Published: Monday, 21th October 2024
The cost of living in Iceland is 4.40 times more expensive as compared to Nigeria.
On this page, you will find side-by-side cost comparison between Iceland and Nigeria. We have created 172 cost-of-living indicators. We average the prices of all those indicators and take a mathematically calculated approach to determine which country is more expensive to live in between Iceland and Nigeria.
We always try to give you the latest data, but sometimes mistakes might occur. If you think some content on our site is not updated, please let us know by emailing us at: info.comparedoo@gmail.com
 Indicators  | Iceland  | Nigeria  |
|---|---|---|
1 BHK Apartment in City Center  | 200,000 ISK (1,420 USD) | 500,000 NGN (650 USD) |
2 BHK Apartment in City Center  | 300,000 ISK (2,130 USD) | 800,000 NGN (1,040 USD) |
3 BHK Apartment in City Center  | 400,000 ISK (2,840 USD) | 1,200,000 NGN (1,560 USD) |
1 BHK Apartment outside City Center  | 150,000 ISK (1,065 USD) | 300,000 NGN (390 USD) |
2 BHK Apartment outside City Center  | 200,000 ISK (1,420 USD) | 500,000 NGN (650 USD) |
3 BHK Apartment outside City Center  | 300,000 ISK (2,130 USD) | 800,000 NGN (1,040 USD) |
Mortgage Rates Per Month  | 4 % | 1.8 % |
Realtor Commission  | 2 % | 5 % |
Property Taxes  | 0.2 to 1.65 % | 0.5 to 1.5 % |
The average housing cost in Iceland is 2.07 times more expensive than Nigeria.
Indicators | Iceland | Nigeria |
|---|---|---|
Basic Home Furnishing  | 300,000 ISK (2,130 USD) | 2,000,000 NGN (2,600 USD) |
Electricity Cost Per Month  | 20,000 ISK (142 USD) | 20,000 NGN (26 USD) |
Heating Cost Per Month  | 25,000 ISK (177.50 USD) | 15,000 NGN (19.50 USD) |
Cooling Cost Per Month  | 10,000 ISK (71 USD) | 25,000 NGN (32.50 USD) |
Water Supply Cost Per Month  | 5,000 ISK (35.50 USD) | 15,000 NGN (19.50 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 5.25% less for Utilities.
The basic home furnishing in Iceland costs 1.22 times less compared to Nigeria.
Indicators | Iceland | Nigeria |
|---|---|---|
Standard Wifi Cost Per Month  | 10,000 ISK (71 USD) | 20,000 NGN (26 USD) |
Mobile Phone Basic Plan Cost Per Month  | 5,000 ISK (35.50 USD) | 7,000 NGN (9.10 USD) |
Landline Basic Plan Cost Per Month  | 3,000 ISK (21.30 USD) | 5,000 NGN (6.50 USD) |
Cable TV Basic Plan Cost Per Month  | 8,000 ISK (56.80 USD) | 15,000 NGN (19.50 USD) |
The internet and communication costs 202.13% more in Iceland compared to Nigeria.
Indicators | Iceland | Nigeria |
|---|---|---|
Long Grain Rice (1 KG)  | 500 ISK (3.55 USD) | 800 NGN (1.04 USD) |
Milk (1 Liter)  | 250 ISK (1.78 USD) | 400 NGN (0.52 USD) |
Water (1 Liter)  | 50 ISK (0.36 USD) | 200 NGN (0.26 USD) |
Bread (500 gm)  | 150 ISK (1.07 USD) | 300 NGN (0.39 USD) |
Eggs (1 Dozen)  | 500 ISK (3.55 USD) | 700 NGN (0.91 USD) |
Cheese (1 KG)  | 1,200 ISK (8.52 USD) | 1,500 NGN (1.95 USD) |
Chicken Breast (1 KG)  | 1,000 ISK (7.10 USD) | 1,500 NGN (1.95 USD) |
In Iceland, the cost of 1 Liter Water and 1 Liter Milk is 2.73 times more expensive than the cost in Nigeria.
If you lived in Iceland, instead of Nigeria, you would have to pay 269.16% more for Groceries.
