The Cost of Living in Lagos for Expats in 2024
01 October, 2024
As one of Africa’s largest cities and an economic powerhouse, Lagos continues to attract expatriates from around the world. From its vibrant culture to its expanding industries, the megacity on the Atlantic coastline of Nigeria presents a unique opportunity for international investors and expats seeking to live and work in one of the fastest-growing cities globally.
It is key for expatriates and businesses considering relocation or expansion into Nigeria to understand the cost of living in Lagos in 2024. This guide breaks down the essentials: living expenses, social opportunities, working conditions, and general expat life in Lagos.
Aerial View of Lagos Island showing Eko Bridge and Balogun Market | Source: The Conversation
An essential guide to living in Lagos
With over 24 million residents, the city offers a dynamic blend of cultures, commerce, and entertainment. Here’s how to make the most of it as a newcomer planning to stay for a while:
The cost of basic commodities in Lagos in 2024
Housing costs in Lagos
Housing is typically the most significant expense for expatriates in Lagos. The city is divided into two main areas: the Mainland and the Island, with most expats choosing to live on the Island, particularly in areas such as Victoria Island, Ikoyi, and Lekki.
Transport costs in Lagos
Lagos is notorious for its traffic, but transportation options for expats include hiring a personal driver, ride-hailing services like Bolt or Uber, or owning a vehicle.
Groceries and eating out
The cost of food in Lagos can vary based on dietary preferences. Local markets offer fresh produce at lower prices, while imported goods at supermarkets like SPAR or Shoprite can be more expensive.
For monthly groceries, an average expat might spend around ₦80,000 to ₦200,000 ($50 to $124). Dining out in high-end restaurants on the Island can cost around ₦15,000 to ₦30,000 ($9.29 to $18) per meal, while more casual dining options at eateries and other regular restaurants are available for ₦5,000 to ₦10,000 ($1.55 to $6.20) per person.
Inside Shiro Lagos, a high-end Japanese restaurant in Victoria Island, Lagos | Source: Trip Advisor & Turnup Lagos
For expats seeking familiar flavours, Lagos boasts a wide presence of international franchises, including Hard Rock Café, Dominos, Johnny Rockets and Burger King, which cater to American and British tastes with more diverse Eastern chains in development. Meals at these establishments typically range from ₦10,000 to ₦25,000 ($6.20 to $15) per person, offering a mid-range option between high-end dining and local eateries.
These franchises, popular among expats, provide a sense of comfort and familiarity, making it easier for newcomers to adjust to life in Lagos while enjoying well-known international cuisines.
Healthcare costs in Lagos
While not all local healthcare facilities meet international standards, several private hospitals cater to expatriates, offering high-quality care.
The healthcare sector is a growing focus for investment in Nigeria, and companies like Lagos Free Zone are leading the charge with in-house medical facilities for all staff and stakeholders within the industrial park, equipped with an x-ray room, pharmacy, consultation rooms and an ambulance.
Cost of education in Lagos
Schools that offer primary and secondary education with international curriculum and standards, like Lagos Preparatory School and American International School Lagos, charge annual tuition fees of ₦5 million to ₦10 million ($3,097 to $6,195), exclusive of boarding services, uniforms, food, extracurricular activities and more.
Expat lifestyle in Lagos
The city is known for its vibrant arts, music, and social scene. It continues to develop rapidly, with improvements in infrastructure contributing to better access to power supply, connectivity and economic opportunities.
While nightlife in Lagos is famous, Lagos’s expat social life extends beyond that scene. Many expats join social clubs such as the Ikoyi Club 1938, Lagos Yacht Club or the Lagos Motor Boat Club, which offer members access to golf courses, pools, and a robust social calendar, where membership can cost between ₦250,000 to ₦1 million ($155 to $620) annually.
Lagos is also home to several cultural activities. Expats can visit art galleries such as the Nike Art Gallery—free attendance, with artwork ranging from ₦5,000 to over ₦1 million ($1.55 to $620). Or attend performances at Terra Kulture, a cultural centre that showcases Nigerian theatre—tickets cost ₦5,000 to ₦15,000 ($1.55 to $9.29) per person and dining costs ₦8,000 to ₦15,000 ($4.96 to $9.29) per meal.
