Cost of Living In Lagos Nigeria in 2024( Detailed Monthly Budget )

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I just wanted to shoot a detailed video on the cost of living in Lagos, Nigeria.

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[ednutowaoa]

This is interesting. I'll share mine as a "diasporan" who has been here for long enough to have an informed opinion. I'm 31, single (no relationship) with 0 dependants, live on Lagos Mainland by myself. Excluding annual rent (N2.5M, todays rate of N1600 to $1 = $1562.5), I spend roughly N1.1M (todays rate of N1600 to $1 = $687.5) a month on my living expenses. These living expenses include but are not limited to: My biggest living expense being feeding and tp (public transport and uber is how I get around, no car). After that, it's data (internet), nepa (electricity bill), gym, subscriptions and leisure. On this, I live a frugal but pretty good lifestyle and meet my needs most of the time without having to touch any savings/investments if things come up. Hope someone finds this information useful. Always remember it's about what you keep, not what you make.

[fredrickode]

I needed this video so bad! Plan on bringing my own personal family of 4 to Nigeria within 2-3 years permanently

[OnogureOH]

I really am blessed by this, am currently working on a new business in Nigeria and towards liquidating my assets and relocating my family back home full time.

[chuckolu]

That’s a very nice video about cost of living in Lagos.
I am glad you and your family are enjoying living in Nigeria.
I will like to move back after retirement & Thanks for sharing your video.

[SonofthewindsInc]

Good summary... There is a famous Economist in Nigeria who you should youtube search for and watch...you are on the same lines of analysis.. Rewane is the Financier. Gives economic insights in the Nigerian economy . Got me thinking... the numbers in Nigeria is huge. I am a Data Analyst and started looking at the numbers with regards to demographics by state, Infrastructure, GDP.. we are sitting on a Gold Mine !

[nmanwanyi]

Things are expensive everywhere. We are a family of 4 and every time I buy groceries from Costco, I spend more than $300 bi weekly. Then shopping from the African market is another story. It's very expensive in the US too. When I convert the money to naira, I spend more in the US just for food

[tomgriffiths]

Thank you very much for the video, Bayo. Extremely informative and useful for a personal situation. Much appreciated. 👍

[maryagbeke]

This is a very useful and helpful information for anyone that wants to move to Lagos Nigeria.

[koolightcool]

Heyo Mr Bayo, that is load of informations there.
For those people who are commenting that is too little or far too much. These are rough estimation fro Bayo and base on his own experience. You can chose how you want to live once youre there but trust me I was there few months ago and i was shock on the prices of things and mostly doing shopping on the island for families, we spend 50k for a day cooking including having visitors.

Thanks Bayo for shining light on this.

[yzjjguh]

Invest in lapel mic with good sound quality and use it.

[europeanpatriot]

According to the IMF, the average monthly wage in Nigeria is 200 US dollars. As a European who does not know Nigeria, I would like to know how Nigerians get by on this salary? If you claim that even in the cheap mainland the monthly costs are between 500 and 600 dollars. Greetings from Germany, where inflation in some products is 20%, 50%, 70%. Most pensioners in Germany are fighting for their existence because their pensions are too low. The situation of workers and employees in Germany is not much better either, most people are forced to save everywhere. But these catastrophic conditions can be found all over the world. Greetings.

[emmanuelokonta]

Kudos Bayo! This is very informative. With the quality information you share with us, I am shocked that your subscriptions has not reached 100k.

[beulahland]

Great information for those of us who plan on moving to Nigeria from the US. Thanks❤

[aeafilmsuk]

Thanks Bayo. Moving in October and this is necessary!

[NeoLibraComplexity]

Hey Bayo, can you review Nigerian made cars? A comparison to importing old cars vs buying in the country.

[OnomeOStevens]

Thank you for the enlightened info about the cost of living in Nigeria, I am very interested in returning to Nigeria but my daughter is quite reluctant. Can you make a video about schools pls, mainly good secondary school in my case. Thank you.

[abdulidi]

This is wonderful I appreciate the research you did❤❤

[wale]

Great video bro, but missing something
Health care cost ?
Did you mention school fees ?
We need part 2

[wani]

Bayo very timely video, I’m curious as to what resources helped you when sourcing for housing ! With a budget of 6-9m what are the best places to look for 2-3 bedroom houses on the island ! . Thank you for filling this information gap. ! God bless the fam

[Laygos]

Great Analysis. In line with current pricing.