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Lagos is cheapest city in the world

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Despite economic hardship experienced by Nigerian citizens, Lagos is the cheapest city in the world after Almaty Kazakhstan, says the Economist’s Intelligence Unit, in a report that ranks all the major cities in the world by cost of living.

The most expensive city in the world is Singapore, followed by Hong Kong and then Zurich, Tokyo and Osaka following suit. And the cheapest sees Lagos following Almaty and leading Banglore, Karachi and Algiers on the list.

The main drivers of cost in these countries remain the exchange rate, government policies and commodity prices.

Lagos moved down 16 places to become the second cheapest city in the world after Almaty. Though Nigeria has been attracting significant investment over the years, the fall in global oil prices has driven a collapse in the value of the Naira, and though leading to an economic recession and increased inflation, the relative pricing has more than halved since 2008.

Though increasingly cheaper relative to other cities, this doesn’t make Lagos any more liveable compared to other cities in the list, as Lagos is the third least liveable city in the world according to the Economist’s Liveability Report, after war-torn Damascus (Syria) and Tripoli (Libya).

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