Cost of living in Panama compared to Nigeria
Currency:
| Food | - 11% | |||
|---|---|---|---|---|
| Food in Panama is 11% cheaper than in Nigeria | ||||
| Panama | Nigeria | Diff | ||
| Basic lunchtime menu (including a drink) in the business district | 16 B/. (6,633 ₦) | 3,871 ₦ | + 71% | |
| Combo meal in fast food restaurant (big mac meal or similar) | 7 B/. (2,764 ₦) | 4,246 ₦ | - 35% | |
| 500 gr (1 lb.) of boneless chicken breast | 3.35 B/. (1,380 ₦) | 2,432 ₦ | - 43% | |
| 1 liter (1 qt.) of whole fat milk | 1.57 B/. (648 ₦) | 894 ₦ | - 28% | |
| 12 eggs, large | 2.26 B/. (930 ₦) | 833 ₦ | + 12% | |
| 1 kg (2 lb.) of tomatoes | 1.95 B/. (804 ₦) | 736 ₦ | + 9% | |
| 500 gr (16 oz.) of local cheese | 4.90 B/. (2,021 ₦) | 6,350 ₦ | - 68% | |
| 1 kg (2 lb.) of apples | 2.26 B/. (933 ₦) | 1,365 ₦ | - 32% | |
| 1 kg (2 lb.) of potatoes | 2.21 B/. (910 ₦) | 1,133 ₦ | - 20% | |
| 0.5 l (16 oz) domestic beer in the supermarket | 1.34 B/. (554 ₦) | 798 ₦ | - 30% | |
| 1 bottle of red table wine, good quality | 11 B/. (4,678 ₦) | 5,131 ₦ | - 9% | |
| 2 liters of coca-cola | 2.23 B/. (918 ₦) | 660 ₦ | + 39% | |
| Bread for 2 people for 1 day | 1.27 B/. (525 ₦) | 753 ₦ | - 30% | |
| Housing | - 25% | |||
| Housing in Panama is 25% cheaper than in Nigeria | ||||
| Panama | Nigeria | Diff | ||
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in expensive area | 1,481 B/. (610,179 ₦) | 1,004,670 ₦ | - 39% | |
| Monthly rent for 85 m2 (900 sqft) furnished accommodation in normal area | 856 B/. (352,951 ₦) | 489,958 ₦ | - 28% | |
| Utilities 1 month (heating, electricity, gas ...) for 2 people in 85m2 flat | 117 B/. (48,261 ₦) | 44,622 ₦ | + 8% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in expensive area | 933 B/. (384,602 ₦) | 409,126 ₦ | - 6% | |
| Monthly rent for a 45 m2 (480 sqft) furnished studio in normal area | 508 B/. (209,560 ₦) | 226,996 ₦ | - 8% | |
| Utilities 1 month (heating, electricity, gas ...) for 1 person in 45 m2 (480 sqft) studio | 68 B/. (28,200 ₦) | 29,638 ₦ | - 5% | |
| Internet 8 mbps (1 month) | 41 B/. (16,791 ₦) | 24,137 ₦ | - 30% | |
| 40” flat screen tv | 311 B/. (128,092 ₦) | 119,635 ₦ | + 7% | |
| Microwave 800/900 watt (bosch, panasonic, lg, sharp, or equivalent brands) | 113 B/. (46,377 ₦) | 74,342 ₦ | - 38% | |
| Laundry detergent (3 l. ~ 100 oz.) | 7 B/. (2,894 ₦) | 3,231 ₦ | - 10% | |
| Hourly rate for cleaning help | 12 B/. (5,083 ₦) | - | - | |
| Clothes | + 5% | |||
| Clothes in Panama is 5% more expensive than in Nigeria | ||||
| Panama | Nigeria | Diff | ||
| 1 pair of jeans (levis 501 or similar) | 56 B/. (23,124 ₦) | 11,761 ₦ | + 97% | |
| 1 summer dress in a high street store (zara, h&m or similar retailers) | 39 B/. (15,928 ₦) | 17,015 ₦ | - 6% | |
| 1 pair of sport shoes (nike, adidas, or equivalent brands) | 80 B/. (33,068 ₦) | 47,907 ₦ | - 31% | |
