The increased cost of living, compounded by worldwide inflation following the 2020 COVID-19 pandemic, has rendered many countries and localities much more expensive to live in.
Rising inflation has had an impact on the incomes of many African individuals, and no country is exempt. Recently, nations such as Kenya and Nigeria have seen waves of protests over rising living costs, with citizens calling on their governments to intervene.
However, in certain African countries, the cost of living is significantly cheaper than in other regions, making it easier to maintain a particular standard of living. This affordability provides not only major financial benefits, but also serves as a driver for development and economic progress.
A low cost of living encourages investment by making it more cheap to start a business, attract foreign direct investment, and promote local corporations and small enterprises.
The Numbeo 2024 Mid-Year Cost of Living Report finds a surprising trend: despite widespread economic troubles, several African cities remain among the most cheap in the world.
Here are five African countries with the lowest cost of living by 2024:
LIBYA
Despite recent political upheaval, Libya is known for its low cost of living. The country’s reliance on oil exports, as well as its economic stabilisation measures, help to keep living costs low. For example, a family of four’s projected monthly cost is $1,327.50 (6,388.30 LYD) without rent, whereas a single person’s estimated monthly expenses are $374.80 (1,803.50 LYD) without rent. The average cost of living in Libya is 33.3% lower than in Nigeria.
EGYPT
Egypt, famed for its rich history and lively culture, also has a low cost of living. Its varied economy, which is fuelled by tourism, agriculture, and manufacturing, helps keep costs down. For example, a family of four has an estimated monthly cost of $1,159.50 (56,927.30 EGP) without rent, whereas a single person’s estimated monthly cost is $327.70 (16,088.10 EGP) without rent. The average cost of living in Egypt is 32.4% lower than in Nigeria.
TANZANIA
Tanzania is well-known for its affordability, which stems mostly from its strong agriculture, tourism, and natural resource sectors. A family of four normally spends $1,503.60 (4,064,149.20 TSh) per month, excluding rent, but a single person’s monthly expenses are roughly $436.70 (1,180,447.40 TSh) without rent. Overall, Tanzania’s living costs are around 11.5% lower than those in Nigeria.
MADAGASCAR
Madagascar, known for its rich biodiversity, has a relatively low cost of living. Despite economic issues, the abundance of natural resources and agricultural activity help to keep costs low. For example, a family of four has projected monthly costs of $1,383.60 (6,301,103.90 Ar) without rent, whereas 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 22.8% less than in Nigeria.
TUNISIA
Tunisia benefits from a diverse economy, minimal inflation, and a stable currency, all of which contribute to a low cost of living. For example, a family of four has estimated monthly expenses of $1,602.60 (4,930.30 DT) without rent, whereas a single person’s monthly expenses are around $454.60 (1,398.60 DT) without rent. On average, Tunisia’s cost of living is 7.1% cheaper than Nigeria’s.
