Very affordable costs (CPI: 28.2). Groceries (32.4) and restaurants (21.7) are notably inexpensive compared to major global cities.

Housing is very expensive with a property price to income ratio of 89.6 years. The rental market (index: 20.7) is more affordable but still reflects high costs relative to income.

Purchasing power is low (index: 9.6), indicating limited buying power compared to major global economic centers.

Nigeria operates a progressive personal income tax system with rates ranging from 7% to 24%. The standard Value Added Tax (VAT) rate is 7.5%. Property taxes are levied annually by state and local governments, with rates varying by location and property value. The overall tax system is characterized by a multitude of taxes and can be complex.

Nigeria's startup ecosystem is a leading hub in West Africa, ranked #66 globally in the Global Startup Ecosystem Index 2025, supported by a large market and growing investor interest. However, businesses face significant regulatory burdens, policy inconsistencies, and a complex tax landscape with over 60 different taxes, which can hinder investment and growth.

The Contributory Pension Scheme (CPS) is available for Nigerian citizens and expatriates, with recent guidelines allowing foreign currency contributions. However, comprehensive universal healthcare and unemployment benefit programs are not prominently established.

Deposits in Deposit Money Banks, Mobile Money Operators, and Non-Interest Banks are protected up to ₦5,000,000 (approximately USD 3,600) per depositor by the Nigeria Deposit Insurance Corporation (NDIC). Microfinance, Primary Mortgage, and Payment Service Banks have a coverage limit of ₦2,000,000. The Central Bank of Nigeria (CBN) provides strong oversight, and the country is broadly compliant with FATF anti-money laundering standards, with recent bank recapitalization strengthening the sector.