Cost of living in Nigeria
One very key information everyone needs to know about living in Nigeria is the current cost of living in Nigeria. If you are not informed, you just might run into debts with the continuous dwindling in the prices of goods and commodities in Nigeria. Should you plan to go shopping, it is advised for you to hold on to extra cash in your arsenal as the prices of goods and services change on a daily basis. The cost of housing, food, and transportation encapsulates the totality of the cost of living in Nigeria.
Abuja and Lagos, Nigeria’s two largest urban centers, have been ranked as one of the most expensive destinations in the world. Although the rural areas and smaller urban centers in Nigeria have a far less expensive lease on life, the cost of living in Nigeria can still not be underestimated due to the current economic downturn being faced in the country.
The oil boom of the 1970s may have allowed economic expansion in the country, but an exploding population growth and inadequate planning by the government of the day have seen to it that the standard of living in the country is disturbed.
With the current recession biting hard on the economy, the local price of goods and commodities in Nigeria are rapidly rising in markets across the country. The norm in the country is that once the price of a commodity goes up, it stays up and can never come down. Once there is a little shake in the exchange rate, there is a corresponding skyrocketing of prices for goods and services alike in the markets.
Let us consider what the cost of housing, transportation, feeding, education among other costs look like currently in Nigeria.
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Housing in Nigeria
With accommodation, the cost of living in Nigeria is relative to lifestyle. It depends on the area you wish to live. For the urban and high-brow areas, rent may be indiscreetly high although there are some cheapest places to live in the country. Whatever your housing needs are, from affordable to luxurious, Tolet.com.ng offers a wide range of listings to rent and buy from.
On rental prices, the cost of living in Nigeria compared to India is 166.57% higher. The cost of living in Nigeria compared to the US is 51.92% lower. Rent in Nigeria is 52.82% lower than in the United States. The cost of rent for a mini flat in the city can be as high as ₦1million per year and as low as ₦120,000 a year depending on where the property is located.
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Transportation in Nigeria
Transportation also plays an important role in the cost of living in Nigeria. The cost of transportation is relative to the states and areas in question to match the standard of living. Public transportation is generally high in the urban and very developed cities as opposed to the rural areas. Changes in forex rate and the price of oil in the international market affects the cost of transportation anywhere in the country. At present, one litre of PMS popularly called Petrol in Nigeria costs ₦145. The average cost for public transportation is about ₦200 in the urban cities and between ₦50 to ₦100 in the ancient cities.
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Changes in forex rate and the price of oil in the international market affects the cost of transportation anywhere in the country. At present, one litre of PMS popularly called Petrol in Nigeria costs ₦145. The average cost for public transportation is about ₦200 in the urban cities and between ₦50 to ₦100 in the ancient cities.
Education in Nigeria
Every family is made up of children whether they are teens, toddlers or young adults. Education is a top priority for families next to shelter, feeding, and clothing. The cost of sending children to a private school is high as compared to their government or public counterparts. The average monthly cost of tuition and school fees in a private elementary school is about ₦30,000. The monthly fees for secondary schools can be as high as ₦1million in the case of international schools and as low as ₦5000 for government-owned schools. The tertiary institutions are not left out as the private universities pay high fees also.
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The average monthly cost of tuition and school fees in a private elementary school is about ₦30,000. The monthly fees for secondary schools can be as high as ₦1million in the case of international schools and as low as ₦5000 for government-owned schools. The tertiary institutions are not left out as the private universities pay high fees also.
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Food in Nigeria
In recent times, the cost of feeding in Nigeria has jumped up due to the recession. Based on logistics, the current cost of living in Nigeria for Lagos when food is concerned are as listed below:
A basket of tomatoes is ₦5,500
A bag of pepper is ₦6,000
A bag of Onion ₦18,000 – ₦20,000
A bag of long grain rice (50kg) is ₦15,500 – ₦16,000
A derica of long grain rice is ₦280
A bag of short grain rice (50kg) is ₦17,500
A derica of short grain rice is ₦300
A crate of egg is N1,100 – ₦1,200
A bag of oloyin beans ₦17,000
A bag of yellow Garri ₦19,000 – ₦20,000
A paint bucket of yellow Garri is ₦800 – ₦900
A bag of Ijebu Garri is ₦15,000 – ₦16,000
A paint bucket is ₦800 – ₦900
10 litres of groundnut oil ₦6,500 – ₦7,000
5 litres of palm oil is ₦2,200
5 litres of Kerosine ₦1,200
12.5kg of cooking gas ₦4,500
1 tuber of yam ₦400 – ₦800
1 carton of Titus ice fish ₦19,000
1 Carton of Kote ice fish ₦16,200
1 Carton of Sawa iced fish ₦10,000
1kg of Sawa ice fish ₦600
1 Carton of 70g Noodles ₦1,500 – ₦1,800
10kg of Semovita ₦2,800 – ₦2,900
The average cost for a meal at an inexpensive restaurant or buka is ₦400. If you want to go for a full three-course meal at the best restaurants, then your budget shouldn’t be any less than ₦10000.
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Salary and Financing
Salaries are generally paid in naira with the exception of a few multinational companies where payments are in foreign currencies. A study conducted showed that there are approximately 23 job categories in Nigeria with differing salary rates.
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The real problem with salaries is their timely payment. Some states have been known to delay payments of salaries for more than three months. This is has led to a forced hardship on the families affected especially those who have just a single source of livelihood. Although the minimum salary wage recommended by the government for entry-level employees is ₦18,000, some parastatals pay an average monthly salary of ₦50,000 to professionals in Nigeria.
Depending on lifestyle, an average Nigerian living in Lagos will spend ₦1,000 a day for feeding and transportation excluding water, accommodation and electricity bills.