| 1 pair of men’s leather business shoes | 86 B/. (35,580 ₦) | 23,597 ₦ | + 51% | |
| Transportation | + 19% | |||
| Transportation in Panama is 19% more expensive than in Nigeria | ||||
| Panama | Nigeria | Diff | ||
| Volkswagen golf 1.4 tsi 150 cv (or equivalent), with no extras, new | 23,123 B/. (9,530,077 ₦) | 5,284,510 ₦ | + 80% | |
| 1 liter (1/4 gallon) of gas | 0.95 B/. (390 ₦) | 184 ₦ | + 113% | |
| Monthly ticket public transport | 44 B/. (18,113 ₦) | 19,301 ₦ | - 6% | |
| Personal Care | + 53% | |||
| Personal Care in Panama is 53% more expensive than in Nigeria | ||||
| Panama | Nigeria | Diff | ||
| Cold medicine for 6 days (tylenol, frenadol, coldrex, or equivalent brands) | 7 B/. (2,694 ₦) | 1,720 ₦ | + 57% | |
| 1 box of antibiotics (12 doses) | 22 B/. (8,891 ₦) | 4,921 ₦ | + 81% | |
| Short visit to private doctor (15 minutes) | 48 B/. (19,684 ₦) | 18,132 ₦ | + 9% | |
| 1 box of 32 tampons (tampax, ob, ...) | 6 B/. (2,481 ₦) | 2,204 ₦ | + 13% | |
| Deodorant, roll-on (50ml ~ 1.5 oz.) | 3.43 B/. (1,416 ₦) | 937 ₦ | + 51% | |
| Hair shampoo 2-in-1 (400 ml ~ 12 oz.) | 7 B/. (2,766 ₦) | 1,852 ₦ | + 49% | |
| 4 rolls of toilet paper | 3.48 B/. (1,436 ₦) | 900 ₦ | + 60% | |
| Tube of toothpaste | 3.04 B/. (1,251 ₦) | 663 ₦ | + 89% | |
| Standard men's haircut in expat area of the city | 16 B/. (6,702 ₦) | 1,754 ₦ | + 282% | |
| Entertainment | + 74% | |||
| Entertainment in Panama is 74% more expensive than in Nigeria | ||||
| Panama | Nigeria | Diff | ||
| Basic dinner out for two in neighborhood pub | 32 B/. (13,107 ₦) | 10,095 ₦ | + 30% | |
| 2 tickets to the movies | 14 B/. (5,796 ₦) | 5,208 ₦ | + 11% | |
| 2 tickets to the theater (best available seats) | 64 B/. (26,534 ₦) | 19,661 ₦ | + 35% | |
| Dinner for two at an italian restaurant in the expat area including appetisers, main course, wine and dessert | 58 B/. (24,001 ₦) | 19,735 ₦ | + 22% | |
| 1 cocktail drink in downtown club | 9 B/. (3,508 ₦) | 2,405 ₦ | + 46% | |
| Cappuccino in expat area of the city | 4.73 B/. (1,950 ₦) | 1,618 ₦ | + 21% | |
| 1 beer in neighbourhood pub (500ml or 1pt.) | 3.45 B/. (1,423 ₦) | 848 ₦ | + 68% | |
| Ipad wi-fi 128gb | 1,211 B/. (499,168 ₦) | 144,218 ₦ | + 246% | |
| 1 min. of prepaid mobile tariff (no discounts or plans) | 0.43 B/. (178 ₦) | 98 ₦ | + 81% | |
| 1 month of gym membership in business district | 59 B/. (24,132 ₦) | 14,945 ₦ | + 61% | |
| 1 package of marlboro cigarettes | 4.18 B/. (1,722 ₦) | 713 ₦ | + 142% | |
| TOTAL | + 1% | |||
This comparison has some inconsistent or sparse data. It already provides a reliable comparison but it is not bullet-proof. It is based on 916 prices entered by 117 different people.
These prices were last updated on January 19, 2022.
Exchange rate:
412.144
NGN
/
PAB
*
Cost of living in Panama is about the same as in Nigeria
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