Commodities Price: Nigeria Consumer Price Index - April 2022.

Commodities Price: Current Price of Commodities in Nigeria

May 4, 2022 Odiraa

Commodities Price: Current Price of Commodities in Nigeria

Current Commodity Prices in Nigeria
Commodity Prices in Nigeria: Prices in restaurants, prices of food and drinks, transportation, fuel, apartments, hotels, supermarkets, clothing, current
What are the prices in Nigeria? Wondering how much dinner costs? What is the cost of accommodation? How much money do I need for shopping in a supermarket in Nigeria? Etc.

Commodities Price

The Nigerian Commodity Exchange (NCX) has enlisted the help of various stakeholders in the country’s agro-commodities sector in order to bring down the country’s soaring food prices.

The current Commodities Price in Nigeria, on the other hand, can have a significant impact on the value of the main stock and the overall market.

Related commodities Price Articles in Nigeria

Taking note of and following up on these prices will help you keep an eye on the market, whether you are an investor or a regular buyer.

This article discusses the current commodities price in Nigeria. Learn about the average prices in Nigeria, including food, restaurants, beer, lodging, transportation, and more.

Given the large number of options available, we will limit our scope to the prices of commodities that people buy daily

Commodities Price in Nigeria – An Overview

According to a 2017 United Nations survey, Nigeria is the most populous country in Africa, with an estimated population of 200 million people.

Because of its massive population, the country is known as Africa’s “giant.”

Nigeria, despite being an oil-producing state, is also an agrarian country with a total land area coverage of approximately 910, 768 Km2, of which 33.02 percent is arable land and approximately 3.14 percent is suitable for permanent crops.

Cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber, and other commodities are grown in the country.

Furthermore, as of 2017, Nigeria had the largest economy in Africa, with a Gross Domestic Product (GDP) of 375.77 billion US dollars.

GDP, according to the Nigerian National Bureau of Statistics, is the market value of all commodities (goods and services) produced within a country during a given period.

What currency is used in Nigeria?
Here is information about the Nigerian currency:
The currency of Nigeria is the Nigerian Naira (NGN). 1₦ (Naira) is divided into 100 Kobo.

There are 3 different coins: ₦1, ₦2, 50. There are 8 different banknotes with the following values: ₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500, ₦1000.

To avoid unpredicted risks of receiving fake money we advise checking the currency when trading. Be very careful with those banknotes: ₦1000, ₦500.

The current exchange rate of Dollar to Nigerian Naira Exchange Today is $1 USD to NGN = 415.0201 (Convert Dollars to Nigerian Naira. Data updated today)

For 1$ United States dollar (USD) you can get: 415.02 NGN Nigerian Naira (NGN)
For 1€ Euro you can get: 436.99NGN Nigerian Naira (NGN)
Also, for 1£ British Pound (GBP) you can get: 518.86NGN Nigerian Naira (NGN)
For 1₽ Russian ruble (RUB) you can get: 6.08NGN Nigerian Naira (NGN)

Is Nigeria an expensive country? Commodities Price

Prices of staple products in Nigeria are lower than in the United States. You have to pay 2.35 times less for shopping in Nigeria than in the United States.

The average accommodation cost in Nigeria ranges from 19 USD (8,000 NGN) in the hostel to 95 USD (39,000 NGN) in a 3-star hotel.

The cost per night in a luxury hotel in Nigeria is about 112 USD (46,000 NGN).
Using public transport in Nigeria comes at a price of: 0.48 USD (200 NGN) for a one-way ticket.

The cost of renting a car in Nigeria (e.g. Volkswagen golf or Toyota corolla) to 25,000 USD (10,484,000 NGN).

If you choose a taxi, have in mind that the price of a taxi in Nigeria depends on several factors. The taxi startup price is about: 1.20 USD (500 NGN). For a 1 km ride in Nigeria, you have to pay around: 1.20 USD (500 NGN).

