Cost Of Living in Lagos 2025

cost of living chart - average monthly expenditure in Lagos

Average monthly spending for singles, couples, students, and families in Lagos

Whether you're living in Lagos or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

Currency: NGN
30,000 390,000 3.9M
MINIMUM AVERAGE MAXIMUM
$20 $250 $2,500

Monthly Expenditure ▶ Single

Currency: NGN
38,000 270,000 1.8M
MINIMUM AVERAGE MAXIMUM
$25 $180 $1,200

Monthly Expenditure ▶ Couple

Currency: NGN
150,000 450,000 2.4M
MINIMUM AVERAGE MAXIMUM
$98 $290 $1,600

Monthly Expenditure ▶ Family

Currency: NGN
210,000 610,000 3.9M
MINIMUM AVERAGE MAXIMUM
$140 $390 $2,500

Monthly Expenditure ▶ Student

Currency: NGN
30,000 200,000 1.4M
MINIMUM AVERAGE MAXIMUM
$20 $130 $870
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Lagos is 270,000 NGN. Expenses can range from 38,000 NGN at the minimum level to 1.8M NGN at the highest end.


Couples

The average monthly spending of couples in Lagos is 450,000 NGN. Expenditure can range from 150,000 NGN to 2.4M NGN per month.


Families

The average cost of living for families in Lagos is 610,000 NGN per month. Families spend anywhere from 210,000 NGN to 3.9M NGN.


Students

The average monthly expenditure for students in Lagos is 200,000 NGN. Students spend from 30,000 NGN to 1.4M NGN per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.



Prices and cost of goods and services in Lagos


Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Lagos

Dining, food, and beverages costs


Fast food combo meal

360 NGN 710 NGN 1,200 NGN
MINIMUM AVERAGE MAXIMUM
$0.23 $0.46 $0.76

Restaurant meal for one

1,200 NGN 1,900 NGN 3,700 NGN
MINIMUM AVERAGE MAXIMUM
$0.80 $1.2 $2.4

Fine dining meal for one

2,500 NGN 3,700 NGN 15,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.6 $2.4 $9.6

Cappuccino or latte

300 NGN 470 NGN 710 NGN
MINIMUM AVERAGE MAXIMUM
$0.19 $0.31 $0.46

Grocery and market costs


Milk large bottle

240 NGN 280 NGN 360 NGN
MINIMUM AVERAGE MAXIMUM
$0.15 $0.18 $0.23

12 eggs

180 NGN 240 NGN 360 NGN
MINIMUM AVERAGE MAXIMUM
$0.11 $0.15 $0.23

Fresh whole chicken

400 NGN 520 NGN 740 NGN
MINIMUM AVERAGE MAXIMUM
$0.26 $0.34 $0.48

Pack of beef

470 NGN 710 NGN 1,400 NGN
MINIMUM AVERAGE MAXIMUM
$0.31 $0.46 $0.92

Medium bag of rice

190 NGN 260 NGN 370 NGN
MINIMUM AVERAGE MAXIMUM
$0.12 $0.17 $0.24

Bag of tomatos

71 NGN 95 NGN 180 NGN
MINIMUM AVERAGE MAXIMUM
$0.05 $0.06 $0.11

Bag of apples

130 NGN 170 NGN 270 NGN
MINIMUM AVERAGE MAXIMUM
$0.08 $0.11 $0.18
Chart showing the prices and cost of commute, travel, and transportation in Lagos

Commute, travel, and transportation costs


20 minutes taxi ride

310 NGN 370 NGN 740 NGN
MINIMUM AVERAGE MAXIMUM
$0.20 $0.24 $0.48

Average car full tank

1,800 NGN 2,400 NGN 4,700 NGN
MINIMUM AVERAGE MAXIMUM
$1.1 $1.5 $3.1

Average car 1-day rental

1,900 NGN 2,600 NGN 3,900 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $1.7 $2.5

Average car price

890,000 NGN 1.8M NGN 2.4M NGN
MINIMUM AVERAGE MAXIMUM
$570 $1,100 $1,500

Bus ticket one way

65 NGN 97 NGN 190 NGN
MINIMUM AVERAGE MAXIMUM
$0.04 $0.06 $0.13

Car Service

2,600 NGN 3,900 NGN 7,800 NGN
MINIMUM AVERAGE MAXIMUM
$1.7 $2.5 $5
Chart showing the prices and cost of utility, energy, water, and gas for a family in Lagos

Utility cost (monthly)


Utility Bill - Individual

2,300 NGN 16,000 NGN 110,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.5 $11 $70

