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

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/ @thenigeriannomad
I just wanted to shoot a detailed video on the cost of living in Lagos, Nigeria.
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[@fredrickode]

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

[@thenigeriannomad]

oooh woow cool! I am glad it helped

[@taiwoidowu2854]

Don't. Nothing to write home about.

[@laisoetan]

@@taiwoidowu2854 please let's not project personal fears nor distaste unto others. 🙏🏾

[@RandomMZ1412]

Is personal family different from family?

[@penguinesmatt]

@@taiwoidowu2854his life is different from yours, stop putting mouth where you know nothing about. Focus on your life

[@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.

[@msbeau5341]

1.1 million a month of living expense a month is not frugal living bro😁

[@ednutowaoa]

Frugal according to who? What is your frugal also?

[@eo9572]

@@msbeau5341it’s frugal for the average diasporan who return to Nigeria especially if the person has lived in the western world.

[@nourishbmercy2148]

We need more information jor. Single brotherhood or sisterhood 🤓

[@ednutowaoa]

Lol what more information is needed?

[@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.

[@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 !

[@yetundeAdesoji8265]

Yess we are in Nigeria and A LOT of people don't know ow at all. It seems its most of us in the abroad that see the opportunities which needs to be plugged into in Nigeria

[@SonofthewindsInc]

@@yetundeAdesoji8265 I see things in Numbers to quantify possibilities with the basics of Life starting with Population size, nationally, then drilling down state by state looking at basic needs...food, electricity, water and Transportation..etc

[@omokaroojiire]

Just take your own security in consideration, before plunging in.

[@SonofthewindsInc]

@@omokaroojiire I know, I know...same ol same ol...Nigeria !b lol

[@EE-px3me]

I don't see any Gold Mine in nigeria even tho I live in Germany.

[@chuckolu4394]

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.

[@thenigeriannomad]

Thank you for your kind words! It’s great to hear you’re considering moving back to Nigeria after retirement. Wishing you the best with your plans, and feel free to reach out if you have any questions about the transition! 😊

[@anthonynwadei]

The figures appear somewhat understated. I think every thing costs a lot more in Lagos, particularly in the Island. Service charge, electricity, internet, and other costs are a lot higher than your figures. You need to apply a 2.5 factor on most of your figures to be up to date.

[@aeafilmsuk]

Thanks Bayo. Moving in October and this is necessary!

[@thenigeriannomad]

You're welcome! Good luck with the move in October-glad this was helpful!

[@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.

[@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.

[@Freesmszone]

You duaghter not wanting to come has to do with , how the media potrays Africa in general, if you can fix that mindset, she'll gladly be the first to start packing, meanwhile, how often do you visit Nigeria with her and stay minimum of 2 months? (meanwhile, don't force her) Before you move back permanently , try at least once in every 2yrs to take her visit Nigeria and experience pure fun and lovely people during her holiday, she will be he one asking , Mummy, when are we going back. Many diasporan children are trapped in western countries cos travelling is expensive and the only good thing they know about Nigeria is Afrobeats and Funny Skits, The younger teens are taking Afrobeats seriously cos they can't go to non black clubs without being denied entry but Afrobeat clubs are welcoming , hence they realise, they have a connection to their Motherland. I have already typed an epistle😅😅😅, You next question would be, how do i fix this and make her come along?

[@viralcommentaries]

Check deeper life secondary school. They produce topnotch students. Catholic schools are also great. Most Nigerian school kids out compete anywhere abroad. Secondary school isn't even a challenge.

[@Freesmszone]

@@viralcommentaries not the boarding schools you know in the 70s,80s and late 90s.😁

[@omokaroojiire]

​@@viralcommentaries Is her daughter ready for that type of educational system? I doubt they use the multiple choice style of assessment!

[@OnomeOStevens]

@@viralcommentaries Thank you

[@beulahland12]

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

[@thenigeriannomad]

You are very welcome! stay tuned for more content

[@beulahland12]

@@thenigeriannomad My DNA is 47.9 Nigerian, so it means I’m coming home.

