Cost of living in Lagos
Lagos, the bustling economic hub of Nigeria, is a city known for its vibrant culture and dynamic lifestyle. Understanding the cost of living in Lagos is crucial for both residents and newcomers, as it encompasses various aspects such as housing, transportation, and daily expenses.
In this guide, we provide a detailed breakdown of the cost of living in Lagos for 2024, offering insights into what you can expect to spend on essential items and services.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $2.8 on average, with a range between $1.31 and $6.79.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $48.97, with prices ranging from $32.65 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 $1.52 and $4 per liter, averaging $2.62.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $0.77 and $2.18, with an average price of $1.47.
- 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 between $0.65 and $1, with a monthly pass priced between $27.15 and $100.
- Fuel (Gasoline) - Gasoline is priced between $0.4 and $0.82 per liter.
- Taxi Fares - Taxi fares start at $0.96, 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 ranges from $259.58 to $1953.33, averaging $954.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $136.52 to $911.49, averaging $474.61.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $645.16 to $4557.47, averaging $2128.35.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $301.08 to $3253.91, averaging $1188.71.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre ranges from $1200 to $1444.63, averaging $1322.32.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter ranges from $119.33 to $500, averaging $252.3.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $28.91 and $65.03, averaging $39.53.
- Internet - Internet services range from $26.46 to $65.24, with an average cost of $40.12.
Cost of Living Rankings
Lagos ranks 1st on the Cost of Living rankings in Nigeria. 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.
Cost of Living Data
Restaurants
Restaurants
Markets
Markets
Transportation
Transportation
Rent Per Month
Rent Per Month
Utilities (Monthly)
Utilities (Monthly)
Sports And Leisure
Sports And Leisure
Clothing And Shoes
Clothing And Shoes
Buy Apartment Price
Buy Apartment Price
Salaries And Financing
Salaries And Financing
Childcare
Childcare
"Key Takeaways"
Lagos offers a relatively affordable cost of living compared to many global cities, particularly in terms of dining and local transportation.
Housing costs can vary significantly depending on the location, with city centre apartments being more expensive.
Grocery prices are moderate, but imported goods can be pricier.
Utilities and internet services are reasonably priced, making it easier to manage monthly expenses.
Conclusion
In conclusion, Lagos presents a diverse cost of living landscape, with affordable options for dining and transportation.
While housing in the city centre can be costly, there are more budget-friendly options available outside the centre.
Overall, Lagos provides a balanced mix of affordability and quality of life, making it an attractive option for both locals and expatriates.