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. “
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.
NAN
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