Costs Of Living in Lagos: All You Need to Know

This post about the cost of living in Lagos Nigeria, aims to be a guide for people who are interested in visiting, moving to Lagos, or researching the living expenses in Lagos

Lagos is one of the most vibrant cities in Africa with many opportunities and challenges, The cost of living in Lagos is one of the most important aspects to consider before concluding on visiting the state. Whether you are an expatriate, visiting for fun, or a Nigerian curious about the associated expenses of living in Lagos. we’ve got you covered.

In this detailed blog post, we will discuss the cost of living in Lagos such as housing, transportation, food, and drinks, and then explore the overall factors that influence those costs.

Factors That Influence the Cost of Living In Lagos

The cost of living in Lagos is largely dependent on many factors such as:

• Location: Location greatly affects the cost of living in Lagos. Areas near the city center and business districts have higher living costs due to demand and convenience. Suburban areas may be cheaper but come with transportation challenges and limited amenities. Infrastructure and neighborhood facilities also impact expenses
• Preferences: Preferences such as lifestyle, Habits, standard of living, and choice of feeding will determine how much you spend while living in Lagos. for example, someone who consumes expensive alcoholic drinks and smokes will spend more than one who doesn’t have such habits.

Basic Living Cost In Lagos

• Food: Food is essential for survival, and what will take the most of your expenses while living in Lagos, Lagos is a semi-fancy and primitive state with various kinds of food, from local food, Intercontinental, fancy restaurants, Local restaurants, and street Food, the feeding option you choose will significantly impact your spending in Lagos.
• Housing: Another essential factor that influences the cost of living in Lagos is the choice of accommodation. these range from different standards, types, and budgets. This includes serviced apartments, Hotels, and rented apartments.
• Transportation: Moving from one place to another is essential and is another important determinant of the cost of living in Lagos. the transportation options cost differently and your choice determines how much you spend in Lagos.
• Drinks: Drinks are essential supplements that impact one’s spending in Lagos. some are more expensive than others, and your choice of drinks also plays a role in your living expenses in Lagos

Note: The prices items below generally influence the overall cost of Living in Lagos, we may not have a complete list of items and their prices, but we hand-picked a few globally recognized ones to help you ease comparison.

As of the day of this publication 4th July 2024, The current exchange rate for the Nigerian naira to the US dollar is 1,526.25 to $1, to get the actual comparison it’s important to look up the current exchange rate according to the day you are reading this post.

Cost Of Food Items in Lagos

Lagos is a vibrant city with various food and feeding options for anyone in the state. Whether you seek fancy restaurants, Local food, or Lagos street food, it is important to understand that the cost of food items listed below affects any of the feeding options you choose.

Food Items	Quantity	Prices
Parboiled Rice	5kg	₦ 9,840
Pure Vegetable Oil	1.6ltr	₦ 4,550
Tomato Paste Tin	400g	₦ 1,100
Fiesta Full Chicken	1.7Kg	₦ 7,700
White Beans	2kg	₦ 6,900
Spaghetti	500g	₦ 800
Blue Band Spread for Bread	900g	₦ 4,750
Quaker White Oat Refil	Quaker White Oat Refill	₦ 1,950
Knorr Chicken Seasoning Cubes	200g bag	₦ 950
Titus sardine	125g	₦ 1,040
Nutribom B/Food	350g	₦ 1,900
Fan Ice Cream	900ml Bow	₦ 3,800
Three Crown Evaporated Milk	160g	₦ 600

Cost Of Housing In Lagos

Another essential factor that influences the cost of living in Lagos is the choice of accommodation. these range from different standards, types, and budgets. This includes Serviced apartments, Hotels, and Rented apartments.

We curated prices for the same type of apartment at different Locations in Lagos to highlight how choice of location Impacts the cost of living In Lagos.

Housing Type	Location	Prices
Standard Furnished 2 bed Room	Ikoyi Banana Island	₦ 24,000000 annually
Standard Furnished 2 bed Room	Victoria Island	₦ 15,000000 annually
Standard Furnished 2 bed Room	Lekki Phase 2	₦ 3,000000 annually
Standard Furnished 2 bed Room	Ikeja GRA	₦ 5,000000 annually
Standard Furnished 2 bed Room	Iyana Ipaja	₦ 1,500,000 annually

This should help you have an understanding of how the cost of accommodation differs in Lagos based on Location, It is also important to note that some low-standard neighborhoods may not be conducive for some people.

We also created a List of 7 Neighborhoods to stay In Lagos.

Cost Of Transportation In Lagos

Another important determinant of the cost of living in Lagos is the transportation options you choose to travel in Lagos with, some choices are motorcycle (Okada), Tricycle (Maruwa), Taxies services, mini-buses (Korope), LAG Bus, and train.

The table below is to help compare the prices of different transportation options in Lagos.

Transportation Type	Location	Prices
Taxis	Abule Egba — Lagos Island CMS	₦ 13,000
Danfo Buses	Abule Egba — Lagos Island CMS	₦ 2000
BRT Buses	” ” ” ” ”	₦ 800
Okadas	Not allowed on major roads	From ₦ 200
Keke NAPEP	Dont go longer distances	From ₦ 100

For visitors who may not be familiar with these transportation types and what they look like, we have a detailed post that discusses each of the transportation options. They cost differently and determine what you spend on transportation in Lagos.

Cost Of Drinks In Lagos

Frequently Asked Questions

Conclusion

Lagos is an exciting place to live with its rich culture and many opportunities, even though the cost of living can be high. The city offers a variety of food choices and housing options, ranging from affordable to luxury. Transportation costs vary, but there are many options like buses, taxis, and ride-sharing that fit different budgets.

The cost of drinks, whether at local bars or fancy lounges, reflects the lively nightlife in Lagos. Living here requires careful money management, but it also offers a unique cultural experience.

Overall, Lagos has something for everyone, whether you’re on a budget or looking for a more luxurious lifestyle. Managing the costs is part of the experience, and with smart budgeting, you can enjoy everything the city has to offer. Whether you’re new to Lagos or have lived here for a while, understanding the costs is essential to enjoying life in this bustling city.