kelechi 
Are you looking for a House For Rent In Lagos?
Are you or anyone you know thinking of coming to Nigeria, here’s a comprehensive guide for you as a new renter in Nigeria.
House For Rent In Lagos
What is the cost of living in Nigeria in 2024?
Nigeria is a country that has increasingly attracted foreigners seeking quality of life, a mild climate, rich cuisine, and diverse culture.
However, one of the main concerns of those planning to move in here is the cost of living.
House For Rent In Surulere Lagos
What is the average cost of rent, food, transportation, and other expenses?
What is the minimum wage in Nigeria in 2024? How can currency market volatility affect your financial planning?
In this article, I will answer these questions and offer tips for those planning to move to Nigeria in 2024 and beyond.
[Related Article] Apartment For Rent In Lagos: Fresh On The Mind Simple Guide To Naming Apartment Buildings
House For Rent In Lagos Mainland
What is the cost of living in Nigeria and how is it calculated?
The cost of living in Nigeria varies depending on the city, lifestyle, and consumer profile.
For example, Lagos and Abuja, the two popular cities in the country, are more expensive than other smaller cities.
Lifestyle also influences the cost of living:
Those who like to eat out or go to clubs, for example, may spend more than those who prefer to cook at home and enjoy free programs.
To calculate the cost of living in Nigeria, you need to consider several factors, such as rent, food, transport, leisure, health, education, and taxes.
According to the Numbeo website, one of the most reliable sources for comparing the costs of different cities around the world, the cost of living in Nigeria is 58.5% cheaper than in the United States. Rent in Nigeria is, on average, 48.6% lower than in the United States.
Tips for planning your budget for Nigeria
To plan your budget for Nigeria, it is important to take into account the following factors:
Housing costs:
Rent varies depending on the city and location. In Lagos, for example, you can find apartments for N500,000 per year in more remote areas, while in central areas the prices can exceed N5,000,000. In Abuja, rent is slightly cheaper than in Lagos.
Food:
In Nigeria, you can find affordable supermarkets, such as ShopRite, Spar (Park N Shop), Ebano, Globus, and many others. The average cost of a meal in a popular restaurant is N10,000.
Transportation:
In Lagos, you can use the BRT card to pay for bus, metro, and train tickets. The average cost is N1000 per trip. In Abuja, the taxis are mostly Uber and Bolt, and some government buses are used for transportation. In all, it is more advanced for you to budget on using Uber or Bold for your transportation in and around Lagos State. It is more convenient though you will have to pay a little more than using BRT or other public transportation systems.
Leisure:
There are several free leisure options in Nigeria, such as museums, parks, and beaches. Some paid activities, such as cinema and theater, can be more expensive.
Healthcare:
In Nigeria, the healthcare system is public and made affordable for residents. However, it is possible to opt for private health outlets to have access to faster and more exclusive services.
Cost analysis of major cities
To help with financial planning for those who are thinking of moving to Nigeria in 2024, it is important to understand how the cost of living varies in different cities in the country. Therefore, in this section, we will analyze the costs of the main Nigerian cities, focusing on expenses for housing, food, transportation, health, leisure, and other items.
Cost of living in Nigeria
Lagos
Lagos is the business hub of Nigeria and one of the most popular cities in the country and in the world at large. According to Numbeo, the cost of living in Lagos is 69.3% cheaper than in New York without rent, and rent in Lagos is, on average 77.2% cheaper than in New York.
The average rent in Lagos ranges from N500,000 to N20,000,000 per year, depending on the location and size of the property.
A meal at a popular restaurant cost on average N5,000, and a beer costs around N1,000. Public transport is well-developed and accessible, with the average cost of a trip using the BRT card (Lagos State Transportation) being N1,000.
Abuja
Abuja is the Capital, the second most popular city in Nigeria, and one of the most popular among tourists. According to Numbeo, the cost of living in (restaurant prices) in Abuja is 66.2% cheaper than in New York, and Grocery prices in Abuja are 59.0% cheaper than in West New York, NJ.
The average rent in Abuja ranges from N300,000 to N15,000,000 per year, depending on the location and size of the property. A meal at a popular restaurant cost on average N5,000 and a beer costs around N1,000. Public transport is well-developed and accessible, with the average cost of a trip using the Andante card being N1000.
Others
There are several other cities in Nigeria that offer a more affordable cost of living than the main cities. For example, Port Harcourt, Owerri, and Kano are cities with a lower cost of living than Lagos and Abuja.
What is the minimum wage in Nigeria in 2024?
At the beginning of 2024, the minimum wage in Nigeria increased from 30,000 naira to 70,000 naira. The increase to 70,000 naira was the largest to date. The upward trend of the so-called Guaranteed Minimum Monthly Wage is expected to continue in the coming years.
How can foreign exchange market volatility affect you?
Currency market volatility can significantly affect your financial planning when moving to Nigeria. This is because if you are bringing money from another country, the exchange rate can fluctuate significantly over time.
For example, if you have planned a budget based on a favorable exchange rate, a sudden change could negatively affect your finances.
Conclusion
The cost of living in Nigeria in 2024 can vary depending on several factors, but it is important to do careful financial planning before moving to the country, taking into account expenses for housing, food, transportation, health, leisure, and other items.
Additionally, it is important to be aware of the minimum wage in Nigeria. Currency market volatility can also significantly affect your finances, making it important to look for safe and efficient solutions for making international money transfers.
Want to know more about our real estate news? Click on the newsletter form and take action right now!
