Why Its Better To Have A Good Paying Job While In Nigeria, Cost Of Living Is Key

In Nigeria today, regardless of what you do or how much you earn, the cost of living is the major thing. The alarming rate of inflation in recent years has had devastating on workers as for the majority of them, their once fat salary is no longer sufficient as the current cost of living in Nigeria is consuming over 90% of workers' salaries. It is critical to understand that why its better to have a good paying job while in Nigeria, cost of living is key.

Why It Better To Have A Good Paying Job While In Nigeria, Cost Of Living Is Key

If you have a high-paying job and you don't live in a major Nigerian city, you could be lucky but if you find yourself living in cities like Lagos, Abuja, or Portharcourt, we can tell you for free that if care is not taken your cost of living could gulp all your income or salary. The part of these cities where you live can also have an impact on your cost of living as some areas are low-budget areas while some areas are high-budget areas. 

Why Its Better To Have A Good Paying Job While In Nigeria, Cost Of Living Is Key

The cost of living for salary earners whose salaries have not increased in nearly three years increased by 15% during the 11 months from September 2021 to October 2022 in Nigeria due to a continuous increase in prices of food and essential commodities. The worrying scenario is that even with a family of four, the 30,000 Naira (US$72) minimum salary is not enough to cover the cost of basic commodities for an adult's healthy life in a month. The cost of necessities for one adult at the time of writing this article stands at 40,980 Naira (US$98), which is nearly 37% more than the minimum wage. Although the minimum wage has not yet been implemented in seven states even if it is implemented in those states it still does not have any positive impact on the lives of the workers. 

Why Its Better To Have A Good Paying Job While In Nigeria, Cost Of Living Is Key

In Nigeria today, a 200,000 Naira job is supposed to be a decent or good job but considering economic realities in the country, the said money is not enough to live comfortably. For you to live comfortably in Nigeria today you should be considering a job that offers to pay you above 350,000 Naira monthly. Please note that that salary still cannot make you rich in present-day Nigeria no matter how long you earn that salary. The said amount of money will just position you above the poverty level and place you in the middle class as you should be able to afford your basic needs. For you to be rich in Nigeria today, you need to start earning as from 1,500,000 Naira and above monthly.

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