Indicators | Iceland | Nigeria |
|---|---|---|
Apples (1 KG)  | 800 ISK (5.68 USD) | 1,000 NGN (1.30 USD) |
Bananas (1 KG)  | 600 ISK (4.26 USD) | 600 NGN (0.78 USD) |
Oranges (1 KG)  | 700 ISK (4.97 USD) | 800 NGN (1.04 USD) |
Tomatoes (1 KG)  | 500 ISK (3.55 USD) | 600 NGN (0.78 USD) |
Potatoes (1 KG)  | 400 ISK (2.84 USD) | 500 NGN (0.65 USD) |
Lemons (1 KG)  | 700 ISK (4.97 USD) | 800 NGN (1.04 USD) |
Onions (1 KG)  | 600 ISK (4.26 USD) | 600 NGN (0.78 USD) |
Lentils (1 KG)  | 600 ISK (4.26 USD) | 1,000 NGN (1.30 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 4.54 times more for Fruits and Vegetables.
Indicators | Iceland | Nigeria |
|---|---|---|
Meal at a Resonable Restaurant  | 3,500 ISK (24.85 USD) | 2,000 NGN (2.60 USD) |
Three-Course Meal for Two  | 8,000 ISK (56.80 USD) | 7,000 NGN (9.10 USD) |
Fast Food Combo Meal  | 1,500 ISK (10.65 USD) | 1,000 NGN (1.30 USD) |
Normal Coffee  | 500 ISK (3.55 USD) | 300 NGN (0.39 USD) |
Soft Drink  | 300 ISK (2.13 USD) | 200 NGN (0.26 USD) |
Pizza for One  | 2,500 ISK (17.75 USD) | 3,000 NGN (3.90 USD) |
Take-Out Delivery Meal  | 3,000 ISK (21.30 USD) | 2,000 NGN (2.60 USD) |
Cigarette Pack of 20  | 1,500 ISK (10.65 USD) | 1,500 NGN (1.95 USD) |
Dining-Out costs 568.24% more in Iceland compared to Nigeria.
Indicators | Iceland | Nigeria |
|---|---|---|
Wine Mid-Range Bottle  | 2,000 ISK (14.20 USD) | 3,000 NGN (3.90 USD) |
Glass of Wine  | 1,200 ISK (8.52 USD) | 1,500 NGN (1.95 USD) |
Domestic Beer Half Liter  | 600 ISK (4.26 USD) | 600 NGN (0.78 USD) |
Imported Beer Half Liter  | 800 ISK (5.68 USD) | 1,200 NGN (1.56 USD) |
Domestic Alcohol 1 Liter  | 3,000 ISK (21.30 USD) | 3,000 NGN (3.90 USD) |
Branded Alcohol 1 Liter  | 4,000 ISK (28.40 USD) | 5,000 NGN (6.50 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 4.43 times more for usual hard drinks.
Indicators | Iceland | Nigeria |
|---|---|---|
Monthly Public Transportation Pass  | 15,000 ISK (106.50 USD) | 15,000 NGN (19.50 USD) |
Single Public Transportation Ticket  | 400 ISK (2.84 USD) | 200 NGN (0.26 USD) |
Single Train Ticket  | Yet to Update () | Yet to Update () |
Domestic Airplane Ticket  | 30,000 ISK (213 USD) | 50,000 NGN (65 USD) |
Taxi Start Fare  | 800 ISK (5.68 USD) | 500 NGN (0.65 USD) |
Taxi Rate Per Kilometer  | 200 ISK (1.42 USD) | 300 NGN (0.39 USD) |
Car Rental Per Day  | 10,000 ISK (71 USD) | 15,000 NGN (19.50 USD) |
Parking Fees in City Center Per Hour  | 500 ISK (3.55 USD) | 200 NGN (0.26 USD) |
Parking Fees outside City Center Per Hour  | 300 ISK (2.13 USD) | 100 NGN (0.13 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 3.84 times more for transportation.
