I'm from Nigeria, the largest black and sadly also the poverty capital of the world. Nigeria has an estimated population of over 200 million people with over 87 million people living in severe poverty.
The minimum wage in Nigeria is 30,000 naira which is approximately $60. Also, people are earning below the minimum wage and are unavailable to live a decent life
The cost of living in Nigeria varies depending on the location. Most northern and eastern states have a relatively low cost of living.
Even most states in the West where I live are relatively cheap to live. However, the same cannot be said about Lagos State.
I stay in Lagos, the second most populated state in the whole of Nigeria. Lagos state has a population of over 15million and it has the most economic activities in Nigeria.
ACCOMMODATION
The cost of accommodation in Lagos has always been high in comparison to other states in the country like Ibadan, Benin, Delta, Anambra, Kogi, etc.
It cost about $400 to get a studio apartment in Lagos or Abuja in a decent area. However, this is not the case in some other states in Nigeria.
I lived and schooled in Benin for four years. The average cost of a studio apartment was around $95 annually. I paid around $90 for mine back then.
My sister who lives in Ogun state pays around $95 for her studio apartment. So when compared to Lagos, it is obvious that the cost of accommodation in other states is far less.
FOOD AND UTILITY BILLS
Foodstuff, electricity tariff, cost of transportation, etc all increased significantly after the Covid-19. The Nigeria inflation rate increased by 15.75% in December 2020, which is the highest recorded in 3 years.
The average cost of feeding, transport, and utility bills is over $100. Which is significantly higher than the minimum wage an average man is expected to earn.
Before I stopped working my earnings were below my expenditures. I was earning about $70 per month working as an intern in an insurance firm.
My monthly expenditure exceeded $100. After working for two years without any promotion I decided to quit. I took on a vocational skill and started my own business.
IDEAL INCOME
The ideal amount to earn in my state would be around N150,000. That's about $300 and above. With that sum, one can afford to live a fair decent life in Lagos.
So I hope this article provides you with meaningful insight into the cost of living in Nigeria.
Thanks for stopping by ❤️