

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If you are planning on moving into 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 as to the actual living cost in Nigeria.

Cost of Living in Nigeria

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Table of the cost of living in Nigeria

Restaurants
Meal, Inexpensive Restaurant 1.30 $
Meal for 2 People, Mid-range Restaurant, Three-course 20.20 $
McMeal at McDonald’s (or Equivalent Combo Meal) 5.21 $
Domestic Beer (0.5 liter draught) 0.78 $
Imported Beer (0.33 liter bottle) 1.30 $
Cappuccino (regular) 2.04 $
Coke/Pepsi (0.33 liter bottle) 0.33 $
Water (0.33 liter bottle) 0.23 $
Markets
Milk (regular), (1 litre) 2.25 $
A loaf of Fresh White Bread (500g) 0.91 $
Rice (white), (1kg) 1.93 $
Eggs (regular) (12) 1.30 $
Local Cheese (1kg) 4.21 $
Chicken Fillets (1kg) 3.82 $
Beef Round (1kg) (or Equivalent Back Leg Red Meat) 4.06 $
Apples (1kg) 3.16 $
Banana (1kg) 1.47 $
Oranges (1kg) 1.50 $
Tomato (1kg) 1.72 $
Potato (1kg) 1.68 $
Onion (1kg) 1.22 $
Lettuce (1 head) 0.73 $
Water (1.5 liter bottle) 0.44 $
Bottle of Wine (Mid-Range) 4.04 $
Domestic Beer (0.5 liter bottle) 0.75 $
Imported Beer (0.33 liter bottle) 1.28 $
Cigarettes 20 Pack (Marlboro) 0.91 $
Transportation
One-way Ticket (Local Transport) 0.52 $
Monthly Pass (Regular Price) 23.46 $
Taxi Start (Normal Tariff) 1.30 $
Taxi 1km (Normal Tariff) 0.78 $
Taxi 1hour Waiting (Normal Tariff) 3.91 $
Gasoline (1 liter) 0.38 $
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) 15,641.29 $
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) 23,824.64 $
Utilities (Monthly)
Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment 21.91 $
1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans) 0.05 $
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) 39.61 $
Sports And Leisure
Fitness Club, Monthly Fee for 1 Adult 36.69 $
Tennis Court Rent (1 Hour on Weekend) 6.76 $
Cinema, International Release, 1 Seat 5.21 $
Childcare
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child 90.47 $
International Primary School, Yearly for 1 Child 1,633.55 $
Clothing And Shoes
1 Pair of Jeans (Levis 501 Or Similar) 16.75 $
1 Summer Dress in a Chain Store (Zara, H&M…) 25.09 $
1 Pair of Nike Running Shoes (Mid-Range) 53.21 $
1 Pair of Men Leather Business Shoes 61.87 $
Rent Per Month
Apartment (1 bedroom) in City Centre 702.39 $
Apartment (1 bedroom) Outside of Centre 503.78 $
Apartment (3 bedrooms) in City Centre 2,158.15 $
Apartment (3 bedrooms) Outside of Centre 1,210.46 $
Buy Apartment Price
Price per Square Meter to Buy Apartment in City Centre 854.70 $
Price per Square Meter to Buy Apartment Outside of Centre 318.04 $
Salaries And Financing
Average Monthly Net Salary (After Tax) 189.15 $
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate 18.73

 

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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, light and television bills are way cheaper in Nigeria than most countries in the world. But for the locals, they struggle to meet up with these expenses because of the massive poverty and inflation that has rocked the country for years. In addition to that, the Naira currency loses its value every year, and this means a high cost of goods since the economy is dominantly import-depended.

To clarify the cost of living in Nigeria for an average Nigerian, let’s quickly look at how Nigeria fares in the human development index ranking.

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
source: Wikipedia

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 economy continues to be wrecked by these challenges. Though Nigeria has enormous wealth and huge population, the government has not been able to perform up to the expectations of the masses. It is a fact that 60% of the Nigerian population is poor, and unemployment is an unpleasant reality.

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