Where Does Your Money Go Furthest: Lagos or Abroad?

As Nigerians consider relocating abroad or returning home in 2026, one question remains: where does your money go furthest? To compare the cost of living, we looked at Lagos, Nigeria's commercial capital, against London and Toronto using August 2026 rates. Housing is the biggest expense and the biggest difference between the cities. In Lagos, a decent 1-bedroom apartment costs between ₦2.5 million to ₦4 million per year, while in London, it's between £1,800 to £2,400 (₦45 million to ₦60 million) per month, and in Toronto, it's between $2,400 to $3,200 Canadian Dollars (₦39 million to ₦52 million) per month.

Food inflation affects all three countries differently. In Lagos, monthly groceries for one person range from ₦180,000 to ₦250,000, while in London, it's between £250 to £350 (₦525,000 to ₦735,000), and in Toronto, it's between $400 to $550 Canadian Dollars (₦552,000 to ₦759,000). Nigerian food abroad costs three times more; a plate of jollof rice and chicken that sells for ₦4,000 in Lagos can cost £18 in London.

The cost of living varies greatly depending on the city. In Lagos, ₦1 million can cover about 4 months of rent, plus 4 months of food and still leave some savings. In London, it will only cover about 2 weeks of rent and 3 weeks of food, leaving little else. Many Nigerians are adopting hybrid living, earning in pounds and dollars abroad and investing in Lagos.