Nigeria has been ranked 2nd in Africa for the highest Cost of Living and Rent Index, according to data from Numbeo.
Cameroon topped the list with a score of 27.5, followed by Nigeria in second place with 27.1 points.
Other rankings include Zimbabwe and Mauritius, both in 3rd place with a score of 24.1, while South Africa rounded out the top 5.
Ghana, with 21.0 points, placed 6th out of 16 African countries.
For local purchasing power, South Africa led with 102.8 points, indicating strong consumer spending and a stable economy.
It was followed by Botswana in 2nd place with a score of 64.4.
Mauritius (43.2) and Libya (42.0) ranked 3rd and 4th, respectively.
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Nigeria, however, ranked lower in this category.
A nation’s purchasing power is a key measure of its economic strength and future potential. It reflects the economy’s stability, with lower purchasing power often indicating financial difficulties. Conversely, higher purchasing power suggests increased consumer spending, which drives growth in industries and businesses.
