Lagos ranks world’s second cheapest city

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Nigeria commercial nerve centre, Lagos, has been
ranked the second cheapest city in the world for
expatriates.
According to a report by the Economic
Intelligence Unit on Monday, Lagos which fell 16
places to 132nd place on the world priciest cities
index joins Kazakhstan’s Almaty at the bottom.

The report said,

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“Although Nigeria has been attracting significant
interest and investment in recent years, the fall in
global oil prices has driven a collapse in the value
of the Nigerian naira, which pushed down relative
pricing, despite strong local inflation. The relative
cost of living in Lagos has more than halved
since 2008, which might signal renewed interest
from foreign investors, with price levels so low by
international standards. “
The Worldwide Cost of Living 2017 report saw
Asian cities take five of the top ten spots, thanks
to a sustained recovery in the strength of the
Japanese yen that propelled Tokyo and Osaka
back into the top ten, alongside Singapore and
Seoul.
Singapore was ranked the most expensive city in
the world for expatriates for the fourth
consecutive year.
Western Europe accounted for a further four
cities, with stalwarts Zurich and Geneva in third
and seventh position respectively.
Paris, the only Eurozone city, came in eighth
position and the Danish capital Copenhagen,
which pegs its currency to the Euro, rounded off
the top ten.
New York was the lone North American
representative, falling to ninth position owing to
a slight weakening of the U.S. dollar, which also
affected the position of other US cities.
The Worldwide Cost of Living is a twice-yearly
survey that compares more than 400 individual
prices across 160 products and services that
include food, rent, transport and recreational
costs, among others.

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