5 African countries with lowest cost of living in 2024

The rising cost of living, exacerbated by global inflation following the 2020 COVID-19 pandemic, has made certain countries and cities significantly more expensive to reside in.

African countries haven’t been immune to the impact of rising inflation, which has affected the income of many citizens. Recently, nations like Kenya and Nigeria have experienced waves of protests over the increasing cost of living, with citizens urging their governments to take action.

However, in several African countries, the cost of living is notably lower than in other regions, making it more affordable to sustain a certain quality of life. This affordability not only offers significant financial advantages but also acts as a catalyst for development and economic growth.

A low cost of living fosters investment by making it more affordable to start businesses, attract foreign direct investment, and support local companies and small enterprises.

The Numbeo 2024 Mid-Year Cost of Living Report reveals a contrasting trend: despite widespread economic challenges, many African cities continue to be among the most affordable in the world.

Here are five African countries with lowest cost of living in 2024

LIBYA
Despite recent political instability, Libya remains notable for its low cost of living. The country’s reliance on oil exports and its efforts to stabilize the economy help keep living expenses affordable. For instance, the estimated monthly cost for a family of four is $1,327.50 (6,388.30 LYD) without rent, while a single person’s estimated monthly expenses are $374.80 (1,803.50 LYD) without rent. On average, the cost of living in Libya is about 33.3% lower than in Nigeria.

EGYPT

Egypt, known for its rich history and vibrant culture, also benefits from a low cost of living. Its diverse economy, bolstered by tourism, agriculture, and manufacturing, helps keep expenses affordable. For example, a family of four has estimated monthly costs of $1,159.50 (56,927.30 EGP) without rent, while a single person’s estimated monthly costs are $327.70 (16,088.10 EGP) without rent. On average, the cost of living in Egypt is about 32.4% lower than in Nigeria.

TANZANIA
Tanzania is known for its affordability, largely due to its strong agriculture, tourism, and natural resource sectors. A family of four typically spends $1,503.60 (4,064,149.20 TSh) a month, not including rent, while a single person’s monthly expenses are about $436.70 (1,180,447.40 TSh) without rent. Overall, living costs in Tanzania are about 11.5% lower than in Nigeria.

MADAGASCAR
Madagascar, famous for its unique biodiversity, offers a relatively low cost of living. Despite economic challenges, its abundant natural resources and agricultural activities help keep expenses affordable. For example, a family of four has estimated monthly costs of $1,383.60 (6,301,103.90 Ar) without rent, while a single person’s monthly expenses are around $401.80 (1,829,979.70 Ar) without rent. On average, the cost of living in Madagascar is about 22.8% lower than in Nigeria.

TUNISIA
The North African nation of Tunisia benefits from a diversified economy, moderate inflation, and a stable currency, which help keep its cost of living relatively low. For instance, a family of four has estimated monthly expenses of $1,602.60 (4,930.30 DT) without rent, while a single person’s monthly costs are around $454.60 (1,398.60 DT) without rent. On average, the cost of living in Tunisia is about 7.1% lower than in Nigeria.

https://www.vanguardngr.com/2024/08/5-african-countries-with-lowest-cost-of-living-in-2024/