In comparison to a decade ago, the cost of living in Nigeria has significantly increased in 2023. Basic goods and services now come at a higher price, and unfortunately, many families have not witnessed a corresponding rise in their monthly or annual income.
The current high cost of living in Nigeria, frequently discussed by numerous individuals, signifies the increased expenditure required for essential goods and services. This phenomenon is not unique to Nigeria alone, as many countries worldwide are grappling with a post-pandemic surge in living expenses.
So, what is the average cost of living in Nigeria? Let’s delve into a breakdown of the estimated costs. It is important to note that these figures are averages and may vary depending on specific locations. Additionally, the cost of living tends to be higher in urban areas compared to rural regions. For a family of four, the average monthly expenses amount to ₦1,109,034, while for a single person, it hovers around ₦310,669 (excluding rent).
While it would be impractical to provide average prices for all household items, we will focus on major expenses. Accommodation and rent, for instance, have seen significant increases in recent years due to heightened demand. Here are the average prices for various housing units:
- 1-bedroom unit in the city centre: ₦457,453 per month
- 1-bedroom unit in the outskirts of cities: ₦298,632 per month
- 3-bedroom unit in the city centre: ₦1,011,162 per month
- 3-bedroom unit in the outskirts of cities: ₦655,833 per month
- Buying an apartment in the city centre: ₦483,100 per square metre
- Buying an apartment in the outskirts of cities: ₦199,700 per square metre