Table of Contents

Commodity Prices on Nigerian Market~ Commodities Price

Commodities existing in the Nigerian market are endless. There are several sectors of the economy where these commodities are traded. Some of them include:

The agricultural industry
The fashion industry
The consumer products industry

Cost of living in Nigeria ~ Commodities Price

85 times lower than in Washington
25 times lower than in Jacksonville
20 times lower than in Houston
25 times lower than in Oklahoma City
35 times lower than in New York City

Is food expensive in Nigeria? Commodities Price

Food prices in supermarkets are cheaper than in the United States. For instance, in Nigeria you have to pay for:

Bottle or carton of milk (1 liter): 2.90 USD (1,100 NGN)
Popular yellow cheese (1 kg): 4.30 USD (1,700 NGN)
A bottle of beer from a known brand: 1.20 USD (506 NGN)
A sausage or cold cuts (1 kg): 11 USD (4,500 NGN)
A mid-range wine (one bottle): 3.60 USD (1,500 NGN)

How much money do I need for a week’s stay in Nigeria? Commodities Price

If you want to spend a week in Nigeria the cost of your stay will be:

309 USD (128,000 NGN) – a cheap stay for 7 days in Nigeria
637 USD (264,000 NGN) – a budget trip for 7 days in Nigeria
930 USD (386,000 NGN) for a week of a comfortable stay in Nigeria
1,300 USD (571,000 NGN) for a week of luxury holidays in Nigeria

Food Commodities Price in Nigeria

What is the cost of meals (Breakfast/Lunch/Dinner) in Nigeria? What is the average cost of lunch in Nigeria?

In Nigeria, a typical fast food meal costs: 6.00 USD (2,500 NGN) for a McMeal at Mcdonald’s or BurgerKing (or similar combo meal), and 1.80 USD (750 NGN) for a cheeseburger. For coffee lovers: cappuccino coffee is 2.10 USD (856 NGN) and espresso is 1.40 USD (599 NGN).
How much do cigarettes cost in Nigeria? Commodities Price
Cigarettes are cheaper in Nigeria than in the United States. The average cost of a pack of local cigarettes is 0.96 USD (400 NGN). For more famous brands such: as Lucky Strike, Camel, and Davidoff you have to pay about 1.20 USD (500 NGN).

Food Stuff Prices ~ Commodities Price

50kg of Rice (A bag of rice): ₦18,000-₦23,000
Half Bag Rice: ₦7,500-₦10,000
Apples (1kg): ₦1,000-₦1,200
Banana (1kg): ₦400-₦600
Oranges (1kg): ₦200-₦700
Tomato (1kg): ₦200-₦500
Potato (1kg): ₦300-₦800
Onion (1kg): ₦250-₦500
Lettuce (1 head): ₦200-₦400
Yam (A tuber of yam): ₦700-₦1000
Garri (A paint rubber): ₦500-₦700
Beans (A device): ₦300-₦370

Beverages Prices in Nigeria ~ Commodities Price

400g Powdered Tin Peak Milk: ₦1,150- ₦1,300
900g Powdered Tin Peak Milk: ₦1,850-₦2,200
500g Refill Powdered Peak Milk: ₦950- ₦1,200
380g Refill Powdered Three Crowns Milk: ₦800- ₦1,000
400g Powdered Tin Loya Milk: ₦800 – ₦1,000
400g Refill Powdered Loya Milk: ₦750- ₦900
500g Refill Milk Coast: ₦700 – ₦800
500g Powdered Tin Dano Milk: ₦900 – ₦1,000
900g Powdered Dano Milk: ₦1,650- ₦1,700
500g Refill Powdered Dano Milk: ₦800 – ₦1,000
500g Tin Milo: ₦1,000- ₦1,200
900g Tin Milo: ₦1,900 – ₦2,000
500g Cocoa Beverages Milo Refill 500g – ₦950 – ₦1, 000
500g Refill Bournvita: ₦850 – ₦950
Plastic Bournvita: 500g ₦950 – ₦1,000
900g Plastic Bournvita: ₦1,600-₦1,800
500g Refill Ovaltine: ₦850- ₦950
500g Plastic Ovaltine: ₦900- ₦1000
Coffee Nescafe Gold Blend: ₦1,600 – ₦1,800
50g Coffee Nescafe Classic: ₦550 – ₦600

