Cost of living and prices in Nigeria, prices of food, rent, shopping, etc 🇳🇬 Updated Jul 2023
Nigeria is a Western African country with a population of 154 million, covering an area of 923,768 square kilometres and a density of 166.71 people per square kilometre. It shares borders with Cameroon and Chad. The official language of Nigeria is English and its currency is Nigerian naira. Nigeria's gross domestic product (GDP) is $502 billion and its GDP per capita is $3260. The top-level domains in Nigeria are .ng. Nigeria is a diverse country with a rich culture and history. It is home to over 250 ethnic groups who speak over 500 languages. Nigeria is known for its vibrant music scene and Nollywood, the second largest film industry in the world. Nigeria is also a leading producer of oil in Africa, with petroleum accounting for around 90% of its exports. The cost of living in Nigeria is relatively low compared to other countries. Accommodation, food, and transportation are affordable. However, the cost of healthcare and education is relatively high. It is important to note that salaries in Nigeria can vary greatly depending on the industry and level of education. Despite challenges, Nigeria is a dynamic and growing country with many opportunities for business and investment.
Cost of Living Estimate in Nigeria
You can calculate cost of living in Nigeria by changing quantity using input near each good or service. Resulting total will appear in a floating box in the bottom of your screen.
Nigeria is a melting pot of diverse cultures and this is reflected in its cuisine. There is no shortage of eating options for visitors looking to experience the unique taste of the country. From street hawkers offering mouth-watering snacks to high-end restaurants serving exquisite dishes, there's something for everyone. One must-try delicacy is Jollof rice - a spicy one-pot rice dish that is a staple across the country. Be sure to also try suya, a grilled meat skewer that is seasoned with spices and served with onions and tomatoes.
For those seeking a more upscale experience, Lagos is home to a number of world-class restaurants serving both local and international cuisine. Seafood is also a must-try in the coastal regions while the northern region has a strong influence from Islamic culture and offers dishes like tuwon shinkafa (pounded rice) and miyan kuka (Hibiscus leaf soup). Additionally, visitors can immerse themselves in the local culture by patronizing food markets or food festivals where they can try out different dishes from across the country. All in all, Nigeria's food scene is a must-experience for anyone traveling to the country.
Market prices in Nigeria are dynamic and market-driven. The prices of goods and services are largely influenced by demand and supply dynamics, as well as market competition. When the supply of a particular good or service is high, it is likely that the price will be relatively lower. On the other hand, when the demand for a particular good or service is high, it is likely that the price will increase.
However, market prices in Nigeria are not only influenced by demand and supply dynamics. They are also influenced by other factors such as inflation, exchange rates, government policies, and the cost of production. Inflation, for instance, tends to increase market prices because it reduces the purchasing power of the currency. Exchange rates can also have a significant impact on market prices, especially for goods that are imported. Similarly, government policies such as taxes and tariffs can affect the cost of production and hence influence market prices.
If you're interested in exploring Nigeria's major cities, taxis are a popular form of transportation. In Lagos for example, there are plenty of taxis to choose from, including yellow cabs that are easy to spot. You can hail one down on the street or use an app to book a ride. However, be aware that traffic in Lagos can be chaotic and unpredictable, so allow plenty of time for your journey.
Another option for exploring Nigeria is car rental. This is ideal if you plan to travel outside of the major cities and want more flexibility during your trip. You'll need a valid driver's license and may need to obtain an international driving permit. It's also important to note that Nigeria drives on the right side of the road, so take extra care if you're not used to this. Overall, renting a car in Nigeria is a great way to see the country at your own pace and get off the beaten track.
Utilities Per Month prices
For travelers visiting Nigeria, it's important to note that utilities costs can be quite high in comparison to other countries. The cost of electricity, water, and gas can vary greatly depending on the region you're visiting and the time of year. Additionally, many areas may experience power outages, which can impact these costs and cause additional expenses if you need to rely on backup generators or alternative sources of power.
One factor that affects utilities costs in Nigeria is the country's reliance on imported oil and gas. This can make the prices of these utilities more volatile and subject to fluctuation based on global market conditions. Additionally, many Nigerians rely on generators for their power supply, which can increase costs for everyone due to high fuel prices. To reduce your utilities costs while traveling in Nigeria, consider staying in accommodations that have alternative sources of power or energy-efficient features, and be mindful of your usage to avoid unnecessary expenses.
Sports And Leisure prices
Sports and leisure in Nigeria are a great way to experience the country's cultural richness. Football is Nigeria's most popular sport, with the national team, nicknamed the Super Eagles, having won the Africa Cup of Nations three times. Visitors can watch a live football match at one of the many football stadiums around the country, where the atmosphere is electric and the passion of the fans is infectious. In addition to football, other popular sports include basketball, athletics, boxing, and wrestling. Many leisure activities are also available, such as visiting beaches, parks, museums, and art galleries.