Utility Bill - Couple

6,100 NGN 20,000 NGN 130,000 NGN
MINIMUM AVERAGE MAXIMUM
$3.9 $13 $86

Utility Bill - Family

11,000 NGN 30,000 NGN 200,000 NGN
MINIMUM AVERAGE MAXIMUM
$6.9 $20 $130

Internet and cable

1,800 NGN 3,600 NGN 4,700 NGN
MINIMUM AVERAGE MAXIMUM
$1.1 $2.3 $3.1

Mobile phone charges

1,400 NGN 2,400 NGN 7,100 NGN
MINIMUM AVERAGE MAXIMUM
$0.92 $1.5 $4.6

Leisure and activities costs


Movie ticket

890 NGN 1,200 NGN 1,800 NGN
MINIMUM AVERAGE MAXIMUM
$0.57 $0.76 $1.1

One month gym membership

3,100 NGN 3,900 NGN 7,800 NGN
MINIMUM AVERAGE MAXIMUM
$2 $2.5 $5
Chart showing the prices and cost of clothing and accessories in Lagos

Cloths and accessories costs


Pair of jeans or pants

2,300 NGN 3,200 NGN 4,900 NGN
MINIMUM AVERAGE MAXIMUM
$1.5 $2.1 $3.1

Woman dress

2,200 NGN 3,000 NGN 9,700 NGN
MINIMUM AVERAGE MAXIMUM
$1.4 $1.9 $6.3

Woman shoes

2,000 NGN 2,800 NGN 6,500 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $1.8 $4.2

Men's shoes

1,800 NGN 2,200 NGN 4,300 NGN
MINIMUM AVERAGE MAXIMUM
$1.1 $1.4 $2.8

Men suit

1,900 NGN 2,400 NGN 13,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.3 $1.6 $8.4

Regular t-shirt

970 NGN 1,300 NGN 3,900 NGN
MINIMUM AVERAGE MAXIMUM
$0.63 $0.84 $2.5
Chart showing the prices and cost of housing, accommodation, and rent in Lagos

Housing costs / monthly rent


Studio apartment

32,000 NGN 49,000 NGN 130,000 NGN
MINIMUM AVERAGE MAXIMUM
$21 $31 $84

1-bedroom apartment

49,000 NGN 78,000 NGN 190,000 NGN
MINIMUM AVERAGE MAXIMUM
$31 $50 $130

2-bedroom apartment

65,000 NGN 97,000 NGN 260,000 NGN
MINIMUM AVERAGE MAXIMUM
$42 $63 $170

Housing costs / Buying


Studio apartment

6.5M NGN 9.7M NGN 19M NGN
MINIMUM AVERAGE MAXIMUM
$4,200 $6,300 $13,000

1-bedroom apartment

7.8M NGN 13M NGN 49M NGN
MINIMUM AVERAGE MAXIMUM
$5,000 $8,400 $31,000

2-bedroom apartment

13M NGN 39M NGN 78M NGN
MINIMUM AVERAGE MAXIMUM
$8,400 $25,000 $50,000
Chart showing the prices and cost of furniture in Lagos

Furniture Costs


King Size Bed

36,000 NGN 44,000 NGN 59,000 NGN
MINIMUM AVERAGE MAXIMUM
$23 $29 $38

Double Bed

24,000 NGN 36,000 NGN 44,000 NGN
MINIMUM AVERAGE MAXIMUM
$15 $23 $29

Single Bed

21,000 NGN 27,000 NGN 36,000 NGN
MINIMUM AVERAGE MAXIMUM
$13 $18 $23

Living Room

39,000 NGN 51,000 NGN 180,000 NGN
MINIMUM AVERAGE MAXIMUM
$25 $33 $110

Dining Table

18,000 NGN 24,000 NGN 44,000 NGN
MINIMUM AVERAGE MAXIMUM
$11 $15 $29

Sofa or Couch

24,000 NGN 32,000 NGN 71,000 NGN
MINIMUM AVERAGE MAXIMUM
$15 $21 $46
Chart showing the prices and cost of electronic devices and appliances in Lagos

Electronics and House Appliance Costs


TV Set

24,000 NGN 36,000 NGN 71,000 NGN
MINIMUM AVERAGE MAXIMUM
$15 $23 $46

Fridge or Freezer

21,000 NGN 32,000 NGN 44,000 NGN
MINIMUM AVERAGE MAXIMUM
$13 $21 $29

Washing Machine

27,000 NGN 39,000 NGN 71,000 NGN
MINIMUM AVERAGE MAXIMUM
$18 $25 $46

Stove or Cooker

25,000 NGN 32,000 NGN 44,000 NGN
MINIMUM AVERAGE MAXIMUM
$16 $21 $29

Mobile Phone

30,000 NGN 36,000 NGN 51,000 NGN
MINIMUM AVERAGE MAXIMUM
$19 $23 $33

Laptop or Computer

32,000 NGN 39,000 NGN 71,000 NGN
MINIMUM AVERAGE MAXIMUM
$21 $25 $46

Expenditure to Income Ratio in Lagos

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.

