Reports Library

April 2026; 12-month trend context | GN-REPORT-APRIL-2026-12-MONTH-TREN-NIGERIA-COST-OF-LIVING-SIGNAL-REPORT-MAY-2026

Nigeria Cost Of Living Signal Report May 2026

DEBUG: access_tier=email_gate, can_access=

A May 2026 comprehensive briefing on Nigeria's cost of living — food, transport, housing, healthcare, education — with wage data and household coping strategies.

Unlock Download My Reports

Summary

Nigeria's cost-of-living crisis, while showing some moderation in headline inflation, continues to exact a severe toll on household welfare in early 2026 [^1^]. Headline inflation fell to 15.40% year-on-year in March 2026 (rebased series), down from 24.48% in March 2025, but the absolute price level remains extremely high relative to incomes [^2^]. A family of five in Lagos now requires an estimated NGN 180,000–220,000 per month for basic food, transport, and utilities — far above the national minimum wage of NGN 70,000 per month [^3^][^4^]. This report moves beyond the macro inflation headline to examine the micro reality: what specific goods and services cost, how wages have responded, what coping strategies households employ, and which population segments are most vulnerable. The analysis draws on NBS CPI data, NLC wage surveys, World Bank poverty assessments, SBM Intelligence household polling, and Great Nigeria's own price-tracking network [^5^][^6^][^7^][^8^].

Key Findings

Headline inflation fell to 15.40% year-on-year in March 2026 (rebased series), but the absolute price level remains 60–80% higher than pre-2023 levels for most essential goods [^2^].
A basic food basket for a family of five costs NGN 95,000–120,000 per month in Lagos, exceeding the national minimum wage of NGN 70,000 [^3^][^4^].
Transport costs have risen 30–40% year-on-year, driven by fuel price increases (NGN 600–750/liter depending on location), vehicle maintenance inflation, and ride-hailing surge pricing [^9^].
Rent in Lagos mainland increased 15–20% year-on-year, with average 1-bedroom annual rent at NGN 400,000–600,000 [^10^].
Healthcare costs rose 20–30% year-on-year, with basic outpatient visits now NGN 8,000–15,000 at private clinics [^11^].
The national minimum wage of NGN 70,000/month (effective July 2024) has not been reviewed and now covers only 38–50% of a basic household budget in urban areas [^4^].
An estimated 40% of Nigerian workers earn below the minimum wage in the informal sector, where wage enforcement is nonexistent [^12^].
Household coping strategies include: reducing meal frequency (reported by 62% of households), switching to cheaper staples (58%), withdrawing children from school (18%), taking on multiple jobs (45%), and borrowing from family or money lenders (51%) [^13^].
The food share of household expenditure has risen to approximately 62% among low-income households, up from 56% in 2022, crowding out spending on health, education, and savings [^14^].
Urban-rural price differentials have widened: Lagos prices for rice, beans, and vegetable oil are 20–35% higher than in Kano or Ibadan, reflecting transport costs and market structure [^15^].
State-level minimum wages vary: while the federal minimum is NGN 70,000, some states (Lagos, Rivers) pay above this, while others struggle to pay even the federal rate [^16^].
Pensioners and fixed-income earners are the most vulnerable group, with average monthly pensions of NGN 30,000–40,000 covering less than 20% of basic needs [^17^].
The World Bank estimates that 104 million Nigerians (48% of the population) live below the national poverty line of NGN 137,430 per person per year [^18^].
Inflation expectations remain elevated: the CBN's inflation expectation survey shows households expect prices to rise 18–22% over the next 12 months [^19^].
Social protection coverage remains minimal: only approximately 3.5 million Nigerians (1.6% of the population) receive any form of government cash transfer [^20^].

Full Report Gated

Enter your email to unlock the full report and PDF download.