Cost of living differs depending on the part of the country you are in. Some states are much cheaper than the other. If you, for instance, stay in Lagos, a single person may spend an average of between $6 to $9 daily. A young family of two kids spends between $11 to $15 daily. I'm assuming you cook and don't eat out, if you do, that amount doubles :)

The minimum wage is a joke. If you are paid only the minimum wage, you can survive in some states where you don't spend money on transport; you have opportunities to grow your food and live in your own house or where you don't pay rent. The cheapest average yearly house rent (2 rooms apartment) alone in Lagos is at least $700.

The amount may appear "cheap" but when you consider people get paid $50 or less for a month, then you can then imagine $700 is quite a large sum of money.