Cost of living and expenditure to income ratio in Lagos

Spending to Income Ratio

100%

93% to 110%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%4%
50% - 60%9%
60% - 70%15%
70% - 80%25%
80% - 90%20%
90% - 100%11%
100% - 110%6%
110% - 120%4%
120% - 130%3%
130% - 140%2%
> 140%2%

Interpretation and Analysis

The average spending-to-salary ratio in Lagos is 100% This means that on average, people spend around 100% of their income for living. According to the distribution table, 15% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
91%
Spending-Income-Ratio
84%
99%

Couple
96%
Spending-Income-Ratio
88%
100%

Family
110%
Spending-Income-Ratio
97%
120%
Distribution of monthly cost of living expenses in Lagos

How do people spend their money in Lagos?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure23%

23% of total expenses on average (12% to 31%)

LOW$5.9   9,100 NGN
AVERAGE$76   120,000 NGN
HIGH$760   1.2M NGN
Per Month

People living in Lagos typically spend from 12% to 31% of their total monthly expenditure on housing with 23% being the average. The average spend on housing is 120,000 NGN with expenditure ranging from 9,100 NGN to 1.2M NGN. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water, Internet, Mobile8%

8% of total expenses on average (5% to 12%)

LOW$0.98   1,500 NGN
AVERAGE$13   20,000 NGN
HIGH$130   200,000 NGN
Per Month

Utility expenditure like electricity, water, and gas in Lagos ranges from 5% to 12% of total expenses with 8% being the average. The average monthly cost of utilities is 20,000 NGN with 1,500 NGN and 200,000 NGN being the upper and lower limits.

Transport, Fuel, Commute7%

7% of total expenses on average (3% to 11%)

LOW$2   3,000 NGN
AVERAGE$25   39,000 NGN
HIGH$250   390,000 NGN
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 3,000 NGN to 390,000 NGN on commuting with 39,000 NGN being the norm for most people in one month. This means that money spent on transport constitutes about 7% of total spending on average but can go as low as 3% or as high as 11%.

Food and Groceries Cost28%

28% of total expenses on average (20% to 34%)

LOW$4.9   7,600 NGN
AVERAGE$64   99,000 NGN
HIGH$640   990,000 NGN
Per Month

The average outlay on groceries in a month in Lagos is 99,000 NGN. The cost of groceries can range between 7,600 NGN to 990,000 NGN. People spend on average about 28% on food and groceries with upper and lower bounds of 20% and 34% respectively.

Healthcare and Medical Services10%

10% of total expenses on average (5% to 13%)

LOW$1.4   2,100 NGN
AVERAGE$18   28,000 NGN
HIGH$180   280,000 NGN
Per Month

People in Lagos allocate 5% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 10%. The range of medical expenses range from 2,100 NGN to 280,000 NGN with 28,000 NGN being the norm.

Leisure and Shopping4%

4% of total expenses on average (2% to 8%)

LOW$0.78   1,200 NGN
AVERAGE$10   16,000 NGN
HIGH$100   160,000 NGN
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 1,200 NGN to 160,000 NGN with 16,000 NGN being the average. Speaking of percentages, that equates to 2% to 8% of total expenses with an average of 4% for most residents.

Education and Schooling5%

5% of total expenses on average (3% to 11%)

LOW$1.2   1,800 NGN
AVERAGE$15   24,000 NGN
HIGH$150   240,000 NGN
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 5% of the monthly expenditure with 3% and 11% being the lower and upper bounds respectively. The average reported education cost is 24,000 NGN per month with 1,800 NGN being the minimum spent amount and 240,000 NGN being the maximum.

Other Expenses14%

14% of total expenses on average (9% to 21%)

LOW$2.5   3,900 NGN
AVERAGE$33   51,000 NGN
HIGH$330   510,000 NGN
Per Month
Percentage of people who manage to save money from their income every month in Lagos

How much money can you save in Lagos every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Lagos manage to save money from their income every month?


Saving Money
56%
Not Saving
44%

Almost 56% of the surveyed people in Lagos said that they can save some money at the end of each month while 44% said that aren't saving anything.


