Cost of Living in Lagos: Monthly & Yearly Expenses

Is it expensive to live in Lagos?

If the cost of living in Lagos can be compared to Moscow and London, that should signal to you the expensive nature of Lagos. Lagos is one time the capital of Nigeria has housed a lot of commercial activity.

Consequently, a large number of wealthy business people and other wealthy individuals reside in Lagos.

That’s one of the reasons the standard of living in Lagos is so high.

Secondly, as a result of the current economic difficulties in Nigeria, the cost of living in Lagos has skyrocketed. Current commodity prices are twice as high as previous prices.

This situation has made life intolerable to the people of the middle and lower classes of Lagos.

Persons who want to move to Lagos either for vacation or permanent residence will find this article useful. We will provide an overview of Lagos’ cost of living. Let’s go through the details.

Lagos Monthly & Yearly Living Expenses

The cost of living in Lagos has implications for all basic needs of life.

What are the basic necessities? We are talking about apartments, food, education, transportation, clothing, and much more. So if you can afford to meet all these needs, then you are prepared to live in Lagos.

Let’s take a look at the cost of those needs individually, and then you’ll find out what it takes to live in Lagos.

How is the Rate for Lagos Accommodation?

Right away, it depends whether you want to get a rented apartment or you want to buy one.  Alternatively, you can choose to stay at any hotel in Lagos.

Regardless of your choice, you’ll soon discover its price range.

  • Rent a House in Lagos

If you opt for hiring an apartment to stay in Lagos then take a look at the cost of rent below.  Now, it’s all about which side of Lagos you want to stay on. Is it on the island or on the mainland?

House rental on the island of Lagos is very expensive compared to houses on the mainland.

Lagos Island includes areas like Lekki Phase 1, Victoria Island, Ikoyi, Ajah, and so forth. The rental cost of an apartment in these areas varies between ₦2 and ₦40 million.

These prices vary based on the nature and size of the home. If you don’t have enough millions or billions, you can afford a rental in that environment.

On the other hand, the rent of houses on the continent in places like Ketu, Yaba, Ikorodu, Ikeja, Oshodi, Agege, and the others is approximately ₦350,000 – ₦600,000.

But still, on the mainland, there are homes that are rented for ₦2 million.

It is less expensive to stay on the mainland than on the island of Lagos.

  • Buy a Condo in Lagos

To buy an apartment in any of the areas of the island mentioned above will cost you about ₦145 million – ₦450 million.

Then to buy a home in the aforementioned sectors on the mainland will cost you ₦20 million -₦55 million.

You can now see that it is still cheaper to live on the continent in Lagos compared to the island.

  • Price of Accommodation at Hotels in Lagos

For those who are visiting and may decide to lodge in a hotel in Lagos, then be ready to expend an average amount of ₦4500 – ₦6000 in any of the hotels around Lagos.

You can pay more than this amount, especially for hotels on the island of Lagos.

What About the Cost Of Feeding In Lagos?

This is a very big factor to consider when you want to live in Lagos. Now, it depends on how you want to feed yourself in Lagos. If you decide to go with an assortment of food, then that’s your choice.

But the Lagos market offers a variety of foodstuffs at different prices.

The cost of food in a cheap restaurant in Lagos is around ₦1,400 – ₦2,000 for a single individual.

At a high-priced restaurant, a plate of food costs between ₦10,000 and ₦30,000. It will be interesting to know that there are areas where you can get a meal on the mainland as little as ₦500.

Therefore, whichever one you can afford, then you opt for it.

Cost of Daily Travel In Lagos

If you don’t have a car, you might find the ride in Lagos quite frustrating. This is because you will have to jump between buses before reaching your final destination.

Until you realized you spent as much as ₦1,500. So to commute in local transport in Lagos, it will cost on average ₦250 – 2000 per day, but it depends on how far you have to travel.

In case you have your personal car, you can spend nothing less than ₦10,000 a day.

This is the average price of gasoline in Lagos. If you live on the island as a car owner, then there are additional taxes that you will have to pay while taking a tour around Lagos.

How is Education In Lagos Cost-Effective? 

The way cost of housing varies by region, so does the cost of tuition in Lagos.

The wealthy ones send their kids to private schools, while the mediocre people in Lagos send their kids to the government-owned schools where there is less care and attention.

It costs approximately ₦10,000 or less to send a child to a public school in Lagos. Putting a kid in a private school will cost you an average of ₦50,000 to ₦1 million.

This amount is always determined by the region in which the school is located.

In the regions of the island of Lagos, the price could be much higher than the amount mentioned above.

 Other Lagos Expenditures

These are additional costs that will arise in the cause of your stay in Lagos. Some of these expenses include power bills, clothing, health care, entertainment, and many more.

For instance, a pair of jeans is about ₦5000-₦7000 and a beautiful dress is about ₦9000 above.

If you want to watch the theater, you’ll spend at least ₦2,500.

Living in Lagos is dependent on your lifestyle. Certain regions are very expensive to live in and others are still affordable. It’s up to you now, but you should be wise in your spending.

Using the information we have provided above, you should know the right decision to take when you want to live in Lagos.

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