The rapid fall in the value of the naira against the US dollar and the rise of inflation in Nigeria have forced many Nigerians to reconsider how they live.
This is despite the country being ranked as the cheapest country to live in Africa and second globally.
Meanwhile, as many Nigerians groan in poverty due to the rising cost of living occasioned by unprecedented inflation, Vice-President Kashim Shettima has said the poor in the country are angry with government officials and other members of the elite, who constitute the minority.
In his inauguration speech, the President of Nigeria, Bola Tinubu, declared that the subsidy on petrol was gone for good, and hours after that statement, the pump price of petrol jumped from N238-N263 per liter to a minimum of N500. It currently sells for over N600 across filling station in the country.
The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 28.92 per cent in December 2023.
“This indicates a 5.81 per cent increase compared to 18.85 per cent recorded in December 2022.”
In a ranking of the cheapest places to live in Africa based on cost of living, Nigeria ranked 1st followed closely by Libya.
“This index indicates the relative prices of consumer goods like groceries, restaurants, transportation, and utilities.
“It excludes accommodation expenses such as rent or mortgage. For instance, a city with a Cost of Living Index of 120 is estimated to be 20% more expensive than New York City (excluding rent),” Numbeo explained.
Below is the list of the top 20 African countries with cheapest cost of living:
- Nigeria
- Libya
- Kenya
- Madagascar
- Rwanda
- Tanzania
- Ghana
- Egypt
- Somalia
- Tunisia
- Algeria
- Namibia
- Morocco
- Botswana
- Uganda
- South Africa
- Zimbabwe
- Cameroon
- Zambia
- Mauritius
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