Percentage of people saving money by population group in Lagos

GroupSaversNon Savers
Singles63%37%
Couples58%42%
Families52%48%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Savings to income ratio in Lagos

Saving to Income Ratio

9.2% 17% of income 32%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

8,600 NGN
$5.6
110,000 NGN
$72
1.1M NGN
$720
MINIMUM AVERAGE MAXIMUM

For most people, 9.2% to 32% of their monthly income is what they can allocate to their savings, with 17% being the average. The amount of money that people can save is approximately 110,000 NGN on average with savings ranging from 8,600 NGN to 1.1M NGN.

63% of surveyed singles reported some of their income going to savings while 58% of couples said the same. 52% of families confirmed their ability to save money.


How much money do people actually save in Lagos?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

13% 22% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

8,600 NGN
$5.6
77,000 NGN
$50
520,000 NGN
$330
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%32%
10% - 20%25%
20% - 30%16%
30% - 40%13%
40% - 50%10%
> 50%4%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 13% to 34% of their monthly income to savings, with 22% being the average for most singles. The average amount of money that singles are able to save is 77,000 NGN with 8,600 NGN and 520,000 NGN being the minimum and maximum respectively.


Couples

Saving to Income Ratio

10% 20% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

43,000 NGN
$28
130,000 NGN
$83
690,000 NGN
$440
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%36%
10% - 20%27%
20% - 30%19%
30% - 40%8%
40% - 50%7%
> 50%3%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 10% to 33% of their monthly income, with 20% being the average for most couples. The average amount of money that couples can save is 130,000 NGN with 43,000 NGN and 690,000 NGN being the minimum and maximum respectively.


Families

Saving to Income Ratio

9.2% 16% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

60,000 NGN
$39
170,000 NGN
$110
1.1M NGN
$720
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%39%
10% - 20%30%
20% - 30%20%
30% - 40%5%
40% - 50%4%
> 50%2%

Interpretation and Analysis

Families in Lagos can save anywhere between 9.2% to 30% of their monthly income, with 16% being the average for most families. The average amount of money that families can put aside is 170,000 NGN with 60,000 NGN and 1.1M NGN being the minimum and maximum respectively.

Reasons that make it difficult for people to save money in Lagos

Saving Challenges in Lagos

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Lagos. Listed below are the answers given by the survey participants.


Reason% People
Low Income5%
High Expenses8%
Debt and Loans13%
Lack of Budgeting Skills12%
Impulsive Spending12%
Financial Emergencies7%
Living the moment5%
Will do it later21%
Inflation13%
Social Pressure3%
Market Instability2%

Around 5% of the people said that their salary is too low to accommodate a portion for savings while 8% said that the high cost of living leaves little room for savings. 13% of the residents said that they are burdened with debt and find it challenging to save money. 12% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 12% blamed impulsive spending as the reason for saving inability. Around 7% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 5% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 21% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 13% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 2% blamed market instability and price fluctuations.

Where do people choose to put their savings in Lagos

Typical saving choices for people in Lagos

Where do people choose to put their savings?


Saving Type% People
Emergency Funds12%
Gold13%
Savings Accounts17%
Retirement Accounts10%
Cash Savings21%
Real Estate9%
Investment5%
Stocks4%
Bonds5%
Mutual Funds2%
Certificates of Deposit3%
A typical and healthy budgeting structure. The 50-30-20 rule

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Income and cost of living compatibility. Is it affordable or economical to live in Lagos

Affordable living in Lagos

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Lagos?


Yes
48%
No
52%

Around 48% of surveyed residents think that living in Lagos is affordable with proper budgeting while 52% reported that it is just too expensive and not affordable even with frugality and thriftness.

How easily is cost-cutting. Are there plenty of low-cost options in Lagos

Low-cost alternatives in Lagos

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options60%

Few low-cost options41%


Based on the survey, 60% of the people living in Lagos have no problem finding low-cost alternatives to support a frugal lifestyle while 41% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Lagos whether they have an emergency fund and the answers were as follows.

Yes45%

No55%


Based on the survey, 55% of the people living in Lagos said that they don't have an emergency fund while 45% said that they do.

Financial literacy and difficulty in budgeting and financial planning in Lagos

Financial Literacy in Nigeria

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy37%


We asked residents of Nigeria whether they acquired any adequate personal financial training in their lives. Approximately 63% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 37% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Nigeria have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 62% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 38% said that they have everything under control.

Struggles with finance62%

Easily manages finances38%

Financial goals and targets of people living in Lagos

Financial goals of people in Lagos

In an attempt to understand the economic situation in Lagos, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund8%
Debt Reduction43%
Retirement Savings10%
Education Funding7%
Homeownership18%
Investing6%
Travel or Lifestyle6%
Healthcare Expenses14%
Financial Independence5%

Around 8% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 43% said their number one priority is to pay off high-interest debt or loans and improve credit. 10% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 7% reported that their priority is saving for the tuition fees and education costs of their children while 18% choose to buy a home or pay off existing mortgage before other things. 6% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 6% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 14% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Lagos

What does the retirement lifestyle look like in Lagos and how much retirement savings are required?

