Nigeria presents a complex economic situation. While its cost of living index is low compared to other African nations, the purchasing power of Nigerians is also weak.
Rankings and Comparisons:
Nigeria is ranked as the fifth African country most affected by the cost-of-living crisis, with a score of 31.42.
Cameroon has the highest cost-of-living crisis in Africa, with a score of 37.32. Zimbabwe, Mauritius, and South Africa rank ahead of Nigeria.
Other African countries in the top ten most affected by the cost-of-living crisis include Ghana, Kenya, Botswana, Morocco, and Uganda.
Numbeo’s cost of living index for Nigeria is 19.0, the lowest in Africa and second-lowest globally behind Pakistan.
Compared to Mozambique, which has the highest cost of living in Africa at 45.2, Nigeria is 26.2 points lower.
Despite the low cost of living index, high inflation significantly impacts the prices of essential goods and services in Nigeria, affecting the quality of life for its citizens.
