The Real Cost of Living in Lagos in 2024.

Lagos, Nigeria’s largest city, known for its bustling economy and vibrant culture, is increasingly being defined by its skyrocketing cost of living. As we look towards the latter part of 2024, the conversation among residents' centers around a pressing issue: affordability. Social media platforms like X (formerly Twitter) have become the town square where Lagosians voice their frustrations, with rent, inflation, and everyday expenses becoming focal points of a growing economic crisis.

Platforms like X are ablaze with discussions surrounding the ever-rising costs in Lagos. One common refrain is that life in the city has become exorbitantly expensive, especially for housing. Residents lament the significant difference between renting a one-bedroom apartment and a two-bedroom unit, with some areas witnessing a price gap of up to N500,000 ($650). A two-bedroom apartment in Lagos can easily cost 1.1 million Naira annually, and in certain prime locations, even more. The mounting rent prices have forced some individuals into unconventional living spaces, including beneath bridges, in a bid to survive the city’s financial pressure.

Housing: 

Housing remains the most contentious issue for Lagosians. The cost of securing basic accommodation has shot up across the board, and affordable housing seems almost non-existent. Even as rent soars, the quality of living doesn’t seem to improve. Many express the frustration that while the city center commands higher rents, living further out means trading affordability for reduced quality of life, with long commutes, poor infrastructure, and fewer services available.

For those living on minimum wage or even middle-income salaries, the burden is even more significant. Many are asking how they can continue to afford rising rent when their incomes remain stagnant, or worse, insufficient.

Inflation and the Cost of Everyday Life

Inflation has put additional pressure on Lagos residents, with the cost of living expanding far beyond rent. X posts indicate that the inflation rate, unofficially pegged at 115%, far exceeds the government’s reported figures, hinting at severe economic underreporting. The prices of daily essentials like cooking gas, petrol, and electricity have skyrocketed, leading residents to ask: how much longer can they bear the financial weight?

Take fuel prices, for example. With the removal of fuel subsidies, petrol costs have surged, and the ripple effects are being felt across transportation, goods, and services. Commuters spend more on transportation, while traders pass along their increased costs to consumers. 

Public Sector Struggles and Protests

Amid rising costs, the public sector hasn’t been exempted. Schools, hospitals, and other services are also being impacted, with fees increasing in private institutions and government services hinting at hikes. This situation is particularly alarming as education remains one of the key ladders of opportunity for many Lagosians, and increasing school fees place this out of reach for numerous families.

In response to these escalating costs, residents have taken to the streets in protests. In early 2024, mass protests over fuel prices and economic policies culminated in a nationwide strike, demanding wage increases and relief from economic hardship. Though the strike achieved a temporary wage increase, the root causes of the protests—the high cost of living and the economic policies exacerbating the crisis—remain largely unaddressed.

Quality of Life

Adding to the economic strain is Lagos’s declining ranking on global livability indexes. The city, once known for its potential, is now grappling with a declining quality of life. Lagosians report deteriorating transportation systems, worsening traffic, and higher costs in education and health, which further complicate their daily lives.

In addition to basic amenities becoming more expensive, public services like healthcare and education are facing overvaluation in terms of costs versus value. Parents are finding it harder to afford quality education for their children, while medical care is fast becoming a luxury for those unable to afford private healthcare.

The economic hardship is real, palpable, and affecting everyone from traders in the market to professionals in corporate jobs. X is filled with posts from Lagosians expressing disbelief at how much their salaries have lost value in such a short span of time. Many wonder how they will cope with the rising cost of living while their earnings remain unchanged.

As Lagosians look to the future, they face the challenge of how to sustain themselves in a city where the cost of living has drastically outpaced earnings. With inflation out of control, rents rising, and basic goods becoming more expensive, the burden placed on the average citizen is becoming unbearable.

In 2024, Lagos finds itself at a critical crossroads. Its reputation as the economic engine of Nigeria stands in stark contrast to the economic reality facing its residents. The rising cost of living threatens to overshadow the opportunities the city once promised. Without a comprehensive approach to solving the inflation crisis, managing housing affordability, and addressing public sector inefficiencies, Lagos risks becoming unaffordable to the very people who built its economy.

The outcry on social media reflects a larger narrative: Lagosians are not just concerned about the present, but worried about the future. Economic strain, poor living conditions, and growing discontent are shaping the experience of life in this megacity. And as X continues to amplify the voices of those struggling with Lagos’s high costs, the pressure is mounting on policymakers to enact meaningful changes before the tipping point is reached.