Domestic Commodities Price in Nigeria

Home & Kitchen Appliances Prices in Nigeria

Toasting Machine: ₦3,500-₦4,500
Electric Blenders: ₦5,000-₦10,000
Manual Blenders (Small Size): ₦700
Manual Blenders (Large size): ₦3,000-₦5,000
Electric Cookers (1 Burner): ₦3,000-₦4,000
Electric Cooker (2 Burner): ₦3,500-₦7,000
The electric Bulbs (White Bulb): ₦250-₦500
Electric Light Bulb (Yellow Bulb): ₦100-₦150
Spoons & Forks: ₦1,700-₦2,000
A set of Stainless steel Pots: ₦9,000-₦21,000
Aluminium Pots + Kettle: ₦6,500-₦9,000
Electric Kettle: ₦2,500-₦3,500
Juicers: ₦6,000-₦10,000
Mixers: ₦16,000-₦23,000
Gas Cylinder 12kg (Brand New): ₦8,000-₦10,000
Gas Cylinder 3kg (Brand New): ₦5,000
Yam Pounder: ₦30,000-₦47,000
Gas Cooker 4 Burners: ₦15,000-₦20,000
Gas cooker 4 Burners + Oven: ₦44,000-₦99,000
The gas cooker 2 Burners: ₦6,000- ₦10,000
Grilling machine: ₦9000-₦23,000
Microwave Ovens (11L): ₦9,000
Microwave Ovens (37L): ₦22,000-₦24,000
Umbrellas (Fancy with Casing): ₦3,500-₦5,000
Umbrellas (Regular): ₦700-₦2,000
Raincoat: ₦3,500- ₦5,000
Rain Boots: ₦3,500-₦5,000
Liquid Soaps for Washing: ₦400-₦800

Home Electronics Commodities Price

Home Theatres Sound System: ₦27,000- ₦70,000
5 HP Air conditioners: ₦80,000- ₦90,000
1 HP Air conditioners: ₦70,000- ₦80,000
Water Dispensers: ₦35,000- ₦45,000
Washing Machines (7.8kg Single tub): ₦30,000
Washing Machines (6kg Front Loader): ₦90,000
The washing Machines (4.3kg Single tub): ₦20,000
Washing Machine Front Loader + Dryer: ₦180,000- ₦240,000
42″ LED Television: ₦127,000- ₦170,000 (Goes up to ₦300,000- ₦700,000)
42″ Smart Television: ₦180,000-₦250,000
32″ Smart Television: ₦105,000- ₦120,000
32″ LED Television: ₦50,000- ₦99,000
Table Top refrigerators: ₦28,000
Refrigerators (1 Door): ₦70,000- ₦90,000
Refrigerator (Double Doors): ₦70,000- ₦767,000
Deep Freezers: ₦60,000- ₦250,000
Ceiling Fan(High Quality): ₦14,000- ₦30,000
Ceiling Fan (Normal Quality): ₦3500- ₦8,000
Standing Fans: ₦7,000- ₦8,000
Rechargeable Standing Fans: ₦17,000- ₦23,000
Pressing Irons: ₦4,000- ₦6,000

Consumer Products (Electronics) ~ Commodities Price

Wired Head Phone: ₦2,500- ₦3,000
Wireless Head Phone: ₦3,500- ₦6,000
Wired Ear Piece: ₦300
Wireless Earpiece: ₦2,500- ₦6,000 (For Apple it can go up to ₦52,000)
Clippers: ₦2,800- ₦7,000
Hairdryers: ₦2,850- ₦3,500
Electric Hair Straightening Brush: ₦3,500- ₦6,000
Hair Stretcher: ₦2,800
Electric Tooth Brush: ₦2,500
Wrist Watches: Depending on Taste; Goes From ₦2,000- ₦500,000
Smart Watches: ₦5,000- ₦15,000
Hair Removal Device: ₦2,500- ₦3,000