In recent years, Nigeria has become a hub for adventure activities. One such activity is hiking on some of the country's picturesque mountains, such as the Obudu Mountain Resort. Visitors can go on a horseback safari, take a boat ride, or even skydive over the Nigerian landscape. Yankari National Park is a vast reserve filled with wildlife, where visitors can go on a safari and see animals such as elephants, lions, and baboons. For those seeking relaxation, Nigeria's numerous beach resorts are perfect for unwinding and enjoying the scenic beauty of the coastline. With so much to see and do, travelers will have an unforgettable experience exploring the sports and leisure activities in Nigeria.
Salaries And Financing prices
If you're traveling to Nigeria for work, you may be curious about salaries and financing in the country. Salaries in Nigeria can vary widely depending on the industry and location, but they are generally lower than in many other parts of the world. However, the cost of living in Nigeria is also generally lower than in other countries, so your salary may be able to stretch further.
Financing in Nigeria can be a bit tricky for foreigners, as the country has some unique financial challenges. For example, it can be tough to get a loan without a Nigerian guarantor. However, there are also many banks and financial institutions in the country that can help you with your financing needs. Additionally, it's important to be aware of the currency exchange rate when you're in Nigeria, as this can have a big impact on your finances if you're earning and spending in different currencies.
Childcare costs in Nigeria can be challenging for families, particularly when it comes to schooling and Kindergarten. Many schools and Kindergartens charge high fees that only a small percentage of Nigerians can afford. Despite this, many parents are willing to invest in their child's education and pay for quality childcare services, as education is seen as a significant stepping stone towards upward social mobility and financial stability.
The high cost of childcare in Nigeria can be attributed to several factors, including the cost of facilities, salaries paid to teachers and support staff, and the increasing demand for quality education. It's not uncommon for schools and Kindergartens to offer a range of extracurricular activities such as sports, music lessons, and language classes, all of which contribute to the high cost of childcare. Despite the challenges, many Nigerian families continue to prioritize their child's education, often making significant sacrifices to ensure their children receive the best possible start in life.
Clothing And Shoes prices
In Nigeria, the prices of clothing and shoes can vary greatly depending on where you shop and what brands you're looking for. If you're on a tight budget, there are numerous street markets throughout the country where you can find affordable clothing and footwear. However, if you're in search of high-end fashion, there are also several upscale shopping malls and boutiques that offer designer options. From traditional Nigerian attire to international fashion brands, there is something for everyone when it comes to clothing and shoe shopping in Nigeria.
If you're looking to buy clothing and shoes in Nigeria, there are a variety of places to check out. Online shopping has become increasingly popular in recent years, with many websites offering a wide range of fashion options. For those who prefer to shop in person, there are countless shops and department stores located throughout the country. Lagos, Nigeria's largest city, is particularly well-known for its shopping, with several malls and markets offering an array of fashionable clothing and footwear. Regardless of where you choose to shop, it's important to keep in mind that haggling is a common practice, so don't be afraid to barter for a better deal!
Rent Per Month prices
Short-term rental options in Nigeria are diverse and available in various cities across the country. In Lagos, for example, there are numerous furnished apartments and guesthouses that are ideal for people who need accommodation for just a few days or weeks. These apartments offer amenities such as Wi-Fi, cable TV, and air conditioning. Other cities such as Abuja and Port Harcourt also have similar options for short-term stays. There are also serviced apartments and hotels that offer short-term rentals for business travelers.
The prices of short-term rentals in Nigeria vary depending on the location, the type of accommodation, and the services offered. However, it is generally more affordable than long-term rentals. For example, if you need a place to stay for a week or a few days, short-term rentals can be a cost-effective option compared to paying for a whole apartment. It also offers more flexibility and freedom in terms of moving around and exploring different parts of the city. Therefore, short-term rentals in Nigeria are ideal for people who need a temporary place to stay without the financial commitment of a long-term rental contract.
Buy Apartment prices
Real estate buying options in Nigeria are diverse and dependent on one's budget, preferences, and location. There are several options available ranging from low-cost, mid-range and high-end properties. The low-cost properties are often found in the outskirts of the city while the high-end properties are found in the city centers and exclusive neighborhoods. There are also options for shared ownership, rent-to-own, and leasehold services which provide alternative buying options for those on a budget.
In terms of prices, real estate prices in Nigeria vary according to location, quality, and property type. Properties in prime areas like Victoria Island and Ikoyi in Lagos, are generally higher priced than properties in less prime areas. Similarly, brand new properties are generally more expensive than older ones. However, there are affordable options available, especially for those willing to explore the suburbs. Overall, there are diverse options suited for different budgets and preferences.