Commodities Price: Current Price of Commodities in Nigeria

Commodities Price: Current Price of Commodities in Nigeria

Commodities Price: Nigeria Consumer Price Index - April 2022.
Commodities Price: Nigeria Consumer Price Index – April 2022.
  • 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.

 

 

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