2022 Updated Price List on the Cost of Living in Nigeria

The cost of living in Nigeria is not necessarily high, but it’s all relative. According to Numbeo, the cost of living index for Lagos, Nigeria’s largest city, is estimated at around $1,000 US dollars per month. With this in mind, many Nigerians who are working in the United States or have relocated there are still able to maintain a very comfortable lifestyle.

History of Nigeria

Nigeria is one of the oldest known cultures in Africa. The first humans to live in present-day Nigeria were the Hausa, who migrated from Sudan about 5,000 years ago. Around 300 BC, the Yoruba people settled in Nigeria. The Yoruba are thought to be descended from the Igbo people, who migrated from present-day southeastern Nigeria about 2,000 years ago.

The British took control of Nigeria in 1885. In 1960, Nigeria became a republic. In 1963, Lieutenant Colonel Muhammad Buhari led a military coup and declared a military government. However, he was overthrown in 1966 and a civilian government was established. In 1970, General Olusegun Obasanjo became president and held office until he died in 1998.

Over the past few decades, Nigeria has seen tremendous growth and development, thanks in part to its rich mineral resources. However, poverty and inequality remain widespread problems in the country. Nigeria’s natural resources include oil, gas, copper, gold, uranium, diamonds, and other minerals.

Read also: List of Scholarships for Nigerian Students

Benefits of Living in Nigeria

  • Low Cost of Living:

Nigeria is one of the lowest-cost countries to live in on the continent. It is often cheaper to live in Nigeria than in many Western countries. This is due to the low cost of necessities such as food, housing, and transportation.

  • Easy Access to Major Cities:

Nigeria has several large and well-developed cities that are easy to access from anywhere in the country. This means that you can easily find jobs, services, and shopping opportunities no matter where you are located.

  • Variety of Food Options:

Nigerians enjoy a wide variety of foods and beverages, making it easy to find anything you need without having to travel far. There are also plenty of restaurants and cafes throughout the country so you can enjoy a meal or drink any time you want.

  • Safe and Secure Environment:

Nigeria is one of the safest countries in Africa, making it a great place to live and work. Additionally, there are no major terrorist threats reported from Nigeria currently, so visitors should feel safe while visiting this country.

  • Cultural Enrichment Opportunities:

Nigerian culture is rich and diverse, offering visitors plenty of opportunities for cultural enrichment. You can visit traditional villages, explore ancient ruins, attend world-renowned concerts and festivals, or take part

Read also: List of Visa-Free Countries: For Nigerian Citizens

Nigeria’s Gross Domestic Product

Nigeria is one of the most populous countries in the world, with an estimated population of 170 million in 2016. The country has a long history and diverse culture, and its economy is based on agriculture, industry, and service sectors. Nigeria’s GDP was estimated to be $1.26 trillion in 2016.

The cost of living in Nigeria is high compared to other countries in the region. Food costs are high, especially for meat and dairy products. Transportation costs are also high due to poor roads and transportation infrastructure. Housing is expensive, especially in major cities like Lagos and Abuja. Goods and services are also expensive, making it difficult for people to afford basic needs like food, clothing, and healthcare.

Despite these challenges, there are many opportunities available in Nigeria. The country has a rich cultural heritage that can be explored through museums and festivals. There are also many companies located in Nigeria that offer jobs in fields such as finance, information technology, and manufacturing.

Read also: List of Opportunities for Africans: Business & Scholarships

Different Costs of Living in Nigeria

  1. Cost of Accommodation:

There is no one-size-fits-all answer to the question of how much it costs to live in Nigeria, as the cost of accommodation, food, and other necessities will vary depending on your location and the size of your family. However, according to the expat website Expatistan.com, the average monthly rent for a furnished room in Lagos is £370 (approximately US$580), while the price of groceries tends to be higher in metropolitan areas. In Abuja, meanwhile, the average monthly rent for a furnished room is £480 (approximately US$800), although prices for food and other essentials are generally lower.

  1. Cost of Feeding:

The cost of food is one of these factors. In general, the cost of food in Nigeria ranges from inexpensive to expensive, depending on where you live and what type of food you choose to eat. Here are some examples:

Inexpensive Foods: Inexpensive foods can be found at informal markets and street vendors. Some inexpensive foods include rice, beans, chicken, fish, and chapatti (a type of bread). These foods can be purchased for as little as USD 0.50 per person.

Moderate Prices: More expensive foods can be found in formal restaurants and grocery stores. Moderate food prices typically range from USD 1 to USD 5 per person. Moderate prices usually reflect the quality and variety of the food offered.

Expensive Prices: Expensive foods can be found only in high-end restaurants or luxury grocery stores. Expensive food prices typically range from USD 10 to USD 30 per person. Expensive prices reflect the quality and variety of the food offered as well as the location of the restaurant or store.

  1. Cost of Transportation:

One of the foremost costs of living in Nigeria is transportation. There are a variety of ways to get around and many different types of transport, but all can be expensive. The cost of getting around varies depending on where someone lives, but on average it will cost between $2 and $5 per day to travel within larger cities and towns. Traveling outside major cities can be more expensive, with fares reaching up to $15 or more per day.

  1. Cost of Healthcare:

Nigeria is one of the most expensive countries in the world to live in. The cost of living in Nigeria can be quite daunting for those who are not used to high expenses. A basic monthly food bill, for example, can easily exceed CAD 100.

Medical care is also expensive in Nigeria. For example, a visit to the doctor could easily cost you around CAD 50. And if you need surgery, that price can quickly rise above CAD 1,000. Despite the high costs associated with healthcare and living in Nigeria, there are ways to reduce your expenses. For instance, you can try to find affordable housing or budget for transportation costs.

Overall, it is important to be prepared for high expenses when living in Nigeria. But by taking some simple precautions and managing your budget carefully, you can minimize the impact on your overall finances

  1. Cost of Insurance:

Insurance in Nigeria is not as affordable as it could be. The cost of healthcare, property damage, car insurance, and other forms of insurance can all get pricey. For instance, a basic health insurance policy costs around NGN 25,000 a year, while car insurance can run upwards of NGN 10,000 per year.

Property damage insurance can also be quite expensive, often costing several thousand naira per claim. It’s important to do your homework when looking for affordable insurance policies in Nigeria. Shop around and find policies that fit your needs and budget. You may also want to consider getting supplemental coverage such as theft or automobile liability insurance.

Other Interesting Contents

Conclusion

Nigeria is a populous country with an ever-growing population. With this growth comes the need for more resources, which in turn drives up the cost of living. Cost of living figures vary depending on where you live in Nigeria, but on average, expenses such as groceries, utilities, and transportation tend to be higher than in other parts of the world.

Related Articles

Get in Touch

12,158FansLike
32FollowersFollow
290FollowersFollow

Latest Posts