Reference Value Report: Living Income Report and 2024 Update for Rural Nigeria
2024 Reference Value Update Report: Living Income Report for Rural Nigeria
Abstract
This report updates the Anker Living Income Reference Value for rural Nigeria to 2024. This was NGN 138,678 (USD 365) for 2020 in the original report. The updated Anker Living Income for 2024 is NGN 307,691 (USD 208). This update takes into account the amount of inflation to mid-2024 for the country since mid-2020. Accumulated inflation in this period was 121.9% . Without accounting for inflation, the living income estimated in 2020 would not be sufficient for families to have a basic but decent standard of living in 2024, because the purchasing power of the living income would have decreased. Note that the Living Income Reference Value in USD is lower in June 2024 compared to June 2023 due to the sharp devaluation of the Nigerian Naira during this period.
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Original Report
2020 Reference Value Report: Living Income Report for Rural Nigeria
Abstract
The Anker Living Income Reference Value for 2020 for rural Nigeria is 138,678 NGN (365 USD) per month with a 95% confidence interval around it from 127,828 NGN to 150,448 NGN. This is the estimated monthly cost of a basic but decent standard of living for a typical rural family in Nigeria.
“A living income is the net annual income required for a household in a particular place to afford a decent standard of living for all members of that household. Elements of a decent standard of living include: food, water, housing, education, healthcare, transport, clothing, and other essential needs including provision for unexpected events” (Living Income Community of Practice).
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Previous Updates
2023 Reference Value Update Report: Living Income Report for Rural Nigeria
2022 Reference Value Update Report: Living Income Report for Rural Nigeria
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