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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. “
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