Cost Of Living For a Student in Nigeria 2025
Average Monthly Expenditure
Currency: NGN
Average monthly spending for students in Nigeria
How much money does a student need in a month to survive in Nigeria?
Students in Nigeria spend around 180,000 NGN per month on average. Depending on the lifestyle, a student can survive with a monthly budget as low as 26,000 NGN or as high as 1.2M NGN. Location is a very important factor and has a huge influence on expenditure and budget.
Prices and cost of goods and services in Nigeria
Dining, food, and beverages costs
Fast food combo meal
| 340 NGN | 680 NGN | 1,100 NGN |
Restaurant meal for one
| 1,100 NGN | 1,700 NGN | 3,400 NGN |
Fine dining meal for one
| 2,300 NGN | 3,400 NGN | 14,000 NGN |
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
| 450 NGN | 680 NGN | 1,400 NGN |
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
| 1,700 NGN | 2,300 NGN | 4,500 NGN |
Average car 1-day rental
| 1,700 NGN | 2,300 NGN | 3,400 NGN |
Average car price
| 850,000 NGN | 1.7M NGN | 2.3M NGN |
Bus ticket one way
Car Service
| 2,300 NGN | 3,400 NGN | 6,800 NGN |
Utility cost (monthly)
Utility Bill - Student
| 1,100 NGN | 7,100 NGN | 47,000 NGN |
Internet and cable
| 1,700 NGN | 3,400 NGN | 4,500 NGN |
Mobile phone charges
| 1,400 NGN | 2,300 NGN | 6,800 NGN |
Leisure and activities costs
Movie ticket
| 850 NGN | 1,100 NGN | 1,700 NGN |
One month gym membership
| 2,700 NGN | 3,400 NGN | 6,800 NGN |
Cloths and accessories costs
Pair of jeans or pants
| 2,000 NGN | 2,800 NGN | 4,200 NGN |
Woman dress
| 1,900 NGN | 2,600 NGN | 8,500 NGN |
Woman shoes
| 1,800 NGN | 2,400 NGN | 5,700 NGN |
Men's shoes
| 1,500 NGN | 1,900 NGN | 3,800 NGN |
Men suit
| 1,700 NGN | 2,100 NGN | 11,000 NGN |
Regular t-shirt
| 850 NGN | 1,100 NGN | 3,400 NGN |
Housing costs / monthly rent
Studio apartment
| 28,000 NGN | 42,000 NGN | 110,000 NGN |
1-bedroom apartment
| 42,000 NGN | 68,000 NGN | 170,000 NGN |
2-bedroom apartment
| 57,000 NGN | 85,000 NGN | 230,000 NGN |
Housing costs / Buying
Studio apartment
| 5.7M NGN | 8.5M NGN | 17M NGN |
1-bedroom apartment
2-bedroom apartment
Furniture Costs
King Size Bed
| 34,000 NGN | 42,000 NGN | 57,000 NGN |
Double Bed
| 23,000 NGN | 34,000 NGN | 42,000 NGN |
Single Bed
| 20,000 NGN | 26,000 NGN | 34,000 NGN |
Living Room
| 38,000 NGN | 49,000 NGN | 170,000 NGN |
Dining Table
| 17,000 NGN | 23,000 NGN | 42,000 NGN |
Sofa or Couch
| 23,000 NGN | 31,000 NGN | 68,000 NGN |
Electronics and House Appliance Costs
TV Set
| 23,000 NGN | 34,000 NGN | 68,000 NGN |
Fridge or Freezer
| 20,000 NGN | 31,000 NGN | 42,000 NGN |
Washing Machine
| 26,000 NGN | 38,000 NGN | 68,000 NGN |
Stove or Cooker
| 24,000 NGN | 31,000 NGN | 42,000 NGN |
Mobile Phone
| 28,000 NGN | 34,000 NGN | 49,000 NGN |
Laptop or Computer
| 31,000 NGN | 38,000 NGN | 68,000 NGN |
How do students spend their money in Nigeria?
We asked thousands of students about their spending habits and expenditure break down.
Housing and accomodation expenditure for students
Accomodation Cost17%
17% of total expenses on average (12% to 23%)
| LOW | $4.1 6,400 NGN |
| AVERAGE | $27 43,000 NGN |
| HIGH | $180 280,000 NGN |
| Per Month |
Students in Nigeria typically spend from 12% to 23% of their total monthly expenditure on housing with 17% being the average. The average monthly spend on housing is 43,000 NGN with expenditure ranging from 6,400 NGN to 280,000 NGN. This cost mainly goes for rent but it also includes other accommodation-related expenses.
