Cost of living in Akure
Akure, the capital city of Ondo State in Nigeria, offers a unique blend of cultural heritage and modern living. Understanding the cost of living in Akure is crucial for both residents and newcomers, as it helps in budgeting and financial planning.
This guide provides a detailed breakdown of various expenses in Akure, including dining, groceries, transportation, housing, and utilities, to give you a comprehensive view of what to expect financially in 2024.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $1.36 on average, with a range between $0.72 and $6.79.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $16.01, with prices ranging from $16.01 to $88.77.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $6.99, with a range between $5.33 and $10.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $0.61 to $2, imported beer $1.03 to $2.66, cappuccino $1 to $3.99, and Coke/Pepsi $0.3 to $0.65.
Grocery Prices
- Milk - Milk is priced between $1.2 and $4 per liter, averaging $1.94.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $0.35 and $2.18, with an average price of $0.92.
- Eggs (Dozen) - A dozen eggs range from $1.22 to $3.34, averaging $2.06.
- Fruits (e.g., Apples, Oranges) - Apples cost $1.33 to $6.45 per kg, while oranges range from $0.38 to $7.63 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes are priced between $0.76 and $3.95 per kg, and lettuce costs $0.39 to $4.36 per head.
Transportation
- Public Transport (One-Way Ticket) - A one-way local transport ticket costs approximately $0.24.
- Fuel (Gasoline) - Gasoline is priced between $0.4 and $0.82 per liter.
- Taxi Fares - Taxi fares start at $1.22, with a cost of $1.03 to $2.72 per km and $3.6 to $7.87 per hour of waiting.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre averages $361.32.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent averages $240.88.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre averages $602.21.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent averages $481.77.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $20.01 and $65.03, averaging $20.01.
- Internet - Internet services range from $16.01 to $65.24, with an average cost of $16.01.
Cost of Living Rankings
The cost of living indices for Nigeria are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in Nigeria, covering factors like consumer goods, rent, and purchasing power.
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"Key Takeaways"
Akure offers a relatively affordable cost of living compared to many other cities. Dining out is inexpensive, with casual meals costing as low as $0.72.
Grocery prices are moderate, though some items like imported goods can be pricier. Transportation is very affordable, especially public transport.
Housing costs are reasonable, particularly outside the city centre, making it a viable option for those looking to save on rent.
Conclusion
In conclusion, Akure presents a cost-effective living environment with affordable dining, transportation, and housing options.
While some imported goods and utilities may be on the higher side, the overall cost of living remains manageable, making Akure an attractive option for both locals and expatriates.