Computer and Accessories ~ Commodities Price

16-inch Laptop: This can go from ₦70,000-to 350,000
MacBook Laptop: ₦350,000- ₦1.5M
Desk Jet Printer: ₦11,000- ₦13,000
LaserJet Printer: ₦60,000- ₦108,000
Photocopy Machines: ₦190,000- ₦250,000
External Mouse: ₦200- ₦500
External Keyboards: ₦1500- ₦3,500
USB Cables: ₦150- ₦300
HDMI Cable: ₦1,500- ₦3,000
Laptop Chargers: ₦4,000- ₦5,000
Laptop Batteries: ₦4,000- ₦12,000
32GB Flash Drives: ₦4,000- ₦6,000
64GB Flash Drives: ₦5,000- ₦8,000
8GB Flash Drives: ₦2,000- ₦4,000
SD Card: ₦2,000- ₦3,500
Laptop Bags: ₦7,000- ₦23,000

Daily Commodities Price in Nigeria

Beauty & Personal Care

Close Up Toothpaste: ₦250-₦300
Colgate Toothpaste: ₦300-₦400
Oral B Toothpaste: ₦350-₦500
Nivea Body Lotion: ₦1,500-₦2,500
Pears Baby Lotion: ₦350
Male Hair Cream: ₦100- ₦200
Female Hair Cream: ₦400- ₦1,000
Natural Organic Cream (Hand Made): ₦5,000- ₦8,000
Body Cream: ₦1,500-₦5,000
Dettol Large (Anti Germ Liquid): ₦2,500
Dettol Medium (Anti Germ Liquid): ₦1,500
The dettol Small (Anti Germ Liquid): ₦2,500
Average Bathing Bar Soap: ₦100-₦500
Average Liquid Soap: ₦1,000-₦2,000
Nail Polish: ₦150- ₦200
Make-up Brushes (A set): ₦7,000- ₦10,000
Cosmetic Products (This is Dependent on Taste & Brand): ₦3,500- ₦10,000

Commodities Price: Recommended Minimum Amount of Money for food (2400 calories, Western food types)

Milk (regular), (0.25 liter)	296.99 ₦
Loaf of Fresh White Bread (125.00 g)	118.03 ₦
Rice (white), (0.10 kg)	98.46 ₦
Eggs (regular) (2.40)	147.09 ₦
Local Cheese (0.10 kg)	180.30 ₦
Chicken Fillets (0.15 kg)	266.07 ₦
Beef Round (0.15 kg) (or Equivalent Back Leg Red Meat)	263.54 ₦
Apples (0.30 kg)	388.27 ₦
Banana (0.25 kg)	152.22 ₦
Oranges (0.30 kg)	147.79 ₦
Tomato (0.20 kg)	151.84 ₦
Potato (0.20 kg)	157.71 ₦
Onion (0.10 kg)	61.26 ₦
Lettuce (0.20 head)	75.00 ₦
Daily recommended minimum amount of money for food per person	2,504.58 ₦
The monthly recommended minimum amount of money for food per person (assuming 31 days per month)	77,642.05 ₦

Commodities Price: Recommended Minimum Amount of Money for food (2400 calories, Asian food types)

Loaf of Fresh White Bread (50.00 g)	47.21 ₦
Rice (white), (0.25 kg)	246.15 ₦
Eggs (regular) (2.40)	147.09 ₦
Chicken Fillets (0.20 kg)	354.76 ₦
Beef Round (0.10 kg) (or Equivalent Back Leg Red Meat)	175.69 ₦
Apples (0.25 kg)	323.56 ₦
Banana (0.25 kg)	152.22 ₦
Oranges (0.15 kg)	73.90 ₦
Tomato (0.20 kg)	151.84 ₦
Potato (0.20 kg)	157.71 ₦
Onion (0.10 kg)	61.26 ₦
Lettuce (0.10 head)	37.50 ₦
Daily recommended minimum amount of money for food per person	1,928.90 ₦
The monthly recommended minimum amount of money for food per person (assuming 31 days per month)	59,795.99 ₦

Commodities Price: Is food expensive in Nigeria? How much does an inexpensive meal cost in Nigeria?

Prices in restaurants in Nigeria.

