Lagos Ranks World’s Second Cheapest City
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,
“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. “
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.