Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs in the Office of the Vice President, has declared Nigeria one of the world's more affordable nations to live in, emphasizing the Naira's strong purchasing power locally and stark contrasts with regional and international peers.
Speaking in a recent interview, Fasua highlighted how the Naira stretches further than the Ghanaian Cedi for everyday expenses.
"People who go to Ghana will tell you that the Naira goes much further than the Ghanaian Cedi," he stated, showing Nigeria's edge in affordability across key categories like groceries and transportation.
Recent data supports this view: the average cost of living in Nigeria stands at approximately $355 per month, 35% cheaper than Ghana's $478, with lower prices for essentials like clothing, utilities, and public transport.
While housing and dining out may cost more in Ghana, overall expenses in Nigeria remain notably lower, making it a more budget-friendly option for residents and visitors alike.
Fasua extended the comparison to global benchmarks, pointing to the UK's exorbitant rental market as a prime example of Nigeria's relative value.
"Rentals in the UK, a three-bedroom flat on 9th Bridge would need £10k every month, while in Banana Island, it is much less," he remarked, referring to the upscale Lagos enclave known for its luxury waterfront properties.
Current market listings confirm this disparity: a three-bedroom flat in London's high-end areas like Kensington or Westminster averages £3,500–£5,000 monthly ($4,500–$6,500), far exceeding the £10,000 Fasua cited for premium spots.
In contrast, rents in Banana Island for similar upscale three-bedroom apartments range from ₦25–40 million annually (about £12,000–£19,000 or $15,000–$24,000), translating to ₦2–3.3 million monthly—still a fraction of London's rates when adjusted for local economics.
Fasua's comments come amid ongoing debates over Nigeria's economic reforms under President Tinubu, including Naira floatation and subsidy removals, which have driven inflation but also bolstered local currency value for domestic transactions.
He further made remarks defending the Naira's resilience, noting that as little as ₦2,500 can cover a meal in upscale Lekki, compared to $20–$30 equivalents abroad.
"This isn't dismissing the challenges many face," Fasua clarified, "but empirically, Nigeria offers real value—far from the poverty trap some portray."
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