Indicators | Iceland | Nigeria |
|---|---|---|
Reasonable Vehicle Purchase Cost  | 4,000,000 ISK (28,400 USD) | 1,500,000 NGN (1,950 USD) |
Vehicle Registration Cost  | 15,000 ISK (106.50 USD) | 50,000 NGN (65 USD) |
Driving License Fees  | 5,000 ISK (35.50 USD) | 10,000 NGN (13 USD) |
Car Insurance Cost  | 40,000 ISK (284 USD) | 30,000 NGN (39 USD) |
Car Maintenance Cost  | 15,000 ISK (106.50 USD) | 15,000 NGN (19.50 USD) |
Car Loan Interest Rates  | 5 % | 12 % |
Fuel Per Liter  | 250 ISK (1.78 USD) | 300 NGN (0.39 USD) |
Fuel Per Gallon  | 1,200 ISK (8.52 USD) | 1,200 NGN (1.56 USD) |
Average Toll Fees  | 1,000 ISK 7.10 USD | Yet to Update |
You would have to pay 13.86 times more for Vehicle purchase, daily operation and maintenance in Iceland compared to that of Nigeria.
Indicators | Iceland | Nigeria |
|---|---|---|
Doctor Visit  | 5,000 ISK (35.50 USD) | 3,000 NGN (3.90 USD) |
Specialist Visit  | 10,000 ISK (71 USD) | 7,000 NGN (9.10 USD) |
Dentist Visit  | 8,000 ISK (56.80 USD) | 5,000 NGN (6.50 USD) |
Eye Exam  | 3,000 ISK (21.30 USD) | 2,000 NGN (2.60 USD) |
Mental Health Counseling  | 8,000 ISK (56.80 USD) | 5,000 NGN (6.50 USD) |
Preventive Health Screening  | 4,000 ISK (28.40 USD) | 3,000 NGN (3.90 USD) |
Physical Therapy  | 6,000 ISK (42.60 USD) | 3,000 NGN (3.90 USD) |
Emergency Room Visit  | 15,000 ISK (106.50 USD) | 25,000 NGN (32.50 USD) |
Hospital Stay Per Night  | 25,000 ISK (177.50 USD) | 15,000 NGN (19.50 USD) |
Vaccinations  | 2,500 ISK (17.75 USD) | 2,000 NGN (2.60 USD) |
Prescription Medication  | 1,500 ISK (10.65 USD) | 1,000 NGN (1.30 USD) |
Over the Counter Medication  | 800 ISK (5.68 USD) | 500 NGN (0.65 USD) |
Health Insurance Premiums  | 20,000 ISK (142 USD) | 25,000 NGN (32.50 USD) |
Health Insurance Deductibles  | 5,000 ISK (35.50 USD) | 10,000 NGN (13 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 5.84 times more for Health and Medical Treatment.
Indicators | Iceland | Nigeria |
|---|---|---|
Cosmetic Procedures  | 30,000 ISK (213 USD) | 8,000 NGN (10.40 USD) |
Spa Treatment  | 10,000 ISK (71 USD) | 5,000 NGN (6.50 USD) |
Manicure Pedicure Cost  | 3,000 ISK (21.30 USD) | 2,000 NGN (2.60 USD) |
Optical Glasses Cost  | 10,000 ISK (71 USD) | 5,000 NGN (6.50 USD) |
Contact Lenses Cost  | 5,000 ISK (35.50 USD) | 3,000 NGN (3.90 USD) |
Haircuts  | 2,000 ISK (14.20 USD) | 1,500 NGN (1.95 USD) |
Hair Coloring  | 6,000 ISK (42.60 USD) | 3,000 NGN (3.90 USD) |
Shampoo Price  | 500 ISK (3.55 USD) | 500 NGN (0.65 USD) |
Toothpaste Price  | 200 ISK (1.42 USD) | 200 NGN (0.26 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 12.92 times more for Personal Care Items and Treatment.
