5 African Countries with the Lowest Cost of Living in 2024

As global inflation continues to drive up living costs, some African countries remain surprisingly affordable. While nations like Kenya and Nigeria face rising expenses and protests, others offer a lower cost of living, attracting investment and fostering economic growth.

Here are five African countries where the cost of living is among the lowest in 2024.

Libya: Despite political instability, Libya maintains a low cost of living due to its oil exports and economic stabilization efforts. A family of four can live on approximately $1,327.50 monthly, excluding rent, making it 33.3% cheaper than Nigeria.

Egypt: Known for its history and culture, Egypt’s diversified economy keeps living costs down. A family of four spends around $1,159.50 monthly, excluding rent, making it 32.4% cheaper than in Nigeria.

Tanzania: With strong agriculture and tourism sectors, Tanzania remains affordable. Monthly expenses for a family of four are about $1,503.60, excluding rent, making it 11.5% cheaper than Nigeria.

Madagascar: Despite economic challenges, Madagascar’s rich natural resources help keep costs low. A family of four can expect to spend $1,383.60 monthly, excluding rent, making it 22.8% cheaper than Nigeria.

Tunisia: With a stable economy and moderate inflation, Tunisia offers a low cost of living. A family of four’s monthly expenses are around $1,602.60, excluding rent, making it 7.1% cheaper than Nigeria.These countries highlight affordability in a challenging economic climate, offering both residents and investors financial advantages.