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Lagos Cost of Living

Lagos Cost of Living

Lagos Cost of living in Nigeria, prices, what it’s like to be an expat, how difficult life is, and how much it costs to live abroad as of October 2022.

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How would you describe the city of Lagos Nigeria Cost of Living?

Lagos is the most populous city in Nigeria and a port.

Nigeria’s most prosperous city, Lagos cost of living, is where the majority of the country’s wealth and economic activity are concentrated. The central business district on Lagos Island, which is characterized by the presence of high rise buildings, continues to house the majority of Lagos’s and Nigeria’s commercial, financial, and business centers.

Nigeria had an inflation rate of 21.09% as of October 2022.

21 million people call Lagos home (metro) (2022 est.)

Expat Life: Nigerians generally welcome foreigners and expatriates with open arms. The standard dress code for expatriates is formal. Typically, this takes the form of separates or suits for women, and suits and ties for men. The risk to foreigners’ safety in Nigeria is high, but it is particularly high in the north. Petty crime, armed crime, carjacking, shootings, bombings, and kidnappings are some of the risks. In the Niger Delta, the risks include kidnappings for ransom, carjackings, armed robberies, and illegal roadblocks. The safety of internal flights is another risk.

Health: Facilities for providing medical care are typically subpar by international standards and in some areas may only be very basic. There are severe tropical diseases like yellow fever, lassa fever, typhoid, and malaria.

See Nigeria for information on other parts of the nation.

Lagos Cost of Living expenses – Why is Lagos so expensive?

How much does it cost to live in Lagos? – Nigeria Cost of living

With an overall Cost of Living Index (COLI) of 74.14 (New York =100) for all 13 basket groupings as of October 2022, Lagos has a high cost of living compared to other places in the globe. In order to compare the costs of 13 different baskets across 780 different worldwide locales, we gathered prices for the identical products from around the world based on Expat spending norms in or nearest to the location. The corresponding food prices in Lagos for each basket, in comparison to New York, is as follows:

1) Alcohol and/or Tobacco: Food Prices in Lagos for things like beer, spirits, wine, and tobacco-related goods like cigarettes are on the average. In New York, a basket worth $1000 costs $830. A midrange bottle of wine costs $9.83 on average in stores, while a pack of 20 cigarettes costs $1.55 and a 500ml bottle of domestic or local beer costs $1.14.

2) Clothing: Items like business, casual, and children’s clothing and footwear are inexpensive. In New York, a basket worth USD $1,000 costs USD $650. A medium-size international summer clothing from a worldwide chain retailer costs USD$24, a pair of high-quality international running shoes costs USD$54, and men’s leather shoes appropriate for the office cost USD$60.

Lagos Cost of Living – How Much is Rent in Lagos Nigeria

3) Communication: Prices for things like home phone rental, internet access, mobile service provider rates, and data fees are on the average. In New York, a basket that costs $200 USD costs $204 USD. The average cost of a typical monthly internet connection is $40 USD, while the average mobile rate is $0.05 USD per minute.

4) Education: Prices for things like creche/pre-school fees, primary school costs, high school fees, and tertiary study prices are on par with the national average. In New York, a basket worth USD$30,000 costs USD$27900. For primary school and high school, respectively, the average yearly private international school tuition is USD$18,201 and USD$20,255, respectively.

5) Furniture and Appliances: Prices for furniture and appliances such as sofas, home entertainment systems, kitchen appliances, and dining tables and chairs are average. In New York, a basket worth USD 2,500 costs USD 2100. The average cost of a 6 kg front loading washing machine is US$703, while a 46+” LED UHD TV is US$603.

Food Prices in Lagos

6) Groceries: With Lagos Cost of Living, Items like consumables, cleaning supplies, dairy, fresh fruit and veggies, everyday food items, snacks, and soft drinks are expensive. In New York, a basket costing $1,000 costs $810. A major international retailer charges an average of USD$3.71 for 1 kg of apples, USD$2.84 for 1 kg of oranges, USD$1.13 for 1 kg of potatoes, USD$2.17 for 1 kg of boneless, skinless chicken breast, USD$5.61 for 1 kg of cheddar cheese, USD$1.82 for 12 large eggs, USD$1.24 for a 500g loaf of white bread, USD$3.22 for 1 L of full cream milk, and USD$0.56 for 1.5 L of water.

7) Healthcare: The cost of non-prescription medication, general healthcare, doctor visits, hospital stays, and medical insurance is considerable. In New York, a basket worth $1000 costs $930. Average private practice medical expense A private hospital stay, which includes nursing care, drugs, diagnostic tests, food, and related charges, costs USD$2,328 per day for an uninsured patient and USD$76 for a doctor visit.

8) Household Accommodation: Prices for things like rent for an apartment or a house, buying a piece of property, paying a mortgage, and utilities are high. In New York, a basket worth USD $5,000 costs USD $3,150. Average monthly expatriate housing costs, excluding utilities, for a safe, upscale, unfurnished apartment with three bedrooms are USD$3,792 in the city and USD$2,311 in the suburbs.

9) Miscellaneous: Prices for products like postage stamps, dry cleaning, linen, magazines, and newspapers are average. In New York, a basket that costs USD $500 costs USD $380. An international newspaper costs USD$2.28 whereas a single men’s two-piece suit costs USD$7.39 on average for dry cleaning.

10) Personal Care: The cost of commodities like cosmetics, hair products, and toiletries is extremely high. In New York, a basket that costs USD $500 costs USD $715. Men’s haircuts and blowouts typically cost USD$57, while medium-length women’s haircuts, colors, and blowouts cost USD$286.

11) Recreation & Culture: The price of things like books, movie, sporting, and theater tickets are high. In New York, a basket that costs USD $500 costs USD $425. For one adult, the average cost of an international health, recreation, or sports club membership is USD$49 per month, and the average cost of a latest release international movie ticket (average of on and off peak, when applicable) is USD$8.19.

12) Restaurants, take-out meals, and hotels: Prices for goods like hotel daily room rates, meals and drinks at restaurants, and food and drinks ordered for delivery are all about average. In New York, a basket worth USD $1,000 costs USD $470. Coke/Pepsi (330ml) costs $0.43, a burger lunch from an international brand or something similar costs $7.53, and a mid-range international restaurant meal for two costs USD$39.30 on average.

Lagos Cost of Living – Markets Transportation Utilities

13) Transportation: Prices for things like gasoline (petrol), car rentals, public transportation, and vehicle purchases and maintenance are reasonable. In New York, a basket worth USD $1,000 costs USD $610. The benchmark automobile sedan purchase price including taxes/duties for a compact/small/economy vehicle (1.4 L) is USD$17,636 whereas the average price over the past year for the highest available octane gasoline/gasoline (1L) is USD$0.37.

How much does it cost to live in Lagos in comparison?

Lagos is 96.3% more expensive than Kuala Lumpur for home expenses, 13.6% more expensive than Houston, Texas, for groceries, and 7.2% more expensive than Dubai for transportation expenses.

How does Lagos’ quality of life compare to other places?

Lagos is classified as a place with extreme suffering. The hardship premium for an expat moving to Lagos from Perth, for instance, is 20%, or the host location premium of 30% less the home location premium of 10%.

Do you have questions concerning the cost of living, the quality of life, or the pay of foreigners in Lagos? Will you like to benefit as an investor in the Real Estate Sector in Lagos Nigeria? Check out the list of Switchlanes Investment Limited properties you can invest in so you can benefit from the Lagos cost of living in Nigeria, 2022.

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