Indicators | Iceland | Nigeria |
|---|---|---|
Pair of Nike Running Shoes  | 15,000 ISK (106.50 USD) | 40,000 NGN (52 USD) |
Men's Shirt  | 5,000 ISK (35.50 USD) | 6,000 NGN (7.80 USD) |
Women's Dress  | 10,000 ISK (71 USD) | 12,000 NGN (15.60 USD) |
Summer Dress  | 5,000 ISK (35.50 USD) | 8,000 NGN (10.40 USD) |
Men's Suit  | 40,000 ISK (284 USD) | 30,000 NGN (39 USD) |
Men's Jeans  | 7,000 ISK (49.70 USD) | 10,000 NGN (13 USD) |
Women's Jeans  | 6,000 ISK (42.60 USD) | 8,000 NGN (10.40 USD) |
Men's Formal Shoes  | 7,000 ISK (49.70 USD) | 20,000 NGN (26 USD) |
Women's Formal Shoes  | 7,000 ISK (49.70 USD) | 20,000 NGN (26 USD) |
Men's Casual Shoes  | 5,000 ISK (35.50 USD) | 15,000 NGN (19.50 USD) |
Women's Casual Shoes  | 4,000 ISK (28.40 USD) | 12,000 NGN (15.60 USD) |
Underwear For Men  | 1,000 ISK (7.10 USD) | 1,000 NGN (1.30 USD) |
Underwear For Women  | 1,200 ISK (8.52 USD) | 1,500 NGN (1.95 USD) |
Socks For Men  | 300 ISK (2.13 USD) | 500 NGN (0.65 USD) |
Socks For Women  | 400 ISK (2.84 USD) | 500 NGN (0.65 USD) |
Wintercoat for Adults  | 8,000 ISK (56.80 USD) | 12,000 NGN (15.60 USD) |
Sportswear  | 6,000 ISK (42.60 USD) | 8,000 NGN (10.40 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 3.42 times more for Clothing and Footwear for Adults.
Indicators | Iceland | Nigeria |
|---|---|---|
Children's Jeans  | 3,500 ISK (24.85 USD) | 4,000 NGN (5.20 USD) |
Children's Normal Sneakers  | 4,000 ISK (28.40 USD) | 6,000 NGN (7.80 USD) |
Children's Winter Coat  | 6,000 ISK (42.60 USD) | 8,000 NGN (10.40 USD) |
Daycare for Infant  | 25,000 ISK (177.50 USD) | 25,000 NGN (32.50 USD) |
Daycare for Toddler  | 20,000 ISK (142 USD) | 20,000 NGN (26 USD) |
Childcare for Sick Days  | 1,500 ISK (10.65 USD) | 4,000 NGN (5.20 USD) |
Early Childhood Education Programs  | 6,000 ISK (42.60 USD) | 20,000 NGN (26 USD) |
Extra Curricular Activities  | 3,000 ISK (21.30 USD) | 6,000 NGN (7.80 USD) |
Summer Camp for Kids  | 8,000 ISK (56.80 USD) | 20,000 NGN (26 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 3.72 times more for Childcare and kids clothing.
Indicators | Iceland | Nigeria |
|---|---|---|
PreSchool Fees  | 30,000 ISK (213 USD) | 40,000 NGN (52 USD) |
Primary School Fees  | 40,000 ISK (284 USD) | 60,000 NGN (78 USD) |
Secondary School Fees  | 60,000 ISK (426 USD) | 70,000 NGN (91 USD) |
Private School Fees  | 80,000 ISK (568 USD) | 90,000 NGN (117 USD) |
University Tuition Fees  | 150,000 ISK (1,065 USD) | 120,000 NGN (156 USD) |
University Private Tuition Fees  | 200,000 ISK (1,420 USD) | 180,000 NGN (234 USD) |
After School Activities  | 5,000 ISK (35.50 USD) | 5,000 NGN (6.50 USD) |
Special Education Services  | 7,000 ISK (49.70 USD) | 30,000 NGN (39 USD) |
Tutoring  | 5,000 ISK (35.50 USD) | 3,000 NGN (3.90 USD) |
Textbooks Cost  | 4,000 ISK (28.40 USD) | 5,000 NGN (6.50 USD) |
School Supplies  | 2,000 ISK (14.20 USD) | 2,000 NGN (2.60 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 5.26 times more for school and education.
