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Cost Of Living In Ibadan: Calculating Monthly & Annual Expenses

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Is it cheap to live in Ibadan? Well, let’s find out the living expenses in this historic city.

Oyo State is well known for its rich agricultural produce, which has attracted the attention of most factories in the region. For this reason, investors and others throughout the country move to Ibadan which is the state capital for settlement.

This made the region the third most populated area after Lagos and Kano.

For a reason or two, you may end up in this part of Nigeria. Either on a short tour or as a permanent resident.

Whatever the case, it will be important for you to be aware of the cost of living in Ibadan. This will assist you in designing your budget per your stay.

At this point, let’s describe the cost of living in this metropolitan city of Nigeria.

Living Expenses in Ibadan

Unlike other expensive megalopoleis in Nigeria, such as Abuja, Lagos, Port Harcourt, and others, the cost of living in Ibadan is somewhat lower compared to the cities mentioned above.

To know the real financial life in this beautiful city, we will look at some factors to assist us in our search for answers. These factors are much more affected by the price of accommodation, food, travel, and education.

  • Price of Obtaining Shelter

For any reason you might find yourself in the city of Ibadan that will justify you to spend the night, certainly, you will ask for accommodation.

At least for a short stay, you will appreciate reserving a hotel.

But if you will stay a long time, you may decide to rent an apartment or buy a house in Ibadan. No need to worry, we have answers.

  • Reserving a Hotel in Ibadan

There are cheaper hotels in Ibadan, while there are more expensive hotels. If you want to reserve a cheaper hotel in this city, be willing to spend around ₦5000-₦10,000.

But if you prefer where you can get some extra luxury, you should opt for expensive hotels, where you will spend nothing less than ₦10,000-₦70,000 for an overnight stay.

  • Leasing an Apartment

People who aren’t buoyant enough to purchase a house will prefer to rent an apartment. Since you want to reside in the city, surely it will cost you a little money.

As such, the average cost of renting a good apartment is between ₦350,000 and ₦1.5 million. The price could be higher or lower than anticipated, depending on the nature and size of the condominium.

  • Buying a House

The purchase of a home in Ibadan merely means that you are willing to spend a fortune. If you want to get a house in the city center or outside the city center, you will still throw a few million.

Therefore, buying a home in Ibadan costs on average ₦20 million to ₦250 million. So before you think of buying a house in this city, you put that particular cost in mind.

  • How Affordable is Feeding?

This depends on the diet method you are going to adopt. Some people prefer to prepare their own meals and others prefer to eat in restaurants. A minimum of ₦1,500 can prepare a meal for a day.

At a cheap restaurant, you will spend on average ₦500 per meal.

But in a mid-range, restaurant, the price of food is around ₦2,500, while in a costly restaurant, it will cost you nothing less than ₦5,000 per plate.

So, whatever you prefer, you can see its price above.

  • Conveyance Fee

There are two available ways of commuting in Ibadan. Either you decide to take a tour on public transport, or you can stock up on your car and get around the city.

No matter which category you fall under, you will soon discover its cost.

To commute to a public transport system in Ibadan depends on how far you will cover. If the place you’re going to, will demand more drops, then you’re going to spend more.

In this respect, a drop in public transport in this town is about ₦400. But if you prefer the fuel of your car, remember that one liter of gas in Ibadan is about ₦161.00.

  • Child’s Education

As a parent who will want to reside in Ibadan, it will be important to consider putting your ward through school. In this regard, the cost of education in Ibadan is dependent on the type of school you want your child to attend.

Since there are private schools that are a little expensive, there are public schools that are completely affordable as well.

Putting a child in a private school in Ibadan is about ₦100,000-₦150,000, although there are higher-priced schools that work for ₦550, 000 and more.

As expensive as some schools may be, there are public schools that work for ₦10,000. At least these are slightly less expensive compared to private institutions.

  • What about Utilities?

In addition to the cost of obtaining an apartment, food, transportation, and education, other services will require your financial intervention.

Some of these services include electricity, water, internet access, and a lot more. Therefore, it will cost you on average ₦22,000 to pay for these utilities every month.

  • Do You Care for Leisure?

If you are the kind who likes to go to the gym, clubs, and other event centers. It will be important to know what it will cost you for this hobby in Ibadan.

So the enrollment in the gymnasium is approximately ₦13,250, which is the monthly rate for adults. Then to the movie theater, it will cost you around ₦1,500 and for tennis court rental, 3,000 for a month.

  • How Affordable are Outfits?

To get a pair of jeans in a nice boutique is about ₦7,333 and for a nice summer dress, it cost ₦12,375.

For you to buy a beautiful brand of Nike shoes, it will cost you an average of ₦13,625, and leather shoes for men there is around ₦14,750.

So these are basically the breakdown of the financial life in Ibadan. This will help you budget for your trip to this beautiful town in Nigeria.

But it is important to note that the prices of the items listed above may vary accordingly. But this is an overview of the cost-like nature of the city.

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