Meal in a cheap restaurant	700 NGN (300-2,000)	1.70 USD (0.72-4.80)	1.60 EUR (0.69-4.60)
Meal for 2 People, Mid-range Restaurant, Three-course	10,000 NGN (4,500-32,000)	24 USD (11-77)	23 EUR (10-73)
McMeal at McDonalds (or Equivalent Combo Meal)	2,500 NGN (1,500-3,500)	6.00 USD (3.60-8.40)	5.70 EUR (3.40-8.00)
Domestic Beer (0.5 liter draught)	349 NGN (200-700)	0.84 USD (0.48-1.70)	0.80 EUR (0.46-1.60)
Imported Beer (0.33 liter bottle)	500 NGN (400-1,000)	1.20 USD (0.96-2.40)	1.10 EUR (0.92-2.30)
Coke/Pepsi (0.33 liter bottle)	152 NGN (100-200)	0.37 USD (0.24-0.48)	0.35 EUR (0.23-0.46)
Water (0.33 liter bottle)	101 NGN (80-150)	0.24 USD (0.19-0.36)	0.23 EUR (0.18-0.34)
Cappuccino (regular)	856 NGN (300-2,000)	2.10 USD (0.72-4.80)	2.00 EUR (0.69-4.60)
Espresso Coffee	599 NGN (210-1,400)	1.40 USD (0.51-3.40)	1.40 EUR (0.48-3.20)
Cheeseburger (fastfood)	750 NGN (450-1,000)	1.80 USD (1.10-2.50)	1.70 EUR (1.00-2.40)

Commodities Price: Can you eat cheaply in Nigeria?

How much should you pay for cheese, eggs, milk, or oranges in Nigeria?

Prices in supermarkets in Nigeria

Milk (regular), (1 liter)	1,100 NGN (600-2,500)	2.90 USD (1.40-6.00)	2.70 EUR (1.40-5.70)
A loaf of fresh white bread (500g)	467 NGN (250-800)	1.10 USD (0.60-1.90)	1.10 EUR (0.57-1.80)
Eggs (regular) (12)	723 NGN (360-1,200)	1.70 USD (0.87-2.90)	1.70 EUR (0.82-2.70)
Local Cheese (1kg)	1,700 NGN (800-5,000)	4.30 USD (1.90-12)	4.10 EUR (1.80-11)
Water (1.5 liter bottle)	211 NGN (120-400)	0.51 USD (0.29-0.96)	0.48 EUR (0.27-0.92)
A bottle of wine (Mid-Range)	1,500 NGN (800-3,000)	3.60 USD (1.90-7.20)	3.40 EUR (1.80-6.90)
Domestic Beer (0.5 liter bottle)	328 NGN (200-500)	0.79 USD (0.48-1.20)	0.75 EUR (0.46-1.10)
Imported Beer (0.33 liter bottle)	506 NGN (300-900)	1.20 USD (0.72-2.20)	1.20 EUR (0.69-2.10)
Pack of Cigarettes (Marlboro)	500 NGN (200-600)	1.20 USD (0.48-1.40)	1.10 EUR (0.46-1.40)
Chicken breasts (skinless and boneless) – (1kg)	1,700 NGN (900-2,800)	4.20 USD (2.20-6.70)	4.00 EUR (2.10-6.40)
Apples (1kg)	1,200 NGN (500-2,000)	3.10 USD (1.20-4.80)	3.00 EUR (1.10-4.60)
Oranges (1kg)	505 NGN (200-1,700)	1.20 USD (0.48-4.20)	1.20 EUR (0.46-4.00)
Potatoes (1kg)	801 NGN (250-1,500)	1.90 USD (0.60-3.60)	1.80 EUR (0.57-3.40)
Lettuce (1 head)	381 NGN (200-1,000)	0.92 USD (0.48-2.40)	0.87 EUR (0.46-2.30)
Rice (white) (1kg)	977 NGN (400-1,800)	2.40 USD (0.96-4.40)	2.20 EUR (0.92-4.20)
Tomato (1kg)	782 NGN (250-1,500)	1.90 USD (0.60-3.60)	1.80 EUR (0.57-3.40)
Bananas (1kg)	627 NGN (300-1,500)	1.50 USD (0.72-3.60)	1.40 EUR (0.69-3.40)
Onions (1kg)	629 NGN (300-1,000)	1.50 USD (0.72-2.40)	1.40 EUR (0.69-2.30)
Beef Round (1kg) (or Equivalent Back Leg Red Meat)	1,600 NGN (800-3,200)	4.10 USD (1.90-7.90)	3.90 EUR (1.80-7.50)
Pears (1kg)	1,500 NGN (600-2,400)	3.70 USD (1.40-5.80)	3.50 EUR (1.40-5.50)
Cucumber (1kg)	430 NGN (138-825)	1.00 USD (0.33-2.00)	0.98 EUR (0.31-1.90)
Perrier Water (small bottle 0,33l)	107 NGN (61-204)	0.26 USD (0.15-0.49)	0.25 EUR (0.14-0.47)
Sausages (1kg)	4,500 NGN (2,300-7,400)	11 USD (5.70-18)	10 EUR (5.50-17)
Cottage cheese (1kg)	1,400 NGN (632-3,900)	3.40 USD (1.50-9.50)	3.20 EUR (1.40-9.00)