[@thenigeriannomad]

@@beulahland12 WOW. Welcome home ooh :)

[@beulahland12]

@@thenigeriannomad Thanks🔥🔥🔥🔥🔥🔥🔥💚

[@gwendolynfarrulla2430]

Thank you soooooooooooo much

[@Neo2LibraComplexity]

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

[@thenigeriannomad]

Sure. Hook me up with one and i will review it :)

[@jamesballard6564]

Another question is how much would it cost all in to import a car from the US.

[@thenigeriannomad]

@@jamesballard6564 I'm not sure of this one

[@emmanuelokonta1241]

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

[@thenigeriannomad]

Thank you so much ooooh! 100k would be a dream! Are you subscribed yet ?

[@Laygos]

Great Analysis. In line with current pricing.

[@thenigeriannomad]

Thank you!

[@user-yz8jj2gu7h]

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

[@thenigeriannomad]

Awesome! Thanks for the advice

[@maryagbeke1250]

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

[@thenigeriannomad]

Glad it was helpful!

[@tomgriffiths1248]

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

[@thenigeriannomad]

My pleasure

[@wale4862]

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

[@thenigeriannomad]

Thank you and sure. send me a longer list and i will do a part two video.

[@thenigerianfile]

Thank you and well done.

[@thenigeriannomad]

Thanks for watching!

[@igecaroline]

Thanks for this post!!

[@thenigeriannomad]

You are very welcome! Thanks for watching :)

[@realisrare-s3o]

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

[@nmanwanyi1]

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

[@thenigeriannomad]

You're absolutely right, grocery costs have been rising everywhere

[@abdulidi733]

This is wonderful I appreciate the research you did❤❤

[@thenigeriannomad]

Glad you enjoyed it!

[@PolishingYourEnglish]

Your estimates for both mainland and island are off the mark for food(grocery, foodstuff, moderate drinks etc) --in this ruthless Tinubu era! Thanks all the same!

[@thenigeriannomad]

Good point! Stay tuned for more

[@virtualcreativecollaborations]

♥️ Thanking You For This Vital Content ♥️ Beautiful Blessings

[@thenigeriannomad]

You're very welcome

[@tawfeeq131]

Thanks for sharing sir, this will help me tremendously once I place my feet on the ground. By the way I'm still waiting on your call.... Take care.

[@chrisola6460]

Bayo my bro, this clip is very informative. I like your adaptation nature. I have been following your Farm and Estate project for sometime 👊🏽 View from 🇬🇧

[@thenigeriannomad]

Much appreciated. Thank you! :)

[@KazeemAmao-qw4lb]

Keep up the good job🎉

[@thenigeriannomad]

Thankyou so much

[@pismoman1]

Very informative. Thank you!

[@thenigeriannomad]

You are very welcome! Thanks for watching

[@europeanpatriot21]

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.

[@Frederick-765]

200 USD in nigeria is not the average. Many people make under 100 USD. People live very simple lives in nigeria. There is an economic crisis in nigeria, many people cannot afford rent, electricity or food.

[@samsonakala]

To give you a perspective, you can rent a 2 bedroom flat in some parts of Lagos for around $300 a YEAR not a month. Also, food monthly can cost a bout $40 upwards, depending on you. So you see how it is in Nigeria.

[@dadakeshinro6749]

Nigeria is a special case. Why? The country is loaded with sufficiently insolent very lazy youths that get their priority wrong. What is wrong with them not engaging with farming. I remember vividly one time on vacation there one former Governor of Ogun-state imported tractors and farming tools and appealing to these so-called youths. The White people don't eat our yam, plantain, tomatoes, vegetables etc. Yet the price has skyrocketed left, right and centre. Government has little to do with the holistic issue 🙄 I am well travelled across the globe to access other youths mentality. Nigeria orientation is very dysfunctional, they like shortcuts in their lives. I think Fanon, Jefferson and Lincoln are probably right ✅️ about race issues 🤔

[@africanstar5814]

Good question, if the average wage is $200 a month based on IMF (it's more like 100-150) and average cost of living monthly (excluding rent) is $400, who do ppl cope. That's why corruption is very very high, ppl have to device ways to make money to survive. The system is set up for corruption to thrive.

