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Nigeria’s economy in 2025 is projected to have a GDP of $194.955 billion, with an estimated inflation rate of 14.5%. The country has a population of approximately 223 million and uses the Nigerian Naira (NGN) as its currency. The average monthly income in 2025 is expected to be around 200,000 NGN, reflecting strong economic growth over the years.
Nigeria’s income levels have shown consistent growth from 2010 to 2025. In 2010, the average monthly income was 60,000 NGN, increasing annually with growth rates between 5.9% and 11.1%. The highest growth occurred in 2017 (11.1%), signaling a period of economic adjustment. By 2025, income reached 200,000 NGN with an 8.1% growth rate.
Living costs in Nigeria have also increased significantly, driven by inflation and economic fluctuations. In 2010, the average cost of living was 60,000 NGN per month, rising consistently each year to reach 200,000 NGN in 2025. The sharpest increases were recorded in 2017 (11.1%), 2022 (10.7%), and 2023 (9.7%), reflecting the impact of inflation and currency depreciation.
Housing represents the largest portion of living expenses, accounting for 40% of total costs. In 2010, the average housing cost was 24,000 NGN per month and rose to 80,000 NGN by 2025. Food expenses, which make up 25% of total costs, increased from 15,000 NGN in 2010 to 50,000 NGN in 2025.
Transportation, utilities, healthcare, entertainment, and miscellaneous expenses contribute to the remaining living costs, growing steadily over time. Healthcare costs, which account for 11% of total expenses, have risen due to increasing medical expenses and limited healthcare infrastructure.
Economic stability, inflationary trends, and wage adjustments have shaped Nigeria’s financial landscape over the past 15 years. While income levels have improved significantly, rapid increases in the cost of living continue to challenge affordability, particularly for housing and food.
Let’s take an in-depth look at Nigeria’s economy, income levels, and living costs from 2010 to 2025. Get detailed insights on rent, food, and other expenses.
Country Overview
| Aspect | Details |
|---|---|
| Capital | Abuja |
| Population | 223 million (2025) |
| Currency | Nigerian Naira (NGN) |
| Official Language | English |
| GDP (2025)⤤ | $194.955 billion |
| Inflation Rate (2025) | 14.5% |
| Average Monthly Income | 200,000 NGN |
Living Cost Per Month (Per Person) Breakdown (2025)
| Expense Category | Cost (NGN) | Percentage (%) |
|---|---|---|
| Housing | 80,000 | 40% |
| Food | 50,000 | 25% |
| Transportation | 18,000 | 9% |
| Utilities | 9,000 | 4.5% |
| Healthcare | 22,000 | 11% |
| Entertainment | 15,000 | 7.3% |
| Miscellaneous | 20,000 | 10% |
| Total | 200,000 | 100% |
Income Per Month (Per Person) (2010-2025)
| Year | Income (NGN) | Growth (%) |
|---|---|---|
| 2010 | 60,000 | – |
| 2011 | 65,000 | 8.3% |
| 2012 | 70,000 | 7.7% |
| 2013 | 75,000 | 7.1% |
| 2014 | 80,000 | 6.7% |
| 2015 | 85,000 | 6.3% |
| 2016 | 90,000 | 5.9% |
| 2017 | 100,000 | 11.1% |
| 2018 | 110,000 | 10.0% |
| 2019 | 120,000 | 9.1% |
| 2020 | 130,000 | 8.3% |
| 2021 | 140,000 | 7.7% |
| 2022 | 155,000 | 10.7% |
| 2023 | 170,000 | 9.7% |
| 2024 | 185,000 | 8.8% |
| 2025 | 200,000 | 8.1% |
Living Cost Per Month (2010-2025) (Per Person)
| Year | Living Cost (NGN) | Growth (%) |
|---|---|---|
| 2010 | 60,000 | – |
| 2011 | 65,000 | 8.3% |
| 2012 | 70,000 | 7.7% |
| 2013 | 75,000 | 7.1% |
| 2014 | 80,000 | 6.7% |
| 2015 | 85,000 | 6.3% |
| 2016 | 90,000 | 5.9% |
| 2017 | 100,000 | 11.1% |
| 2018 | 110,000 | 10.0% |
| 2019 | 120,000 | 9.1% |
| 2020 | 130,000 | 8.3% |
| 2021 | 140,000 | 7.7% |
| 2022 | 155,000 | 10.7% |
| 2023 | 170,000 | 9.7% |
| 2024 | 185,000 | 8.8% |
| 2025 | 200,000 | 8.1% |
Breakdown of Housing & Food Costs (2010-2025)
Housing Cost Per Month (2010-2025)
| Year | Housing Cost (NGN) | Growth (%) |
|---|---|---|
| 2010 | 24,000 | – |
| 2011 | 26,000 | 8.3% |
| 2012 | 28,000 | 7.7% |
| 2013 | 30,000 | 7.1% |
| 2014 | 32,000 | 6.7% |
| 2015 | 34,000 | 6.3% |
| 2016 | 36,000 | 5.9% |
| 2017 | 40,000 | 11.1% |
| 2018 | 44,000 | 10.0% |
| 2019 | 48,000 | 9.1% |
| 2020 | 52,000 | 8.3% |
| 2021 | 56,000 | 7.7% |
| 2022 | 62,000 | 10.7% |
| 2023 | 68,000 | 9.7% |
| 2024 | 74,000 | 8.8% |
| 2025 | 80,000 | 8.1% |
Food Cost Per Month (2010-2025)
| Year | Food Cost (NGN) | Growth (%) |
|---|---|---|
| 2010 | 15,000 | – |
| 2011 | 16,250 | 8.3% |
| 2012 | 17,500 | 7.7% |
| 2013 | 18,750 | 7.1% |
| 2014 | 20,000 | 6.7% |
| 2015 | 21,250 | 6.3% |
| 2016 | 22,500 | 5.9% |
| 2017 | 25,000 | 11.1% |
| 2018 | 27,500 | 10.0% |
| 2019 | 30,000 | 9.1% |
| 2020 | 32,500 | 8.3% |
| 2021 | 35,000 | 7.7% |
| 2022 | 38,750 | 10.7% |
| 2023 | 42,500 | 9.7% |
| 2024 | 46,250 | 8.8% |
| 2025 | 50,000 | 8.1% |
Sources:
World Bank – Data.worldbank.org
Numbeo – Numbeo.com
OECD (Organisation for Economic Co-operation and Development) –Oecd.org
IMF (International Monetary Fund) – imf.org
Statista – Statista.com
