Lagos, Nigeria
+30% vs Lagos avgIkoyi is one of the pricier neighborhoods in Lagos, with a cost of living index of 35.5 — that is +30% compared to the Lagos average. It ranks #3 out of 20 areas by cost. Estimated rent for a one-bedroom apartment here is around ₦1,233,434/month, compared to a range of ₦616,717 in Agege to ₦1,375,753 in Banana Island.
For a typical resident of Ikoyi, housing takes up roughly 55% of monthly expenses. Food and groceries account for about 15%, while transportation costs around 8%. To live comfortably here — meaning rent stays at or below 30% of gross income — you would need an annual salary of approximately ₦49,337,349 before tax.
Salaries in Ikoyi reflect the local cost of living. Based on the neighborhood COLI of 35.5:
After tax and deductions of 31.5% in Nigeria, take-home pay for someone earning ₦49,337,349 would be roughly ₦33,796,084/year. Use the salary converter to calculate an exact figure for your situation, including expat-specific tax adjustments.
Estimated annual deductions on a ₦42,102,786 salary in Ikoyi, Lagos (local employee).
Rates shown are for a local employee. Use the salary converter for expat calculations.
What a $75,000 USD salary in Ikoyi would need to be elsewhere:
| City | Currency | Equivalent |
|---|---|---|
| New York | USD | $26,625 |
| London | GBP | £22,913 |
| Dubai | AED | AED 133,226 |
| Neighborhood | COLI | Multiplier | vs Avg |
|---|---|---|---|
| Banana Island | 39.6 | 1.45x | +45% |
| Victoria Island | 36.9 | 1.35x | +35% |
| Lekki Phase 1 | 33.3 | 1.22x | +22% |
| Chevron Drive | 30.6 | 1.12x | +12% |
| Lekki Phase 2 | 29.5 | 1.08x | +8% |
See exactly what you need to earn in Ikoyi, Lagos to maintain your lifestyle.
Open Salary ConverterNeighborhoods with a similar cost of living to Ikoyi:
Yes, Ikoyi is one of the more expensive neighborhoods in Lagos. It costs about +30% more than the city average, ranking #3 out of 20 neighborhoods.
The cost of living in Ikoyi is significantly above the Lagos average. With a multiplier of 1.30x, everyday expenses including rent, food, and transportation are +30% compared to the city baseline.