Cost of living in Panama compared to Nigeria
Currency:
| Food | + 37% | |||
|---|---|---|---|---|
| Food in Panama is 37% more expensive than in Nigeria | ||||
| Basic lunchtime menu (including a drink) in the business district | 12 B/. (4,176 ₦) | 2,102 ₦ | + 99% | |
| Combo meal in fast food restaurant (big mac meal or similar) | 7 B/. (2,465 ₦) | 1,690 ₦ | + 46% | |
| 500 gr (1 lb.) of boneless chicken breast | 3.37 B/. (1,218 ₦) | 1,000 ₦ | + 22% | |
| 1 liter (1 qt.) of whole fat milk | 1.58 B/. (572 ₦) | 802 ₦ | - 29% | |
| 12 eggs, large | 2.41 B/. (872 ₦) | 608 ₦ | + 43% | |
| 1 kg (2 lb.) of tomatoes | 2.47 B/. (894 ₦) | 686 ₦ | + 30% | |
| 500 gr (16 oz.) of local cheese | 6 B/. (2,210 ₦) | 2,314 ₦ | - 4% | |
| 1 kg (2 lb.) of apples | 3.11 B/. (1,124 ₦) | 1,142 ₦ | - 2% | |
| 1 kg (2 lb.) of potatoes | 2.23 B/. (809 ₦) | 652 ₦ | + 24% | |
| 0.5 l (16 oz) domestic beer in the supermarket | 0.88 B/. (318 ₦) | 324 ₦ | - 2% | |
| 1 bottle of red table wine, good quality | 9 B/. (3,219 ₦) | 2,829 ₦ | + 14% | |
| 2 liters of coca-cola | 2.48 B/. (898 ₦) | 360 ₦ | + 150% | |
| Bread for 2 people for 1 day | 1.30 B/. (470 ₦) | 353 ₦ | + 33% | |
| Housing | + 15% | |||
| Housing in Panama is 15% more expensive than in Nigeria | ||||
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area | 1,336 B/. (483,571 ₦) | 450,052 ₦ | + 7% | |
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area | 828 B/. (299,636 ₦) | 277,945 ₦ | + 8% | |
| Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat | 130 B/. (47,015 ₦) | 20,990 ₦ | + 124% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area | 924 B/. (334,407 ₦) | 336,264 ₦ | - 1% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area | 605 B/. (219,114 ₦) | 265,218 ₦ | - 17% | |
| Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio | 91 B/. (33,062 ₦) | 12,211 ₦ | + 171% | |
| Internet 8 mbps (1 month) | 31 B/. (11,390 ₦) | 8,757 ₦ | + 30% | |
| 40” flat screen tv | 374 B/. (135,500 ₦) | 84,820 ₦ | + 60% | |
| Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) | 107 B/. (38,767 ₦) | 31,502 ₦ | + 23% | |
| Laundry detergent (3 l. ~ 100 oz.) | 8 B/. (2,996 ₦) | 1,122 ₦ | + 167% | |
| Hourly rate for cleaning help | 4.67 B/. (1,688 ₦) | 1,149 ₦ | + 47% | |
| Clothes | + 45% | |||
| Clothes in Panama is 45% more expensive than in Nigeria | ||||
| 1 pair of jeans (levis 501 or similar) | 51 B/. (18,587 ₦) | 7,198 ₦ | + 158% | |
| 1 summer dress in a high street store (zara, h&m or similar retailers) | 35 B/. (12,814 ₦) | 10,494 ₦ | + 22% | |
| 1 pair of sport shoes (nike, adidas, or equivalent brands) | 78 B/. (28,181 ₦) | 14,247 ₦ | + 98% | |
| 1 pair of men’s leather business shoes | 80 B/. (28,804 ₦) | 21,849 ₦ | + 32% | |
| Transportation | + 10% | |||
| Transportation in Panama is 10% more expensive than in Nigeria | ||||
| Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new | 20,077 B/. (7,266,022 ₦) | 1,792,100 ₦ | + 305% | |
| 1 liter (1/4 gallon) of gas | 0.82 B/. (296 ₦) | 148 ₦ | + 101% | |
| Monthly ticket public transport | 32 B/. (11,556 ₦) | 16,973 ₦ | - 32% | |
| Personal Care | + 116% | |||
| Personal Care in Panama is 116% more expensive than in Nigeria | ||||
| Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) | 9 B/. (3,146 ₦) | 969 ₦ | + 225% | |
| 1 box of antibiotics (12 doses) | 28 B/. (10,162 ₦) | 2,812 ₦ | + 261% | |
| Short visit to private doctor (15 minutes) | 47 B/. (16,860 ₦) | 6,906 ₦ | + 144% | |
| 1 box of 32 tampons (tampax, ob, ...) | 4.54 B/. (1,645 ₦) | 1,561 ₦ | + 5% | |
| Deodorant, roll-on (50ml ~ 1.5 oz.) | 4.01 B/. (1,452 ₦) | 1,081 ₦ | + 34% | |
| Hair shampoo 2-in-1 (400 ml ~ 12 oz.) | 5.42 B/. (1,963 ₦) | 1,092 ₦ | + 80% | |
| 4 rolls of toilet paper | 2.51 B/. (909 ₦) | 333 ₦ | + 173% | |
| Tube of toothpaste | 2.47 B/. (894 ₦) | 488 ₦ | + 83% | |
| Standard men's haircut in expat area of the city | 15 B/. (5,256 ₦) | 2,448 ₦ | + 115% | |
| Entertainment | + 62% | |||
| Entertainment in Panama is 62% more expensive than in Nigeria | ||||
| Basic dinner out for two in neighborhood pub | 34 B/. (12,446 ₦) | 5,246 ₦ | + 137% | |
| 2 tickets to the movies | 13 B/. (4,542 ₦) | 3,961 ₦ | + 15% | |
| 2 tickets to the theater (best available seats) | 46 B/. (16,505 ₦) | 16,149 ₦ | + 2% | |
| Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert | 57 B/. (20,752 ₦) | 17,569 ₦ | + 18% | |
| 1 cocktail drink in downtown club | 10 B/. (3,486 ₦) | 2,268 ₦ | + 54% | |
| Cappuccino in expat area of the city | 3.96 B/. (1,433 ₦) | 2,077 ₦ | - 31% | |
| 1 beer in neighbourhood pub (500ml or 1pt.) | 2.72 B/. (985 ₦) | 567 ₦ | + 74% | |
| Ipad wi-fi 128gb | 559 B/. (202,175 ₦) | 68,273 ₦ | + 196% | |
| 1 min. of prepaid mobile tariff (no discounts or plans) | 0.24 B/. (86 ₦) | 34 ₦ | + 151% | |
| 1 month of gym membership in business district | 50 B/. (18,158 ₦) | 17,492 ₦ | + 4% | |
| 1 package of marlboro cigarettes | 5.35 B/. (1,935 ₦) | 475 ₦ | + 307% | |
| TOTAL | + 30% | |||
This comparison has some inconsistent or sparse data. It already provides a reliable comparison but it is not bullet-proof. It is based on 2,370 prices entered by 198 different people.
These prices were last updated on January 22, 2020.
Exchange rate:
361.917
NGN
/
PAB
Cost of living in Panama is 30% more expensive than in Nigeria
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