Retirement age

The retirement age for most employees in Nigeria is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Lagos:
AgeAmount
251M NGN
302M NGN
353.5M NGN
405.1M NGN
457.6M NGN
5011M NGN
5513M NGN
6016M NGN
6519M NGN

Retirement Income Distribution

We asked residents of Lagos about their retirement income sources and below are the results.

Source% People
Pensions12%
Savings23%
Investments12%
Social Security7%
Annuities7%
Part-time Job15%
Real Estate18%
Dividends and Interest7%

Retirement Monthly Expenses in Lagos

23,000 NGN
$15
200,000 NGN
$130
1.4M NGN
$870
MINIMUM AVERAGE MAXIMUM
Chart showing the percentage of people who are in debt in Lagos

Debt, loans, and mortgages in Lagos


Percentage of people who are in debt


In Debt
39%
Debt Free
61%

According to the survey, 39% of the people in Lagos have some kind of debt, loan, mortgage, or credit card payments while 61% reported that they don't have financial obligations to banks.


Chart showing debt-to-income ratio in Lagos

Debt-to-income ratio in Lagos

Debt to income ratio

38%

29% to 47%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 38% of the people's monthly income in Lagos goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%3%
50% - 60%18%
40% - 50%15%
30% - 40%17%
20% - 30%10%
10% - 20%12%
0% - 10%25%

According to our data, 3% of the debtors in Lagos pay 60%+ of their income as debt settlement while 18% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 15% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 17% dedicated 30% to 40% of income for same. Things are looking brighter for 10% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Lagos

Debt% People
Real Estate Mortgage8%
Auto Loan14%
Student Loan4%
Credit Card30%
Personal Loan43%

8% of debtors in Lagos confirm that real estate mortgages constitutes the main part of their outstanding debt while 30% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 14% of people and personal loans rose at 43%. Lastly, student loans are the main source of debt for 4% of debtors in Lagos.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Lagos

Besides measuring the loan-to-income ratio, we asked residents of Lagos how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never50%
Once a year24%
Twice a year13%
Three times a year9%
Four times a year4%
Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Lagos

Housing costs, accommodation, and housing affordability in Lagos

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Lagos

Monthly Rent Prices

Studio apartment monthly rent cost

32,000 NGN 49,000 NGN 130,000 NGN
MINIMUM AVERAGE MAXIMUM
$21 $31 $84

1-bedroom apartment monthly rent cost

49,000 NGN 78,000 NGN 190,000 NGN
MINIMUM AVERAGE MAXIMUM
$31 $50 $130

2-bedroom apartment monthly rent cost

65,000 NGN 97,000 NGN 260,000 NGN
MINIMUM AVERAGE MAXIMUM
$42 $63 $170

3-bedroom apartment monthly rent cost

78,000 NGN 130,000 NGN 350,000 NGN
MINIMUM AVERAGE MAXIMUM
$50 $84 $230

Furnished apartment monthly rent cost

160,000 NGN 390,000 NGN 780,000 NGN
MINIMUM AVERAGE MAXIMUM
$100 $250 $500

Townhouse monthly rent cost

130,000 NGN 190,000 NGN 560,000 NGN
MINIMUM AVERAGE MAXIMUM
$84 $130 $360

House monthly rent cost

160,000 NGN 390,000 NGN 780,000 NGN
MINIMUM AVERAGE MAXIMUM
$100 $250 $500

Villa monthly rent cost

190,000 NGN 490,000 NGN 780,000 NGN
MINIMUM AVERAGE MAXIMUM
$130 $310 $500

The monthly rental cost of a studio apartment in Lagos ranges between 32,000 NGN and 130,000 NGN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 49,000 NGN to 190,000 NGN. Two-bedroom rentals rate ranges between 65,000 NGN and 260,000 NGN per month. The monthly rental for a three-bedroom apartment ranges from 78,000 NGN to 350,000 NGN. The average rent of a townhouse in Lagos is around 190,000 NGN while house rental costs can be as high as 390,000 NGN per month. Finally, if you want to rent a villa, expect to pay anywhere from 190,000 NGN to 780,000 NGN per month.