[@gwendolynfarrulla2430]

​@@Frederick-765sad

[@igecaroline]

Bayo how about a post on the best and most powerful and reliable WIFI in Nigeria ?

[@thenigeriannomad]

Thanks for the suggestion! I’ll look into it and share some tips soon :)

[@anwunaayedun-aluma3749]

Right now, #1.5 million is about $1000. That is where you talked about housing.

[@jamesballard6564]

It's now 1.7 a month later. Crazy times!

[@tabitha8342]

Thank you❤

[@thenigeriannomad]

You're welcome 😊

[@gwendolynfarrulla2430]

How much is a three bedroom two story detached house to build on your own land. Iveill be working with a limited amount of money. Coming from USA Georgia cant wait to get there in the next three ti five months

[@benjamintosin5576]

Please can you do schools (primary, and secondary, adter school lessons) for the kids?

[@thenigeriannomad]

@@benjamintosin5576 sure

[@christophetheys1451]

How much is a good starting pocket money in Euros or Nairas if you want to go on a 2 full weeks holiday in Lagos and you can stay with a friend there? (No hotel costs)

[@thenigeriannomad]

$700 ish

[@KingsleyMaduka-v1e]

Nawaooo...and my salary is ₦380k. How am I gonna cope ?

[@OpeyemiAjayi-cn8pg]

Abeg can I get house of 300k per year in Ikeja. I'm a small boy biko. Even a student who hustles...

[@brainbox7807]

This is a good update but some important stuff needs to be mentioned. Lagos is a safe place to live if you were born there or have lived there before for some years. Even if you are new to the city, you need trusted friends who are always ready to guide you. It's unfortunate to think you have to be loaded with Dollars to thrive in Lagos. One can dress simply and go to buy goat or ram in the market. You can also go to the market for other needs - there are many clean ones. Don't be afraid of some people bumping on you. It's part of our culture. They will tell you, brother, sorry. They mean no harm and are not crooks or dishonest. It is energy, excitement and human interaction, lacking in other climes - that's who we are. It is this stupid narrative from some countries that the Diaspora put in their heads that drives panic and fear.

[@thenigeriannomad]

Thanks for chiming in and I appreciate your comments. Keep in mind this is purely a cost of living video.

[@omokaroojiire]

Very informative! What's your consultation fee?

[@thenigeriannomad]

Thank-you! My consultation fee is $99. Visit consultwithbayo.com to book.

[@omokaroojiire]

@@thenigeriannomad Thanks!

[@berlawberlaw1025]

If I were Nigerian. I would retire there.

[@thenigeriannomad]

ooh very cool!

[@YT-xk5jl]

You colonizers are not wanted in any part of Africa. Get lost

[@reneeezealor4811]

I’m not Nigerian and I plan to retire there . Go for it !!! Open a business

[@Naija4K]

This is way too low sir. People coming from the abroad need to budget $25,000 annually for a family of 4 if they want to stay in the Island, which they will all prefer.

[@thenigeriannomad]

Thanks for chiming in. I do need a favor from you. Please. i would recommend you go back to watch my video to the end and use a calculator this time :) multiply the monthly cost X 12

[@Naija4K]

You said $18,000 - $24,000. I would say minimum $25,000. You can get away with less if you know ppl and have local contacts etc. I would tell a person relocating to have $25,000 x 3 to thrive for 3 years because that is how long it can take them to really get things going strong.

[@thenigeriannomad]

@@Naija4K you just changed your comment to 25k .

[@Laygos]

No way do you need 25 thousand dollars, that's only if you want to spend that much. And so many people moving back usually buy or build their own property anyway...at least they eventually do so.

[@Naija4K]

Yes it was a typo on my phone I edited it immediately but it probably posted after you commented.

[@Mzkat54]

Nanny/House help- Are the requirements for an educated house help differ from a non-educated help?

