Nigerian financial expert Kayode Okunola recently shared his perspectives on the cost of living both within Nigeria and abroad. Highlighting the economic disparities, Okunola pointed out that, despite Nigeria’s numerous challenges, living expenses in the country remain comparatively lower than in nations such as the UK, USA, and Canada.

In a candid discussion on X, he recounted a recent personal experience where he had to exchange Naira for approximately CAD 869.57 to meet some financial obligations. His wife, Mrs. O, expressed concern over the expense, questioning whether such spending was justifiable in Nigeria.

Okunola was not surprised by her reaction, revealing an awareness of the true costs involved. He cited his own bill for Emmax, amounting to CAD 450-490,000, contrasting it with the typical monthly electricity payments of Nigerian households, which he noted are often significantly lower.

To illustrate further, Okunola asked why many Nigerians travel to Lagos during the December festivities, questioning if the same level of financial enjoyment could be achieved by converting $5,000 into Naira. He argued that the perceived need to spend large sums abroad might be driven more by the desire for status than necessity.

Concluding his reflections, Okunola emphasised that it’s more cost-effective to live in Nigeria, urging others to recognise the economic realities rather than dismiss them to maintain a facade of wealth.

In another post, he provided additional reasons why the cost of living in Nigeria remains affordable compared to Canada.

He said, "Still on Naija vs. Canada: Where is cheaper to live... I took a two-year diploma course in Data Analytics for $13,000. Is there any school in Naija that will charge me that much? IVF + Surrogacy cost is between $70k to $120k. How much is the most expensive fertility clinic in Naija doing this?

"Training a medical doctor in 🇨🇦 will cost an average of $150k debt at the minimum. How much do we train Drs in Nigeria? Even in private universities?

This is not about exchange rate or disposable income. The conversation is about PURCHASING POWER PARITY. I know this deflates una narratives because everything about Naija must be negative. But unfortunately for una, Naija takes this argument. No need to get triggered or feel agitated? Give Naija her flowers on this PPP! Facts don't lie!

ASA