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.
Source: https://businessday.ng/news/article/here-are-african-countries-with-the-lowest-cost-of-living-in-2024/