Apartment and house prices in Lagos

Cost of buying a property

Studio apartment price

6.5M NGN 9.7M NGN 19M NGN
MINIMUM AVERAGE MAXIMUM
$4,200 $6,300 $13,000

1-bedroom apartment price

7.8M NGN 13M NGN 49M NGN
MINIMUM AVERAGE MAXIMUM
$5,000 $8,400 $31,000

2-bedroom apartment price

13M NGN 39M NGN 78M NGN
MINIMUM AVERAGE MAXIMUM
$8,400 $25,000 $50,000

3-bedroom apartment price

43M NGN 65M NGN 190M NGN
MINIMUM AVERAGE MAXIMUM
$28,000 $42,000 $130,000

Townhouse price

56M NGN 130M NGN 490M NGN
MINIMUM AVERAGE MAXIMUM
$36,000 $84,000 $310,000

House price

65M NGN 390M NGN 560M NGN
MINIMUM AVERAGE MAXIMUM
$42,000 $250,000 $360,000

Villa price

78M NGN 430M NGN 650M NGN
MINIMUM AVERAGE MAXIMUM
$50,000 $280,000 $420,000

The average price of a studio apartment in Lagos can range from 6.5M NGN to 19M NGN depending on location. One bedroom cost can be anywhere from 7.8M NGN to 49M NGN. A villa can cost you 430M NGN on average with prices ranging from 78M NGN to 650M NGN.


If you're leasing or purchasing, housing costs in Lagos will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


33 x90 monthly income 215
MINIMUM AVERAGE MAXIMUM

Property prices in Lagos can be x90 to x215 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x90 multiples of the average monthly salary in Lagos.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


21% 32% of income 44%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Lagos is around 32%. This means that people pay 32% of their income for rent. Those figures can range from 21% to 44% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
29%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
1.9%
AVERAGE
2.9%
TO
4%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


610 NGN 7,900 NGN 79,000 NGN
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Lagos

Utilities expenditure can vary slightly between different areas and locations.


Energy, electricity, water, gas, internet, and mobile cost in Lagos

Utility Bill Cost / Electricity + Water + Gas / Individual

2,300 NGN 16,000 NGN 110,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.5 $11 $70

Utility Bill Cost / Electricity + Water + Gas / Couple

6,100 NGN 20,000 NGN 130,000 NGN
MINIMUM AVERAGE MAXIMUM
$3.9 $13 $86

Utility Bill Cost / Electricity + Water + Gas / Family

11,000 NGN 30,000 NGN 200,000 NGN
MINIMUM AVERAGE MAXIMUM
$6.9 $20 $130

Internet and cable cost

1,800 NGN 3,600 NGN 4,700 NGN
MINIMUM AVERAGE MAXIMUM
$1.1 $2.3 $3.1

Mobile phone bill and charges

1,400 NGN 2,400 NGN 7,100 NGN
MINIMUM AVERAGE MAXIMUM
$0.92 $1.5 $4.6

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly expenditure for individuals on electricty, water, and gas in Lagos ranges between 2,300 NGN and 110,000 NGN with average being 16,000 NGN, meanwhile the expenditure of couples is slightly higher at 20,000 NGN with 6,100 NGN and 130,000 NGN being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 30,000 NGN. The cost of internet and WiFi is unchanged among the three groups and ranges from 1,800 NGN to 4,700 NGN with 3,600 NGN being the average internet bill. Finally, the average monthly mobile charges is around 2,400 NGN but can range between 1,400 NGN and 7,100 NGN depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


4.6% 8% of income 13%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Lagos is around 8%. This means that people pay 8% of their income for energy, water, internet, and mobile charges. Those figures can range from 4.6% to 13% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Lagos

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Lagos

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

360 NGN 710 NGN 1,200 NGN
MINIMUM AVERAGE MAXIMUM
$0.23 $0.46 $0.76

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Lagos is approximatly 710 NGN with meal cost ranging from 360 NGN to 1,200 NGN. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

1,200 NGN 1,900 NGN 3,700 NGN
MINIMUM AVERAGE MAXIMUM
$0.80 $1.2 $2.4

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,200 NGN and 3,700 NGN with 1,900 NGN being the average price of a plate for one person at a regular restaurant in Lagos.

Fine dining meal for one price

2,500 NGN 3,700 NGN 15,000 NGN
MINIMUM AVERAGE MAXIMUM
$1.6 $2.4 $9.6

The price range of a meal at fine-dining restaurant is 2,500 NGN to 15,000 NGN with the average cost being 3,700 NGN for one person. This is what you would expect to pay a top-tier diner in Lagos.

Beverage prices, cappuccino, latte etc..

300 NGN 470 NGN 710 NGN
MINIMUM AVERAGE MAXIMUM
$0.19 $0.31 $0.46

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Lagos is around 470 NGN. Price ranges between 300 NGN and 710 NGN depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

240 NGN 280 NGN 360 NGN
MINIMUM AVERAGE MAXIMUM
$0.15 $0.18 $0.23

The average price of a large bottle of milk in Lagos is 280 NGN. The maximum what you would pay for milk is 360 NGN and the minimum being 240 NGN depending on the brand of milk and other properties.