Indicators | Iceland | Nigeria |
|---|---|---|
Movie Ticket (Single)  | 1,000 ISK (7.10 USD) | 1,500 NGN (1.95 USD) |
Theater Ticket (Single)  | 2,000 ISK (14.20 USD) | 2,000 NGN (2.60 USD) |
Concert Ticket (Single)  | 2,500 ISK (17.75 USD) | 3,000 NGN (3.90 USD) |
Sports Event Ticket (Single)  | 1,500 ISK (10.65 USD) | 2,500 NGN (3.25 USD) |
Gym Membership  | 6,000 ISK (42.60 USD) | 5,000 NGN (6.50 USD) |
Swimming Pool Access  | 5,000 ISK (35.50 USD) | 3,000 NGN (3.90 USD) |
Museum Entry Ticket  | 1,000 ISK (7.10 USD) | 1,000 NGN (1.30 USD) |
Zoo Entry Ticket  | 1,500 ISK (10.65 USD) | 1,500 NGN (1.95 USD) |
Amusement Park Entry Ticket  | 2,000 ISK (14.20 USD) | 2,000 NGN (2.60 USD) |
Bowling  | 1,000 ISK (7.10 USD) | 1,500 NGN (1.95 USD) |
Mini Golf  | 1,500 ISK (10.65 USD) | 1,500 NGN (1.95 USD) |
Video Games  | 5,000 ISK (35.50 USD) | 6,000 NGN (7.80 USD) |
Streaming Services  | 1,000 ISK (7.10 USD) | 2,000 NGN (2.60 USD) |
Outdoor Equipment Rental  | 1,000 ISK (7.10 USD) | 1,500 NGN (1.95 USD) |
Theme Park Annual Pass  | 50,000 ISK (355 USD) | 50,000 NGN (65 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 5.33 times more for entertainment, recreation and fun activities.
Indicators | Iceland | Nigeria |
|---|---|---|
Language Classes  | 5,000 ISK (35.50 USD) | 25,000 NGN (32.50 USD) |
Parenting Classes  | 5,000 ISK (35.50 USD) | 15,000 NGN (19.50 USD) |
Art Classes  | 3,000 ISK (21.30 USD) | 3,000 NGN (3.90 USD) |
Fitness Classes  | 6,000 ISK (42.60 USD) | 2,000 NGN (2.60 USD) |
Music Lessons  | 4,000 ISK (28.40 USD) | 4,000 NGN (5.20 USD) |
Dance Lessons  | 4,000 ISK (28.40 USD) | 4,000 NGN (5.20 USD) |
Reading Materials for Classes  | 1,000 ISK (7.10 USD) | 1,000 NGN (1.30 USD) |
Educational Software  | 3,000 ISK (21.30 USD) | 15,000 NGN (19.50 USD) |
If you lived in Iceland, instead of Nigeria, you would have to pay 2.45 times more for Private Classes.
Indicators | Iceland | Nigeria |
|---|---|---|
Average Gross Monthly Salary  | 450,000 ISK (3,195 USD) | 200,000 NGN (260 USD) |
Average Net Monthly Salary  | 350,000 ISK (2,485 USD) | 120,000 NGN (156 USD) |
Minimum Wages  | 6,666.67 ISK per hour (47.33 USD) | 1,000 NGN per hour (1.30 USD) |
Average Bonus  | 40,000 ISK (284 USD) | 20,000 NGN (26 USD) |
Income Tax Rate  | 0 to 24 % | 0 to 7.5 % |
Social Security Contributions  | 7 % | 7 % |
Pension Contributions  | 8 % | 8 % |
Cost of Living Index  | 12 | 40 |
Median Household Income  | 400,000 ISK (2,840 USD) | 1,200,000 NGN (1,560 USD) |
If you lived in Iceland, you would earn 4.42 times more salary as compared to Nigeria.
Indicators | Iceland | Nigeria |
|---|---|---|
Legal Consultation Per Hour Rate  | 10,000 ISK (71 USD) | 5,000 NGN (6.50 USD) |
Accounting Services Per Hour Rate  | 7,000 ISK (49.70 USD) | 7,000 NGN (9.10 USD) |
IT Support Services Per Hour Rate  | 5,000 ISK (35.50 USD) | 7,000 NGN (9.10 USD) |
Technician Services Per Hour Rate  | 4,000 ISK (28.40 USD) | 6,000 NGN (7.80 USD) |
Professional Services cost 5.68 times more in Iceland, as compared to Nigeria.
We hope you enjoyed the detailed guide on the cost of living comparsion between Iceland and Nigeria.
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