Surviving in Lagos: 5 Things Lagosians Are Saving For in 2024

Living in Lagos means facing daily challenges, where getting by can feel like a matter of luck. Lagos is known as a city where you have to hustle to survive—if you don’t work hard, you don’t eat.

With the rising cost of living in Nigeria, it’s becoming tougher for people to manage their expenses.

Inflation in Nigeria jumped from 21.8% in January 2023 to 34.19% by June 2024, before slightly dropping to 33.40% in July.

This was the first decrease in over a year. Because of this economic pressure, many people in Lagos are struggling to balance their income between basic needs, savings, and other expenses.

Here are the top 5 things Lagosians are saving for in 2024:

1) Rent

For many people in Lagos, paying rent is their biggest expense. The city is growing quickly, and more people are looking for homes, which has caused rent prices to rise sharply.

According to a report by Punch, rent in Lagos has increased by 91% over the past five years. The fear of rent hikes or sudden demands from landlords makes rent the top priority for many residents.

2) Japa (Relocation)

“Japa” is a term Nigerians use to describe moving abroad for better opportunities. For many Lagosians, saving money to “Japa” represents hope for a brighter future, with better jobs, safer living conditions, and more opportunities.

The costs include visa fees, plane tickets, accommodation, and settling in a new country. The dream of “Japa” is so important that entire families often pool their resources to help one member move abroad.

3) Education

In Lagos, education is seen as a key to a better future. The city’s competitive environment means that getting a good education is expensive.

Whether it’s for private school tuition or studying abroad, Lagosians save carefully to afford the best education they can. Many families save for years to pay for top schools, seeing this as essential for breaking the cycle of poverty and moving up in society.

4) Financial Security

Financial security is a big concern for Lagosians, who know the importance of having savings in case of economic trouble.

With inflation and currency changes making life unpredictable, saving for the future is a way to protect against hard times.

More people in Lagos are putting money into savings accounts to make sure they have something to fall back on.

5) Emergency Funds

Life in Lagos can be uncertain; one day you’re fine, and the next you’re facing an unexpected medical bill or job loss. Lagosians understand the need for an emergency fund.

These savings provide a financial safety net, helping them avoid debt or having to rely on others in tough situations. With the high cost of living and limited access to credit, regularly saving for emergencies is a must.

The report also mentioned that people in Lagos save for other reasons, like starting a new business, paying for their children’s education, learning new skills, buying property, making investments, planning weddings, preparing for holidays, and even buying wigs.