Overview of the living cost in Nigeria as it relates to other countries

The giant of Africa, Nigeria, is one of the many nations battling with inflation and a harsh economy. With countries like Venezuela that have a high cost of living, Nigeria seems to be a better option, as basic life supports such as meals and shelter are cheaper here in Nigeria. How many Nigerians would even consider going to countries like Venezuela? I'm certain Nigerians would look out for business and thrive opportunities before embarking on any journey of relocation.

Undoubtedly, Nigeria is ravaged by a harsh and extreme high cost of living, such that a slogan was developed, "Let the poor breathe," whose implication is that even the very air the masses breathe is theoretically threatened. The past few months witnessed an unexpected upsurge in the cost of virtually all commodities, which span foodstuffs, transportation, electronics, fuel, etc. We got to a point where it seemed every individual inflated whatever commodity they possessed. Nonetheless, the big question is: would you prefer to live in another country? And perhaps, which country? My dear friend @terganftp has done good justice in his POST here, which is worth reading and digesting. Permit me to give an overview of things here and maybe there.

Though I am a professional with a ready job offer at every instance due to the lacuna created by the exodus of medical professionals to greener pastures such as the United Kingdom, Canada, Australia, and the like, truth be told, life is 'at least' better there than here in Nigeria, but... to what extent?

First, there are certain cities like Lagos, Port Harcourt, and Abuja that I am not comfortable living in because of the high cost of living. People living in the aforementioned cities in Nigeria are believed to have a high level of high volume financial transactions, and hence, a shirt you can purchase for ₦5, 000 here in Ilorin city may cost as much as ₦20, 000 in such cities.

Nigeria is a cruise, and you can easily get away with anything if you have the right clicks and know the right buttons. Perhaps the degree of lawlessness and porous system. Now, let's dive in a little better.

BUSINESSES

Setting up a business in Nigeria often requires millions of Naira unless you want to operate a virtual shop, which is known as an online shop and is common at thrift stores, etc. My colleague paid over a million naira to set up his shop, which he contracted for about ₦400, 000 in a location that is not too accentuated. The set-up cost him about ₦500, 000 for the shelf, ₦120, 000 for the painting, and other miscellaneous items such as electricity, plumbing work, etc. These payments are void of stocking, which ran into millions as a pharmacy store. Another colleague of mine was visited by the state tax agency on the very day he declared his shop open. He sells roasted meat, popularly called 'suya' here in Nigeria. Thus, I believe there are mitigating factors to business set up in Nigeria, and when the upcoming business people eventually set up, the profits are retrieved from increased costs of commodities. Yeah, that's crazy, as nobody wants to be at a loss or take forever to make profits.

WORK AND FEEDING
I have lamented how I was paid ₦197, 000 as a medical doctor here in Nigeria as of 2021, when I was with the state government. Of course, the private hospitals would pay less at that time. The minimum balance paid to the government worker is ₦30, 000, but I dare to say that there are jobs that are being paid as low as ₦10, 000 even till date. The inflation rate is close to 30%, with a huge debt to pay to other countries. How then do you expect a salary earner of ₦30, 000 to cope in the face of such inflation? Is it the children's school fees or the shelter? Which of the aforementioned would be convenient? Or, rather, they'll just do with what is available. I used to patronize a food vendor whose meal with a chicken was ₦600 as of three years ago but has become ₦1800 as of today after several upward price adjustments relating to the increased cost of foodstuffs and other commodities. Perhaps it saves money to cook one's meal rather than spend at least ₦2, 000 for a decent meal in the face of a troubled economy. My recent cost of transportation per month is nothing less than ₦80, 000, which has consumed a significant part of my salary. Thus, I am left to complement other menial revenue sources like Hive, airdrops, etc. Unfortunately, I don't have a flair for clinical medicine any longer, except when a dire need arises for special intervention. Do not blame me; the average Nigerian doctor is stressed at work and mostly unhappy because of the toxic working environment.

In other countries (my knowledge may be limited), the pay is significantly better when compared to Nigeria's. However, they are faced with huge tax payments and the high cost of commodities like electricity and data, as mentioned by my friend. The major difference between Nigeria and these countries may be the poor remuneration in the face of poor social amenities. Other than this, Nigeria remains a fun and lively country to live in.

SHELTER

I stay in a two-bedroom apartment in a quiet part of town that has no traffic or troubles, and my annual rent is ₦300, 000. Of course, this looks cheap compared to places like Lagos, where such an apartment would go for nothing less than a million naira. However, based on reports from colleagues in other countries, a room costs hundreds of dollars or pounds. Shelter in Nigeria still looks fair enough when compared to other countries.

Let me tidy up this post so it does not go longer than normal. Would I prefer to live in other countries? Maybe yes, because of the working system there, but not really because of the living costs (perhaps I am being biased as a professional). It costs at least ₦18, 000,000 to relocate to countries like the UK, and most people who do often take out loans to do that. I may be wrong, but investing rightly in such amounts (which are not readily available) with the hope that risks are limited and calculated has the potential to escalate the average individual into a life of comfort. I remain undecided about whether to relocate or not, as the cost of living alone cannot be used as a determining factor. The cruise in Nigeria cannot be traded for anywhere. Though living in Nigeria itself is a risk, life generally is a risk.

ALL IMAGES ARE MINE

Thank you for reading. I would love to have your comments and contributions.