Expatriate families at Tarkwa Bay Beach (left) and Ocean View’s upgraded playground (right) in Lagos | Source: Hiraeth
For those who enjoy outdoor activities, Tarkwa Bay Beach offers a peaceful escape from the city's hustle—₦300 to ₦1,000 ($0.19 to $0.62) entry fee per person, ₦2,500 to ₦5,000 ($1.55 to $3.10) boat rides per person, and an extra ₦5,000 to ₦10,000 ($1.55 to $6.20) for tents and refreshments.
Lekki Conservation Centre provides opportunities to explore Lagos's natural mangroves and wildlife—entry fee costs ₦1,500 to ₦3,000 ($0.93 to $1.86) per person, the canopy walk costs ₦2,000 to ₦4,000 ($1.24 to $2.48) per person, picnic and extras cost ₦5,000 to ₦10,000 ($3.10 to $6.20), if you’re bringing food or renting space for larger gatherings.
For families, the city offers a variety of recreational centres and activities, including theme parks like Hi-Impact Planet, where the entry fee and access to all rides costs ₦5,000 to ₦15,000 ($3.10 to $9.29) per person, depending on the package; and family-friendly cinemas at malls like The Palms and Ikeja City Mall. Movie tickets cost ₦2,500 to ₦5,000 ($1.55 to $3.10) per person for a standard movie, with 3D and VIP experiences costing more, while snacks are typically around ₦2,000 to ₦5,000 ($1.24 to $3.10) per person.
Expats in Lagos also benefit from the city's strong ties to international businesses, with multinationals such as Nestlé, Huawei, ExxonMobil, Chevron, Total and KPMG operating there. Lagos is also a major hub for startups, particularly in the fintech and e-commerce sectors, presenting diverse opportunities for international investors and professionals.
Working in Lagos
Lagos is the economic heart of Nigeria, contributing over 25% of the country’s GDP. Major industries attracting expatriates include manufacturing, oil and gas, and technology.
- The average salary for expats working in mid to senior management roles in Lagos ranges from ₦10 million to ₦30 million per year ($6,195 to $18,587).
- Many expats are provided with expatriate packages that include housing allowances, private healthcare, and paid schooling for children.
The city’s government offers ample opportunities for networking, with events hosted by organisations like the Lagos Chamber of Commerce and Industry (LCCI), European Chamber of Commerce (EuroCham), Nigerian-German Chamber of Commerce, Japan External Trade Organization (JETRO) Lagos and Nigerian-British Chamber of Commerce (NBCC), providing platforms for expats to engage with local businesses.
[C] Gabriel Idahosa FCA, President of the LCCI, with Yan Yuqing, Consul-General of China in Lagos at the 24th annual Forum on China-Africa Cooperation (FOCAC) Summit in partnership with LCCI | Source: LCCI Instagram
Taxes in Lagos
Nigeria does not impose a specific levy on foreigners. The Expatriate Employment Levy (EEL), which was once required from employers with expatriate staff, was paused in March 2024, indicative of the government’s commitment to creating an inviting atmosphere for both local and international investors.
However, compliance with local tax regulations is mandatory for expatriates. Any individual who resides in the country for more than 183 days within a 12-month period is classified as a tax resident who is required to pay Personal Income Tax (PIT), which is progressive and ranges from 7% to 24% depending on income levels.
Additional deductions may include pension contributions and other statutory payments if applicable. However, expats may benefit from tax treaties between Nigeria and their home countries, which could prevent double taxation. It is advisable for expats and businesses to consult with local experts to navigate Nigerian tax laws effectively, automatic access to which is one of the benefits of doing business in the Lagos Free Zone.
What’s the cost of living in Lagos?
For the average expat, the total cost of living in Lagos could range from ₦15 million to ₦36 million ($9,375 to $22,500) per year, depending on lifestyle choices, housing preferences, and family size.
Charterhouse Lagos, the first British independent school in West Africa | Source: Punch Newspapers
In 2024, Lagos remains an attractive destination for expats and international investors, particularly in the manufacturing and technology sectors. While the cost of living can be high in terms of housing and schooling, the city's dynamic economy and established expat communities more than make up for the expense.
