What Is The Average cost of living in Nigeria 2023?

It is important to know the average cost of living in Nigeria if you are a foreigner looking to move in and start living in Nigeria or just a Nigerian trying to know more about the cost of things in the neighborhood.

Here in this article, we will show you the average cost of living in Nigeria, including how much you will pay for transportation, accommodation, and food, etc.

This post will guide you to make an informed decision about traveling in and living in Nigeria

RESTAURANTS

The average lunch costs $3 and dinner is usually $4, though some meals at more upscale restaurants might be more. Only a few restaurants will serve breakfasts, but you can always get a snack or meal if you’re hungry any time of the day on streets full of food vendors selling local delicacies like fish, meat pies, fried plantains, and corn on the cob at extremely low prices.

MARKETS

Nowadays, a larger tray of eggs can be found in a price range of $4-$5 (about 30 eggs), $3 for about 5 pounds of potatoes, and a bucket of oranges at a similar price range ($3). A large pineapple is $2-$3. Meat is more expensive than this anyways.

TRANSPORTATION

The cheapest way to get around is by public transportation, which can be quite inconvenient. The buses are cheap and run often, especially in Lagos megacity. If you have time and can stand sitting for a long time, then commuting via bus is a cheap option.

The taxis are also very cheap but need to be booked because they can only be called when there’s an empty seat available. A ride on a motorcycle taxi costs about ₦100-₦200 (less than $1 USD) depending on your distance to travel.

Therefore, the average cost of transportation in Nigeria is around $1-$5 within a state and can be more than that if commuting interstates.

UTILITIES (MONTHLY)

The average cost of utilities in Nigeria is ₦30,000 ($120.79) per month. This includes basic electricity (N2,500), water (N4,500), and other utilities such as television subscriptions.

The total amount does not factor in any transportation costs for your home if you have a driver or any insurance premiums you may pay on electronics or appliances if you are unable to replace them due to theft or breakage from natural disasters.

SPORTS & LEISURE

Generally, you have to have some disposable income in order to enjoy activities like sports and fitness. A fitness club membership in Nigeria runs for about 34$, and movies can cost about 6$.

There are also more expensive hobbies like scuba diving (about 100$ per dive) or horseback riding (about 25$ per hour).

The average cost of a date is roughly 80$. If you’re looking for something less romantic, a round of golf costs between 70$ and 140$ depending on where you play.

CLOTHING & SHOES

The average clothing and shoe expenses are $600 per month. This includes buying clothes, shoes, bags, and other accessories.

The low end is $300 per month and the high end is $900. $350-$400 may be enough if you wear business suits or dressy outfits to work every day.

AVERAGE COST OF RENT IN NIGERIA 

The average cost of rent in Nigeria is between ₦150,000 – ₦500,000 (US$550-$1,380) depending on your location. Rental properties are generally less expensive outside the city center.

Malls and businesses are mostly within easy walking distance. However, it may be difficult to commute on a daily basis due to traffic congestion. Transportation costs around ₦3,500 (US$15) per month by bus or ₦600-800 by taxi.

Average Salary, Minimum Wage & Mortgages IN NIGERIA

In Nigeria, salaries are exceedingly low, particularly when considering the high cost of living. The country’s current minimum salary is roughly $100, which is ₦30,000, making it very hard to meet all of one’s financial obligations.

Nigeria’s average monthly net pay is likewise extremely low barely $200 implying that most individuals are struggling to make ends meet.

You can live like a king here on roughly 1000 dollars a month, purchasing new clothing, dining out, and taking holidays overseas twice or more a year while still saving money.

While many working Nigerians make as little as $200 to $300 per month, some make much less than that.

How Does the Average Person Spend Their Money in Nigeria?

The average Nigerian spends much of their money on rent, food, and utilities. They also spend a lot on clothing, healthcare, and education.

Most Nigerians have very little disposable income left over at the end of each month. One bright spot is that people with higher incomes tend to survive more than those who make less money.

In A Nutshell

– The average cost of living in Nigeria is around ₦20,000 – ₦100,000 per month depending on the state or city you currently staying

– Cost of living in Nigeria is more expensive in major cities like Lagos, Abuja, and Port Harcourt. Things are really cheaper in some states like Northern states where most agricultural farm produces take place.

– To live in Nigeria to an influential standard, then the average cost of living in Nigeria will is roughly $500 – $ 1500 for a family of two.

Average Cost of Living in Nigeria 2023 Summary Table

Conclusion

The average cost of living in Nigeria is a little bit expensive when compared to other cities. However, If you are a middle-class person and planning to relocate to a different country, then moving to Nigeria might not be a bad idea because it will not affect your budget. Even though rent is expensive, it’s still less than what you’d pay for most properties around other major cities.

In summary, without rent, a family of four would spend $1,627 per month (678,061). Without rent, a single person’s projected monthly expenditures are 448 dollars (186,492).