12 eggs price

180 NGN 240 NGN 360 NGN
MINIMUM AVERAGE MAXIMUM
$0.11 $0.15 $0.23

A dozen eggs costs around 240 NGN on average with 180 NGN and 360 NGN being the lower and upper limits respectively.

Fresh whole chicken price

400 NGN 520 NGN 740 NGN
MINIMUM AVERAGE MAXIMUM
$0.26 $0.34 $0.48

The price range of a fresh whole chicken in Lagos is between 400 NGN and 740 NGN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 520 NGN.

Pack of beef price

470 NGN 710 NGN 1,400 NGN
MINIMUM AVERAGE MAXIMUM
$0.31 $0.46 $0.92

The price of a regular pack of beef or meat is around 710 NGN. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

190 NGN 260 NGN 370 NGN
MINIMUM AVERAGE MAXIMUM
$0.12 $0.17 $0.24

A bag of rice in Lagos costs around 260 NGN on average with prices rangeing between 190 NGN and 370 NGN depending on the brand and quality.

Bag of tomatos price

71 NGN 95 NGN 180 NGN
MINIMUM AVERAGE MAXIMUM
$0.05 $0.06 $0.11

A bag of tomatoes costs anywhere from 71 NGN to 180 NGN. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

130 NGN 170 NGN 270 NGN
MINIMUM AVERAGE MAXIMUM
$0.08 $0.11 $0.18

A bag of apples costs 170 NGN on average. A bag of apples denotes 1Kg or 1lb depending on location.


Grocery and food expenditure to income ratio


( monthly grocery expenses / monthly income ) x 100


23% 32% of income 39%
MINIMUM AVERAGE MAXIMUM

The average grocery-to-income ratio in Lagos is around 32%. This means that people spend 32% of their income on grocery and basic household items. The expenditure can range from 23% to 39% depending on salary and location.


Expenditure on food and grocery for every population group

A single person living alone spends approximately 44,000 NGN per month on grocery and food with expenditure fluctuating between 6,100 NGN and 290,000 NGN depending on location and the type of person. The average cost of food and groceries for a couple is around 64,000 NGN per month. That number can be get as low as 21,000 NGN or a high as 340,000 NGN. Families' spending on grocery ranges from 38,000 NGN to 710,000 NGN with the location, income, and size of the family being the most determinite factors.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Lagos

Housing cost for a single person29%

29% of total expenses on average (17% to 41%)

LOW$8.9   14,000 NGN
AVERAGE$63   98,000 NGN
HIGH$420   650,000 NGN
Per Month

Utilities, Electricity, Water, Internet, Mobile9%

9% of total expenses on average (5% to 14%)

LOW$1.5   2,300 NGN
AVERAGE$11   16,000 NGN
HIGH$70   110,000 NGN
Per Month

Transport and Fuel Cost5%

5% of total expenses on average (3% to 11%)

LOW$2   3,000 NGN
AVERAGE$14   22,000 NGN
HIGH$94   150,000 NGN
Per Month

Food and Groceries Cost19%

19% of total expenses on average (13% to 24%)

LOW$3.9   6,100 NGN
AVERAGE$28   44,000 NGN
HIGH$190   290,000 NGN
Per Month

Healthcare Cost12%

12% of total expenses on average (6% to 16%)

LOW$2.2   3,400 NGN
AVERAGE$16   25,000 NGN
HIGH$110   160,000 NGN
Per Month

Leisure and Shopping Expenditure2%

2% of total expenses on average (2% to 5%)

LOW$1.2   1,900 NGN
AVERAGE$8.8   14,000 NGN
HIGH$59   91,000 NGN
Per Month

Education Cost1%

1% of total expenses on average (0.00% to 3%)

LOW$0.49   760 NGN
AVERAGE$3.5   5,500 NGN
HIGH$23   36,000 NGN
Per Month

Other Expenses22%

22% of total expenses on average (14% to 26%)

LOW$4.4   6,900 NGN
AVERAGE$32   49,000 NGN
HIGH$210   330,000 NGN
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Lagos

Housing cost for a couple26%

26% of total expenses on average (19% to 36%)

LOW$33   52,000 NGN
AVERAGE$100   150,000 NGN
HIGH$530   820,000 NGN
Per Month

Utilities, Electricity, Water, Internet, Mobile8%

8% of total expenses on average (6% to 12%)

LOW$3.9   6,100 NGN
AVERAGE$13   20,000 NGN
HIGH$86   130,000 NGN
Per Month

Transport and Fuel Cost9%

9% of total expenses on average (3% to 14%)

