₦1 Million vs the Cost of Living in Lagos, London, and Toronto
Nigerians considering relocating abroad or returning home in 2026 are wondering where their money will go furthest. With inflation and exchange rates constantly shifting, we compared the cost of living in Lagos, Nigeria's commercial capital, to London in the United Kingdom and Toronto in Canada using August 2026 rates.
The goal was to understand what ₦1 million can realistically cover in each city. Housing remains the biggest expense and difference between the three cities. In Lagos, a decent one-bedroom apartment costs between ₦2.5 million and ₦4 million per year, making ₦3 million sufficient for a full year of rent.
In London, a one-bedroom apartment in the city centre costs between £1,800 and £2,400 per month, or ₦45 million to ₦60 million per year in Naira equivalent. In Toronto, the same apartment ranges from $2,400 to $3,200 Canadian Dollars per month, which is ₦39 million to ₦52 million per year.
Food inflation has affected all three countries, but its impact feels different. For one person in Lagos, monthly groceries now cost between ₦180,000 and ₦250,000. In London, monthly groceries for one person range from £250 to £350, or ₦525,000 to ₦735,000.
The comparison highlights that Nigerian food abroad costs three times more than at home. A plate of jollof rice and chicken that sells for ₦4,000 in Lagos can cost £18 in London.