Monrovia in Liberia, has ascended to claim the title of the most expensive city for expatriates in Africa for the first quarter of 2024. A remarkable surge of 155 places catapulted Monrovia to the 33rd most expensive location globally. This unprecedented ascent is attributed to a complex interplay of factors, with currency appreciation against the US Dollar and demand constraints taking centre stage. Liberia's import-reliant economy, where prices of almost all imported items are quoted in US dollars, exposes expatriates to the brunt of inflated costs.
Nigeria, an economic powerhouse in the region, experiences a sharp decline in global cost of living rankings for the first quarter of 2024, particularly notable in cities like Abuja. The cost of living index for Abuja plummeted from 88.5 in October 2023 to 68.7 as of January 2024.
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