LOW$12   18,000 NGN
AVERAGE$35   55,000 NGN
HIGH$190   290,000 NGN
Per Month

Food and Groceries Cost17%

17% of total expenses on average (12% to 22%)

LOW$14   21,000 NGN
AVERAGE$41   64,000 NGN
HIGH$220   340,000 NGN
Per Month

Healthcare Cost14%

14% of total expenses on average (8% to 18%)

LOW$11   17,000 NGN
AVERAGE$32   50,000 NGN
HIGH$170   270,000 NGN
Per Month

Leisure and Shopping Cost3%

3% of total expenses on average (1% to 6%)

LOW$5.9   9,100 NGN
AVERAGE$18   27,000 NGN
HIGH$94   150,000 NGN
Per Month

Education Cost1%

1% of total expenses on average (0.00% to 3%)

LOW$2   3,000 NGN
AVERAGE$5.9   9,100 NGN
HIGH$31   49,000 NGN
Per Month

Other Expenses21%

21% of total expenses on average (15% to 27%)

LOW$17   26,000 NGN
AVERAGE$50   77,000 NGN
HIGH$270   410,000 NGN
Per Month


Family
Average monthly expenses and break out of spending for families living in Lagos

Housing cost for a family25%

25% of total expenses on average (20% to 35%)

LOW$44   68,000 NGN
AVERAGE$130   190,000 NGN
HIGH$810   1.3M NGN
Per Month

Utilities, Electricity, Water, Internet, Mobile6%

6% of total expenses on average (4% to 9%)

LOW$6.9   11,000 NGN
AVERAGE$20   30,000 NGN
HIGH$130   200,000 NGN
Per Month

Transport and Fuel Expenses5%

5% of total expenses on average (3% to 7%)

LOW$14   21,000 NGN
AVERAGE$39   61,000 NGN
HIGH$250   390,000 NGN
Per Month

Food and Groceries Cost21%

21% of total expenses on average (14% to 27%)

LOW$25   38,000 NGN
AVERAGE$70   110,000 NGN
HIGH$460   710,000 NGN
Per Month

Healthcare Expenses11%

11% of total expenses on average (7% to 16%)

LOW$12   19,000 NGN
AVERAGE$39   61,000 NGN
HIGH$200   320,000 NGN
Per Month

Leisure and Shopping Cost2%

2% of total expenses on average (1% to 6%)

LOW$6.9   11,000 NGN
AVERAGE$20   30,000 NGN
HIGH$130   200,000 NGN
Per Month

Education Cost13%

13% of total expenses on average (6% to 21%)

LOW$19   30,000 NGN
AVERAGE$55   85,000 NGN
HIGH$360   550,000 NGN
Per Month

Other Expenses16%

16% of total expenses on average (9% to 21%)

LOW$11   17,000 NGN
AVERAGE$31   49,000 NGN
HIGH$200   320,000 NGN
Per Month


Student
Cost of living and expenses break down for students living in Lagos

Housing costs for Student17%

17% of total expenses on average (12% to 23%)

LOW$4.7   7,300 NGN
AVERAGE$31   49,000 NGN
HIGH$210   320,000 NGN
Per Month

Utilities, Electricity, Water, Internet, and Mobile Expenses7%

7% of total expenses on average (5% to 11%)

LOW$0.78   1,200 NGN
AVERAGE$5.2   8,100 NGN
HIGH$35   54,000 NGN
Per Month

Transport and Fuel Cost4%

4% of total expenses on average (4% to 10%)

LOW$1.4   2,100 NGN
AVERAGE$9.2   14,000 NGN
HIGH$61   95,000 NGN
Per Month

Food and Groceries Expenditure23%

23% of total expenses on average (17% to 27%)

LOW$3.9   6,100 NGN
AVERAGE$26   41,000 NGN
HIGH$170   270,000 NGN
Per Month

Healthcare Cost9%

9% of total expenses on average (6% to 12%)

LOW$1.2   1,800 NGN
AVERAGE$7.9   12,000 NGN
HIGH$52   81,000 NGN
Per Month

Leisure and Shopping Cost2%

2% of total expenses on average (2% to 6%)

LOW$0.98   1,500 NGN
AVERAGE$6.5   10,000 NGN
HIGH$44   68,000 NGN
Per Month

Education Cost18%

18% of total expenses on average (11% to 23%)

LOW$3.7   5,800 NGN
AVERAGE$25   39,000 NGN
HIGH$170   260,000 NGN
Per Month

Other Expenses19%

19% of total expenses on average (13% to 25%)

LOW$2.9   4,500 NGN
AVERAGE$20   30,000 NGN
HIGH$130   200,000 NGN
Per Month
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