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🏠 Cost of Living in Banana Island

Total monthly cost for a family of 4 (mid-tier lifestyle)

₦3,830,000/month
₦45,960,000/year
1

Where do you live?

2

Your household

Household size
Lifestyle tier
3

Your commute

Work location
Commute mode
4

Domestic staff (optional)(optional)

Your monthly cost of living in Banana Island
₦3.86M
₦46,276,800/year
= 55.1× the minimum wage (₦70,000)
= 11.4× the national average salary (₦339,000)
🏠 Rent
₦3,125,000
81%
🍚 Food
₦300,000
8%
⚡ Power
₦200,000
5%
🚌 Transport
₦26,400
1%
👩‍👧 Domestic Staff
₦190,000
5%
📱 Internet/Data
₦15,000
0%
TOTAL
₦3,856,400
100%

🆚 Compare with another neighborhood

Compare with:
Banana Island
₦3.86M
/month
Yaba
₦916K
/month
Saving by living in Yaba — Annual difference: ₦35.3M
Lagos.Cool Editorial
4 June 2026 · 2 min read

Cost of Living in Banana Island

At ₦3.83M/month (₦46M/year), Banana Island is not a neighborhood — it's a lifestyle statement. The cost is driven by rent (₦2.5M-₦3.75M/month) and the premium domestic staff that ultra-wealthy households require. The silver lining: water and power are estate-managed, eliminating the generator and tanker costs that plague the rest of Lagos.

🔗 Related guides

🏠 Rent in Banana Island→💧 Water in Banana Island→🚌 Commuting from Banana Island→👩‍🍼 Domestic staff prices in Banana Island→

FAQ

A family of 4 living in Banana Island at a mid-tier lifestyle spends approximately ₦3,830,000/month (₦45,960,000/year), broken down into rent, food, power, transport, water, and (optional) staff.
Cost of Living in Banana Island 2026 : ₦3,830,000/month