[@thenigeriannomad]

yes. an educated nanny has a college degree. An uneducated one might just have a high school diploma or no formal education. An educated one will be able to help your kids with homework and such.

[@waterfall6042]

You forgot the fuel cost for the generators that are everywhere...

[@thenigeriannomad]

This is included in cost of electricity

[@olugbengaola39]

The electricity is more steady now! You hardly have any more need for a generator.

[@TheChariot99]

Lagos Mainland is very affordable. Island is a different story 😬

[@thenigeriannomad]

it can be.

[@nourishbmercy2148]

Pls be careful with live-in house gerl or house boi o

[@jamesballard6564]

😂😂😂

[@thenigeriannomad]

Yes ooh

[@hopemorrison2367]

Hey Bayo do you have another chanel

[@thenigeriannomad]

not an active one. no

[@hopemorrison2367]

Ok​@@thenigeriannomad

[@bolasalak7360]

Dear Mr. Bayo while I really appreciate your efforts in putting together this information but I think there is a missing link otherwise it may lead to misinformation and misinterpretation. I think it would have been appropriate if you state it at the beginning that this information is for those in upper middle class or diaspora planning to relocate back home and should not be interpreted as for ordinary Lagosian whose total annual income without deduction hardly add up to N500,000 per annum which was a confirmation from the reports that says 90% of Nigerians has less than N500,000 in their bank accounts.

[@thenigeriannomad]

Thanks for chiming in and contributing. I think you are mixing up cost of living with Income. , Cost of living in Nigeria is way higher than what people are earning on their jobs. This is a problem. but it doesnt negate the fact that If someone has a family of 4 and what to live a comfortable lifestyle in lagos, this is what I believe they would need. whether they are diaspora or local.it doesn't matter. Lifestyle also plays a big role.

[@JoshNtheedrifter]

I was interested until the security part was brought up... That's kind of scary to have to hire armed men just to protect your family... So the police there is spotty or what?

[@godsfavour1491]

Waaaaoooo how are people survive even in mainland

[@thenigeriannomad]

It's really not easy

[@deeteespiritsoul5890]

Great information. Thank you. Please check your emails. 🙏🏾

[@thenigeriannomad]

Thankyou so much!

[@maryagbeke1250]

You have not mentioned the cost of petroleum for generator 😂😂😂

[@thenigeriannomad]

LOL

[@Johnmarvin-s3p]

Bayo if somebody have a rental property in Nigeria . When is someone allowed to increase the rent ? Can it be done every year as it is done here in the United States?

[@thenigeriannomad]

I am not sure what is the legal thing to do but people do increase rent when inflation is high. I think it is a case by case basis and yoru relationship with the tenant

[@Arrce_Ideas]

For one person how much cost in Nigeria en American dollars

[@Freesmszone]

Please, if you are a Nigerian in Diaspora, please don't do this, even if you do, the exchange rate is nothing, just make sure they take care of the property well, make up an agreement of non increase in rent for them repainting, on- time payment(no story) and taking care of your property yearly. If you increase the rent without any maintenance plan like many Diasporans do, you'll become a Slum-Landlord and trust me, your tenant will practically misuse and destroy your property, hence reduce market value.

[@localjess838]

​@@Arrce_Ideasit depends. With $1-2k a year,you can get a good rental in Nigeria. Ibadan, Enugu town can give you luxury at lower costs.

[@hopemorrison2367]

I can hardly hear you clearly

[@thenigeriannomad]

chai. sorry. i dhot this with my phone and the audio is not sharp. Can you increase the volume all the way. ha

[@hopemorrison2367]

​@thenigeriannomad I did but it has a muffled sound not like your normal videos where the sound is sharp

[@alaa-eldin_hamdan]

Your missionaries benefactors have a lot of corned beef and tuna cans to help with inflation. Isn’t that how they converted you to the three in one religion?

[@PolishingYourEnglish]

Your estimates for both mainland and island are off the mark for food(grocery, foodstuff, moderate drinks etc) --in this ruthless Tinubu era! Thanks all the same!

[@thenigeriannomad]

okay. please do us a favor and share the accurate amounts :)