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 Khakaztan’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.
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.
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.
Hahahaha 😁,our very own Lagos?
ReplyDeleteKpacharu nu Anya unu
Conflicting reports. No too long ago I read that Lagos is one of the world's most expensive cities.
ReplyDeleteThis one takes about expatriates
DeleteI understand is because expatriates are paid in dollars and so on, they exchange this to our weak naira and so they spend little and have best times, so Lagos because very cheap economically to them.
DeleteAnother big slap on our currency. Oh well.
ReplyDeleteFat lie
ReplyDeleteNo it isn’t there’s a bit of truth here. I have a lot of expatriate friends and thy enjoy working in Nigeria why because labour is cheap, they get a lot of added bonus at no cost or very little cost plus a huge salary in dollars oh did I forget that they also have a way to invade full tax payment .
DeleteI did not conduct this research so cannot fully say 100 percent but there’s a bit of truth in this report