While considered low-cost by their index, several African countries face a Cost of Living lower than the Index of 120, equivalent to roughly 20% more than New York City, excluding housing costs. This suggests their overall expenses, despite affordable housing, are still relatively high compared to their usual standards.
Nigeria itself faces high inflation, affecting housing, food, and transportation. BusinessDay recently conducted a poll, and its results revealed that “100% of respondents are dissatisfied with the current cost of food, and 75% believe the government isn’t doing enough to address the issue.”
A respondent said “As a graduate looking for a job I can’t afford a room and parlour self-contained in Ibadan at Bashorun areas, talk less of moving to Lagos to look for the same accommodation at Costain close to Ijora, where I think I can see a better opportunity for a job,”
Regardless, analysts have predicted the cost of living will ease in 2024, “This year should be better than 2023, but it won’t be the total transformation of the economy or major reduction like in 2023,” Adeola Adenikinju, a professor of economics and president of the Nigerian Economic Society, said.
Read also: 10 African countries with highest inflation rate
According to Numbeo, Here are Africa’s 10 countries with low Cost of Living in 2024
Tunisia – Cost of Living Index: 28.9
Tunisia secures its place among the African countries with the most affordable living expenses. The North African nation benefits from its diversified economy, moderate inflation, and stable currency, contributing to its relatively low cost of living.
Somalia – Cost of Living Index: 28.7
With facing various economic challenges, Somalia’s position is favorable in terms of affordability. Factors contributing to this ranking include a reliance on subsistence agriculture, limited industrialization, and a predominantly cash-based economy.
Egypt – Cost of Living Index: 28.7
Egypt, with its rich history and vibrant culture, maintains a low cost of living. The country benefits from a diverse economy, supported by sectors such as tourism, agriculture, and manufacturing, contributing to the overall affordability for its residents.
Ghana – Cost of Living Index: 26.6
Ghana, known for its stable political environment, has a relatively low living cost. This West African nation has made strides in economic development, contributing to the affordability of goods and services for its population.
Read also: Top 10 African countries with strongest military strength in 2024
Tanzania – Cost of Living Index: 26.3
Tanzania showcases affordability in essential commodities. The country’s focus on agriculture, tourism, and natural resource exploitation plays a role in maintaining a cost-effective living environment for its residents.
Rwanda – Cost of Living Index: 25.8
Rwanda, an East African nation, secures a spot among the countries with the lowest cost of living. The government’s emphasis on economic diversification and infrastructure development contributes to the affordability of living in the country.
Madagascar – Cost of Living Index: 25.5
Madagascar, known for its unique biodiversity, presents an affordable living environment. While facing economic challenges, the country’s rich natural resources and agricultural activities contribute to its relatively low cost of living.
Kenya – Cost of Living Index: 24.6
Kenya, a prominent East African economy, offers a lower cost of living. The nation’s diverse economic sectors, including agriculture, services, and technology, contribute to its affordability for residents.
Libya – Cost of Living Index: 21.7
Despite facing political instability in recent years, Libya stands out with a low cost of living. The country’s reliance on oil exports and efforts to stabilize the economy contribute to the affordability of living for its population.
Read also: Top 10 African countries with cheapest fuel at the outset of 2024
Nigeria – Cost of Living Index: 19.0
Nigeria, the most populous country in Africa, rounds off the list with a remarkably low cost of living. While economic challenges persist, Nigeria’s diverse economy and abundant natural resources contribute to the affordability of essential goods and services.