How much do you have to pay for fuel or a taxi in Nigeria? Commodities Price: Prices of Transportation and Fuel in Nigeria.

One-way Ticket (Local Transport)	200 NGN (100-500)	0.48 USD (0.24-1.20)	0.46 EUR (0.23-1.10)
Monthly Pass (Regular Price)	8,000 NGN (5,000-19,000)	19 USD (12-46)	18 EUR (11-43)
Gasoline (1 liter)	163 NGN (145-200)	0.39 USD (0.35-0.48)	0.37 EUR (0.33-0.46)
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)	5,550,000 NGN (4,000,000-8,000,000)	13,000 USD (9,600-19,000)	12,000 EUR (9,100-18,000)
Toyota Corolla 1.6l 97kW Comfort (Or Equivalent New Car)	10,484,000 NGN (8,800,000-12,000,000)	25,000 USD (21,000-28,000)	23,000 EUR (20,000-27,000)
Taxi starting price (normal tariff)	500 NGN (300-1,000)	1.20 USD (0.72-2.40)	1.10 EUR (0.69-2.30)
Taxi 1km (Normal Tariff)	500 NGN (124-1,200)	1.20 USD (0.30-2.90)	1.10 EUR (0.28-2.70)
Taxi 1 hour waiting (normal tariff)	1,900 NGN (1,000-3,000)	4.60 USD (2.40-7.20)	4.30 EUR (2.30-6.90)

Is it expensive to live in Nigeria? Rent Prices Per Month in Nigeria.

Apartment (1 bedroom) in City Centre	362,000 NGN (150,000-1,000,000)	874 USD (361-2,400)	830 EUR (343-2,200)
Apartment (1 bedroom) Outside of Centre	201,000 NGN (80,000-500,000)	485 USD (193-1,200)	461 EUR (183-1,100)
Apartment (3 bedrooms) in City Centre	1,122,000 NGN (350,000-3,000,000)	2,700 USD (843-7,200)	2,500 EUR (801-6,800)
Apartment (3 bedrooms) Outside of Centre	488,000 NGN (200,000-1,500,000)	1,100 USD (482-3,600)	1,100 EUR (458-3,400)

Prices of Utilities (Monthly) in Nigeria ~ Commodities Price

Charges (electricity, heating, water, garbage) for an 85m2 apartment	8,500 NGN (5,000-20,000)	21 USD (12-48)	20 EUR (11-46)
1 min. of prepaid mobile local tariff (No discounts or plans)	18 NGN (7.00-25)	0.04 USD (0.02-0.06)	0.04 EUR (0.02-0.06)
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)	18,000 NGN (10,000-35,000)	46 USD (24-84)	43 EUR (23-80)

Prices of Sports and Leisure in Nigeria. How much does a cinema ticket cost in Nigeria?

Fitness Club, Monthly Fee for 1 Adult	11,000 NGN (5,000-25,000)	29 USD (12-60)	27 EUR (11-57)
Tennis court rent (1 hour during a weekend)	3,000 NGN (1,000-5,000)	7.40 USD (2.40-12)	7.10 EUR (2.30-11)
Cinema, International Release, 1 Seat	2,500 NGN (1,500-3,500)	6.00 USD (3.60-8.40)	5.70 EUR (3.40-8.00)

Prices of Clothing and Shoes in Nigeria.

