Lagos is Africa’s 12th Most Expensive City to Live In-Business Insider Africa

Business Inside Africa, a leading pan-African innovative business news medium, has disclosed that Nigeria’s economic capital is number 12th of the the continent’s 15 most expensive city to live in. The medium made the disclosure in its recently released Q1, 2022 statistics report based on the cost of living index scores of the named cities, compiled by Statista.
According to the report, Cost of Living Index, CoL, and compares the expected average costs of basic necessities, including food, clothing, entertainment, healthcare, etc, to arrive at the conclusion.

The index, Business Inside Africa says, considers the cost of living, including consumer goods prices, cost of rent, cost of healthcare and other costs, in one city as compared to others.

“The cost of living is the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period. The cost of living is often used to compare how expensive it is to live in one city versus another. The cost of living is tied to wages. If expenses are higher in a city, such as New York, for example, salary levels must be higher so that people can afford to live in that city.”

While noting that global events such as the Russian/Ukraine crisis may have had a huge negative impact on a number of the countries in the continent, Business Inside Africa added however, that it considered the fact that cost of living index is not constant.

“The last time we wrote about this subject matter in December 2021, Addis Ababa had the highest index score. Since then, the top position has been overtaken by a different city.

“At a time when global events such as the war in Ukraine are having direct negative impacts on many African economies, it is not surprising to see increasing uptick in the cost of living index scores across the continent,” it said.

Whereas, Lagos, the only listed Nigerian city, came 12th with 37.33, four South African cities, Johannesburg, Pretoria, Cape Town and Durban came 5th, 6th, 8th and 9th respectively with 44.87%, 42.76%, 40.98% and 40.33% respectively.

Morocco on the other hand parades three of its cities, including Marrakech, 10th with 39.94%, Tangier,13th with 36.85% and Casablanca, 14th with 36.59%.

Ethiopia’s Addis Ababa is 2nd with 50.49% while Cote d’voire’s Abidjan is 3rd with 47.06%. Others are Harare, 4th with 45.69%, Gaborone, Botswana, 8th with 42.7%, Accra, Ghana, 11th with 38.74% and Kampala, Uganda, 15th with 35.98%.
West Africa’s trio of Accra, Abidjan and Lagos has a combined CoL index of 123.13%, North Africa’s Marrakech, Tangier and Tangier makes up 113.38%.

East Africa’s Dakar, Senegal and Kampala, Uganda, has 86.85% with Southern African cities of Harare, Gaborone, Johannesburg, South Africa, Pretoria, Cape Town, Durban, rake up a cumulative CoL of 174.24% making the region the most expensive in the continent.

Addis Ababa, North East Africa has the region’s solitary 50.87%, comparatively very high too.

Leave a Reply

Your email address will not be published.