A new report by Nigerian fintech company Cowrywise has revealed the stark financial reality of daily commuting in Lagos, showing that residents who rely on ride-hailing services spend up to ₦616,000 monthly.
In contrast, those using public transport spend an average of ₦81,200 to ₦95,000 per month.
The data, presented through detailed infographics, compares the cost of commuting for young professionals across various Lagos routes using either public transport or ride-hailing services like Bolt.
The figures are based on a two-trip-per-day routine—morning and evening commutes, across five workdays each week.
Cowrywise compiled the data as part of its ongoing mission to promote financial literacy and help young Nigerians make smarter money decisions.
Cowrywise said the transport cost figures were meant to offer insight into the real financial impact of daily commuting, particularly for early-career professionals seeking affordability or convenience in a challenging urban economy.
The report estimates that commuters using buses (danfo), BRT, or other forms of public transport between Yaba, Surulere, and Ikeja to destinations like Ikoyi, Victoria Island, and Lekki spend between ₦81,200 and ₦95,000 monthly.
- Yaba to Ikoyi/Victoria Island/Lekki: ₦81,200/month
- Surulere to the Island: ₦81,200/month
- Ikeja to the Island: ₦95,000/month
The average daily cost ranges between ₦1,500 and ₦1,700, and the weekly cost hovers around ₦20,300 to ₦23,800, depending on the route.
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Commuters who opt for Bolt for daily movement face significantly higher expenses. For trips from Yaba or Surulere to the Island, monthly transport costs are estimated at ₦476,000, while those from Ikeja could spend as much as ₦616,000 monthly.
- Yaba/Surulere to Ikoyi/Victoria Island/Lekki: ₦476,000/month
- Ikeja to the Island: ₦616,000/month
Daily costs range from ₦8,500 to ₦11,000, while weekly figures shoot up to ₦119,000 to ₦154,000.
The findings highlight a growing cost-of-living concern in Nigeria’s commercial capital, where urban sprawl and traffic congestion have made long commutes inevitable for many.
The report also underscores the divide between convenience and affordability, with ride-hailing offering comfort at a premium, while public transport remains the more economical—though less convenient—option.
Cowrywise said it intends to continue publishing relatable financial data that helps Nigerians budget wisely and take better control of their personal finances.
It also emphasized that buying a car doesn’t automatically cut transportation costs. “Between maintenance, fuel, and repairs, the expenses just pile on,” the company noted. “For a lot of people, the cost of moving around is starting to compete with what they pay in rent.”
This echoes concerns raised by many Lagos residents, who say that in addition to worsening traffic and rising fuel prices, transportation is quietly becoming the biggest monthly expenditure, second only to rent.
About Cowrywise
Founded in 2017, Cowrywise is a digital savings and investment platform designed to help Nigerians build long-term wealth. It allows users to automate savings, invest in mutual funds, and access educational tools for better money management. The company has earned a reputation for engaging storytelling, relatable financial advice, and data-driven insights.
The full transport cost report is available via this link, and it’s already causing people to rethink how they commute.
