The cost of living refers to the amount of cash needed to cater to basic expenses, e.g., housing, food, taxes, and healthcare. Numerous people have complained that the cost of living in Nigeria has gone up. This is a global phenomenon that is not exclusive to the country. Many households have had to tighten their monthly budgets to survive.
Compared to a decade ago, the cost of living in Nigeria in 2023 is significantly higher. Things cost more than they did back then, and many families have not experienced an upward change in their monthly or annual income.
Cost of Living in Nigeria
Numerous people have complained about the high cost of living in Nigeria in 2023, but do you know what that means? It means that the amount of money people need to spend on basic goods or services has increased. Many countries are experiencing a higher cost of living post the coronavirus pandemic.
What is the Average Cost of Living in Nigeria?
Below is a breakdown of the cost of living in the country. Note that the figures given are estimates or averages. The exact amount may differ from one location to another. Bear in mind that the cost of living is higher in towns and cities than in rural areas.
The average monthly expense for a family of four is ₦1,109,034, and the average monthly expense for a single person is about ₦310,669 (without rent). Since it is not possible to list the average prices of all household items, only the major ones will be included.
Accommodation/Rent
The amount of rent payable in the country has increased in the last few years due to increased demand. Here are the average prices for various units:
| Unit size | Price in ₦ |
| 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 city centre | 483,100 per square metre |
| Buying an apartment in the outskirts of cities | 199,700 per square metre |
Food Prices in Nigeria
Increased food prices are one of the most pressing issues in the country in 2023. Here is a breakdown of the average cost of food items:
| Food item | Price in ₦ |
| 1 meal in an inexpensive restaurant | 1,500 |
| 3-course meal for 2 in a mid-range restaurant | 20,000 |
| Combo meal at McDonald's/KFC | 3,000 |
| 1 litre of regular milk | 1,585 |
| 500g fresh white bread | 778 |
| 1kg white rice | 1,272 |
| 1 dozen regular eggs | 1,049 |
| 1kg local cheese | 2,499 |
| 1kg chicken fillet | 2,671 |
| 1kg beef | 2,991 |
| 1kg apples | 1,945 |
| 1kg ripe bananas | 1,226 |
| 1kg oranges | 992 |
| 1kg tomatoes | 1,217 |
| 1kg potatoes | 1,298 |
| 1kg onions | 772 |
| 1 head lettuce | 594 |
| 1.5 litre drinking water | 249 |
| 1 mid-range bottle of wine | 3,000 |
| 1 domestic beer (0.5 litres) | 490 |
| Imported beer (0.33 litres) | 644 |
| 20-pack cigarettes | 750 |
Transportation
Numerous Nigerians use public means to commute from one point to another. Some, especially the middle class, have purchased small cars to facilitate easier movement. Here’s a look at transportation costs:
| Means | Price in ₦ |
| One-way local transport ticket | 370 |
| Monthly bus pass | 15,850 |
| 1km on a taxi (regular tariff) | 1,000 |
| Taxi 1 hour waiting (normal tariff) | 2
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