Is Lagos Cheap or Expensive?

The bustling metropolis of Lagos: the sights, the culture, the people, All these come together to create a captivating blend of the urban and traditional.

From Southern Africa to Northern Africa, tales of Lagos, the commerce city are heard. While some individuals desire to have the Lagos experience, questions of affordability limit those desires. Is Lagos affordable or not? Find out in today’s blog post.

Lagos, the former capital city of Nigeria and its primary seat of commerce is the most populous African city- followed by Kinshasa, the capital city of the Democratic Republic of Congo (DRC)

Lagos has over 15 million residents and with a remarkable growth rate of 3.54%, the city’s population must be on steroids.

With the continuous influx of immigrants on Lagos’s shores, certain questions need answers.

Does the law of competition apply here? Is the cost of living in Lagos Cheap or Expensive? This post will address these questions and give you a comprehensive report on Lagos.

Is Lagos cheap?

Lagos, the bustling economic hub of Nigeria, is a city of contrasts, where luxury stands alongside informal settlements. As people consider relocating or visiting, the question of affordability looms large.

In this blog post, we’ll delve into the various aspects of daily life to determine whether Lagos leans towards being a budget-friendly destination or if it carries the weight of an expensive metropolis.

1.  Cost of Housing

The city of Lagos is officially divided into 2 areas: the island and the mainland. The island offers several luxurious options that might require you to break the bank. However, some mainland locations offer comfort and affordability at the same time.

A prudent individual is expected to get accommodation worth 30% of their annual income. However, certain factors influence Lagos residents to exceed this budget plan.

Houses closer to the commercial hub and hotspots in Lagos tend to be pricey. Areas like Yaba, Surulere, and Ikate have moderately average accommodation offers because they are close to the Island and Lekki. Unfortunately, the high influx of Lagosians in these areas has increased housing costs there.

If you work on the mainland, areas like Ogba, Isolo, Oshodi, Egbeda, Iyana-ipaja, and many others are your best options.

If the above areas are on the high side, you can get housing on the outskirts of Lagos which is pocket-friendly. However, transportation expenses may be very high.

2.  Transportation Expenses

The hustle and bustle of Lagos can take a toll on you. From traffic jams to the general bad road experiences, most commuters are more exhausted because of transportation challenges rather than their workplace stress.

Transportation in Lagos ranges from the affordable to the expensive. Options like public transport ease transportation costs but private transport options- which offer convenience- will give you a run for your money.

3.  Grocery shopping

From large open stall markets to pristine shopping complexes, Lagos gives you a wide range of shopping options. Getting groceries from the local market helps you reduce costs and maybe more healthier since most food products are outsourced from farms. Your challenge would be to sort the goods and buy the best options.

 On the flip side, getting groceries from the shopping complexes is more hassle-free since these organisations have gone through the stress of sorting the products. So, you are sure of quality produce- which may have spent a long time on the shelf.

4.  Dining

It has been long established that home-cooked meals are more budget-friendly and relatively healthier than restaurant menus. However, if you prefer to eat out, the high-end restaurants and food courts can strain your wallet. Alternatives like street food and visiting other budget-friendly restaurants may do the trick. Local markets and street vendors offer budget-friendly meal choices, making it feasible for residents to enjoy tasty and affordable food. The city caters to various tastes and budgets, providing a diverse array of dining experiences for everyone.

5.  Education

The value of Education in Lagos is relatively higher than in many African territories. So, the most basic education plan gives Lagosians an edge over their colleagues in other African countries. The Education system in Nigeria varies from a public to a private educational institution.

Public education is free, and it covers the primary and secondary school stages. Private institutions have different price tags. While some are very affordable, others are very expensive. Parents use factors like quality of teaching, the comfort of the children, and the calibre of students attending the school to determine the ideal institutions for their wards.

6.  Healthcare

The healthcare system has a similar operation to the Education system. Public and private hospitals are available so everyone can get adequate medical attention. While public schools are free, public hospitals offer subsidized bills to their patients. The government pays the hospital staff and covers the rest of the bill.

Private hospitals offer you comfort and convenience along with medical attention. Patients are fully responsible for their medical bills. It is noteworthy that most public or general hospitals have more qualified medical personnel and better infrastructure than private hospitals.

7.  Entertainment and Recreation

Lagosians know how to have a good time, and the city offers a vibrant nightlife and cultural scene. Cinemas, cultural events, galleries, an intoxicating lifestyle experience, sports activities, and various dining options are open to everyone.

Lagos is the playground of afrobeat and other artistic wonders, She invites her residents to an unforgettable and invigorating dance of life.

 Entertainment costs can range widely, from free events to exclusive clubs. Navigating the city’s social scene can be as economical or extravagant as one desires.

Wrap up

The cost of living in Lagos depends on you.

You can choose to embrace a life of luxury or a more prudent lifestyle. As a city, Lagos offers you the best of both worlds, you have the power of choice.

The key lies in striking a balance between enjoying the city’s offerings and managing expenses wisely. Lagos, with its rich experiences, welcomes both the budget-conscious and those seeking a more lavish lifestyle.