1 Pair of Jeans (Levis 501 Or Similar)	6,700 NGN (3,000-15,000)	16 USD (7.20-36)	15 EUR (6.90-34)
1 Summer Dress in a Chain Store (Zara, H&M,…)	10,000 NGN (4,000-22,000)	25 USD (9.60-53)	24 EUR (9.20-50)
1 Pair of Nike Running Shoes (Mid-Range)	23,000 NGN (10,000-40,000)	56 USD (24-96)	53 EUR (23-92)
1 Pair of Men’s Leather Business Shoes	27,000 NGN (10,000-50,000)	66 USD (24-120)	62 EUR (23-114)

Childcare prices in Nigeria

Preschool (or Kindergarten), Private, Monthly for 1 Child	37,000 NGN (16,000-83,000)	90 USD (40-201)	86 EUR (38-191)
International Primary School, Yearly for 1 Child	929,000 NGN (300,000-3,000,000)	2,200 USD (723-7,200)	2,100 EUR (687-6,800)

Apartment Price in Nigeria: How much does a flat in Nigeria cost?

Price per square meter for an apartment in the city center	312,000 NGN (129,000-530,000)	752 USD (311-1,200)	715 EUR (296-1,200)
Price per square meter for an apartment outside of city centre	158,000 NGN (50,000-500,000)	381 USD (120-1,200)	362 EUR (114-1,100)

What salary do you need to live in Nigeria? Salaries and Financing in Nigeria.

Average Monthly Net Salary (After Tax)	68,000 NGN	164 USD	156 EUR
Mortgage Interest Rate in Percentages (%), Yearly	17.77% (12.00% – 26.00%)	–	–

This is merely a list of some of the everyday commodities that we purchase or use in our daily lives.

The commodities price listed here is the ranges at which they are available in various cities throughout Nigeria, including Abuja, Lagos, Port Harcourt, Benin, Kano, Kaduna, Jos, Calabar, and Ibadan. Prices vary according to market value, which could be due to scarcity or demand and supply forces.

Useful Details on Commodities Price in Nigeria

Over the years, the country’s economy has been heavily influenced by the oil sector, but the recent drop in oil prices caused the country’s oil sector to drop by 2.9%, while the non-oil sector rose by 2.3% after expanding by 1.5% in the previous year.

Despite its reputation as an oil-producing country, Nigeria is also an agrarian country with a total land area of approximately 910,768 kilometers square.

This area contains approximately 33.02 percent arable land and 3.14 percent agricultural land. Peanut, cocoa, palm oil, corn, cassava, sorghum, millet, yam, potato, rubber, and rice are among the agricultural commodities grown in the country.

The Central Bank of Nigeria (CBN) is in charge of monitoring domestic and international commodity production and prices to provide policy advice to the federal government.

Every commodity produced or service rendered can be framed in terms of price and quantity. Almost every economic transaction has a cost.

This reflects how the prices of one producer can be a cost to another. As a result, the price of a commodity reflects other prices.

As a single commodity or service usually has more than one price at any given time, one will agree.

Furthermore, through the CBN’s commodity surveillance, prices are typically studied in three forms: producer prices, wholesale prices, and retail prices.

Effect of Commodities Price on the Nigerian Economy

Finally, the National Bureau of Statistics, the Central Bank of Nigeria, and other international bodies consider commodity prices and other factors when calculating a country’s GDP.

Nigeria is a middle-income country with a mixed economy that is still in its early stages.

It is gradually expanding its presence in the manufacturing, agricultural, financial, service, communication and technology, and entertainment sectors.

The country is currently ranked 27th in the world in terms of nominal GDP and 22nd in terms of purchasing power parity.

Currently, agriculture generates approximately 21.6 percent of the country’s GDP, while industry generates approximately 18.3 percent and services generate approximately 60.1 percent.

This is to say that services rendered in Nigeria are a major commodity as a result of the country’s large population.