Lagos is the second most cheapest city to live in the word, and the cheapest city to live in Africa, according to the Economist Intelligence Unit’s annual Cost of Living ranking, which was released on Thursday.
The report examines the world’s most and least expensive cities by comparing factors such as wages and the prices of more than 150 items – including bread, wine, cigarettes and unleaded petrol.
The cost of living in each city is ranked in comparison with New York City, where New York receives an index score of 100 and one extra point equates to a 1 per cent increase in living costs. This is called the WCOL (World Cost of Living) Index.
The cost of living in Africa’s largest city (Lagos) is not as expensive as it was last year, according to the report. This year, Nigeria’s biggest city, Lagos, fell 16 places to 132nd place meaning the city is second most cheapest city to live in the world and the cheapest city to live in Africa followed by Algiers in Algeria.
“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 Economist Intelligence Unit’s.