Electricity, utilities, energy, water, internet, and mobile expenditure for students
Cost of utilities7%
7% of total expenses on average (5% to 11%)
| LOW | $0.68 1,100 NGN |
| AVERAGE | $4.6 7,100 NGN |
| HIGH | $31 47,000 NGN |
| Per Month |
Utility expenditure like electricity, water, and gas in Nigeria ranges from 5% to 11% of total expenses with 7% being the average for most students. The average monthly cost of utilities is 7,100 NGN with 1,100 NGN and 47,000 NGN being the upper and lower limits for a student of four.
Transport, fuel, and commute expenditure for students
Cost of transport and fuel3%
3% of total expenses on average (4% to 9%)
| LOW | $1.2 1,900 NGN |
| AVERAGE | $8 12,000 NGN |
| HIGH | $53 83,000 NGN |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether a student resides near school and work, but roughly speaking a student would expect to spend from 1,900 NGN to 83,000 NGN in a month on commuting with 12,000 NGN being the norm for most students. This means that money spent on transport constitutes about 3% of total spending on average but can go as low as 4% or as high as 9%.
Food, groceries, and basic shopping expenditure for students
Food and Groceries Cost24%
24% of total expenses on average (18% to 28%)
| LOW | $3.4 5,300 NGN |
| AVERAGE | $23 35,000 NGN |
| HIGH | $150 240,000 NGN |
| Per Month |
The average outlay on groceries and basic houshold items for a typical student in a month in Nigeria is 35,000 NGN. The cost of groceries can range between 5,300 NGN to 240,000 NGN. Students spend on average about 24% on food and groceries with upper and lower bounds of 18% and 28% respectively.
Healthcare and medical services expenditure for students
Cost of healthcare10%
10% of total expenses on average (7% to 13%)
| LOW | $1 1,600 NGN |
| AVERAGE | $6.9 11,000 NGN |
| HIGH | $46 71,000 NGN |
| Per Month |
Students in Nigeria allocate 7% to 13% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending on medical services and clinic visits is around 10%. The range of medical expenses range from 1,600 NGN to 71,000 NGN with 11,000 NGN being the norm for most students.
Leisure and shopping expenditure for students
Cost of leisure and shopping2%
2% of total expenses on average (2% to 6%)
| LOW | $0.86 1,300 NGN |
| AVERAGE | $5.7 8,900 NGN |
| HIGH | $38 59,000 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 1,300 NGN to 59,000 NGN with 8,900 NGN being the average. Speaking of percentages, that equates to 2% to 6% of total expenses with an average of 2% for most students.
Education and schooling expenditure for students
Cost of education and schooling18%
18% of total expenses on average (11% to 23%)
| LOW | $3.2 5,000 NGN |
| AVERAGE | $22 34,000 NGN |
| HIGH | $140 220,000 NGN |
| Per Month |
Spending on education can vary drastically between different students. On average, education constitutes 18% of the monthly expenditure of students with 11% and 23% being the lower and upper bounds respectively. The average reported education cost is 34,000 NGN per month with 5,000 NGN being the minimum spent amount and 220,000 NGN being the maximum.
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $2.6 4,000 NGN |
| AVERAGE | $17 27,000 NGN |
| HIGH | $110 180,000 NGN |
| Per Month |
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.
Affordable living in Nigeria
Income and cost of living compatibility
We asked students one simple question and recorded their answers.
Is it affordable or economical to live in Nigeria?
Around 42% of surveyed students think that living in Nigeria is affordable with proper budgeting while 58% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Nigeria
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 students how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options52%
Few low-cost options48%
Based on the survey, 52% of the students living in Nigeria have no problem finding low-cost alternatives to support a frugal lifestyle while 48% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds For Students
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 students of Nigeria whether they have an emergency fund and the answers were as follows.
Yes39%
No61%
Based on the survey, 61% of the students living in Nigeria said that they don't have an emergency fund while 39% said that they do.
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 student guardians and parents in 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 students 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%
Housing costs, accommodation, and housing affordability in Nigeria
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Nigeria
Monthly Rent Prices
Studio apartment monthly rent cost
| 28,000 NGN | 42,000 NGN | 110,000 NGN |
1-bedroom apartment monthly rent cost
| 42,000 NGN | 68,000 NGN | 170,000 NGN |
2-bedroom apartment monthly rent cost
| 57,000 NGN | 85,000 NGN | 230,000 NGN |
3-bedroom apartment monthly rent cost
| 68,000 NGN | 110,000 NGN | 310,000 NGN |
Furnished apartment monthly rent cost
| 140,000 NGN | 340,000 NGN | 680,000 NGN |
Townhouse monthly rent cost
| 110,000 NGN | 170,000 NGN | 490,000 NGN |
House monthly rent cost
| 140,000 NGN | 340,000 NGN | 680,000 NGN |
Villa monthly rent cost
| 170,000 NGN | 420,000 NGN | 680,000 NGN |
The monthly rental cost of a studio apartment in Nigeria ranges between 28,000 NGN and 110,000 NGN, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 42,000 NGN to 170,000 NGN. Two-bedroom rentals rate ranges between 57,000 NGN and 230,000 NGN per month. The monthly rental for a three-bedroom apartment ranges from 68,000 NGN to 310,000 NGN. The average rent of a townhouse in Nigeria is around 170,000 NGN while house rental costs can be as high as 340,000 NGN per month. Finally, if you want to rent a villa, expect to pay anywhere from 170,000 NGN to 680,000 NGN per month.
Apartment and house prices in Nigeria
Cost of buying a property
Studio apartment price
| 5.7M NGN | 8.5M NGN | 17M NGN |
1-bedroom apartment price
2-bedroom apartment price
3-bedroom apartment price
Townhouse price
| 49M NGN | 110M NGN | 420M NGN |
House price
| 57M NGN | 340M NGN | 490M NGN |
| $37,000 | $220,000 | $310,000 |
Villa price
| 68M NGN | 380M NGN | 570M NGN |
| $44,000 | $240,000 | $370,000 |
The average price of a studio apartment in Nigeria can range from 5.7M NGN to 17M NGN depending on location. One bedroom cost can be anywhere from 6.8M NGN to 42M NGN. A villa can cost you 380M NGN on average with prices ranging from 68M NGN to 570M NGN.
If you're leasing or purchasing, housing costs in Nigeria 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
| 29 | x79 monthly income | 188 |
Property prices in Nigeria can be x79 to x188 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x79 multiples of the average monthly salary in Nigeria.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Nigeria is around 28%. This means that people pay 28% of their income for rent. Those figures can range from 18% to 38% 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
26% 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.
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.
| 530 NGN | 6,900 NGN | 69,000 NGN |
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 Nigeria
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Nigeria
Utility Bill Cost / Electricity + Water + Gas / Student
| 1,100 NGN | 7,100 NGN | 47,000 NGN |
Internet and cable cost
| 1,700 NGN | 3,400 NGN | 4,500 NGN |
Mobile phone bill and charges
| 1,400 NGN | 2,300 NGN | 6,800 NGN |
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 energy and water consumption of students is around 7,100 NGN. The cost of internet and WiFi ranges from 1,700 NGN to 4,500 NGN with 3,400 NGN being the average internet bill. Finally, the average monthly mobile charges is around 2,300 NGN but can range between 1,400 NGN and 6,800 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
The average utility-to-income ratio in Nigeria is around 7%. This means that people pay 7% of their income for energy, water, internet, and mobile charges. Those figures can range from 4% to 11% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Nigeria
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Nigeria
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
| 340 NGN | 680 NGN | 1,100 NGN |
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Nigeria is approximatly 680 NGN with meal cost ranging from 340 NGN to 1,100 NGN. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
| 1,100 NGN | 1,700 NGN | 3,400 NGN |
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 1,100 NGN and 3,400 NGN with 1,700 NGN being the average price of a plate for one person at a regular restaurant in Nigeria.
Fine dining meal for one price
| 2,300 NGN | 3,400 NGN | 14,000 NGN |
The price range of a meal at fine-dining restaurant is 2,300 NGN to 14,000 NGN with the average cost being 3,400 NGN for one person. This is what you would expect to pay a top-tier diner in Nigeria.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Nigeria is around 450 NGN. Price ranges between 280 NGN and 680 NGN depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Nigeria is 270 NGN. The maximum what you would pay for milk is 340 NGN and the minimum being 230 NGN depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 230 NGN on average with 170 NGN and 340 NGN being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Nigeria is between 390 NGN and 710 NGN depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 500 NGN.
Pack of beef price
| 450 NGN | 680 NGN | 1,400 NGN |
The price of a regular pack of beef or meat is around 680 NGN. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Nigeria costs around 250 NGN on average with prices rangeing between 180 NGN and 350 NGN depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 68 NGN to 170 NGN. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 160 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
The average grocery-to-income ratio in Nigeria is around 28%. This means that students spend 28% of their income on grocery and basic household items. The expenditure can range from 20% to 34% depending on salary and location.
Expenditure on food and grocery for students
Students' spending on grocery ranges from 5,300 NGN to 240,000 NGN with the location, income, and size of the student being the most determinite factors.
