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Lagos Ranks World’s Second Cheapest City, Singapore Most Expensive

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Nigeria business operational hub, , has been positioned the second least expensive city on the planet for expatriates.

As per a report by the Economic Intelligence Unit on Monday, Lagos which fell 16 spots to 132nd place on the world priciest urban communities file joins Kazakhstan’s Almaty at the base.

The report stated, “In spite of the fact that Nigeria has been drawing in huge premium and interest as of late, the fall in worldwide oil costs has driven a crumple in the estimation of the Nigerian naira, which pushed down relative evaluating, regardless of solid nearby expansion. The relative typical cost for basic items in Lagos has more than divided since 2008, which may flag reestablished enthusiasm from remote financial specialists, with value levels so low by worldwide guidelines. ”

The Worldwide Cost of Living 2017 report saw Asian urban areas take five of the best ten spots, on account of a managed recuperation in the quality of the Japanese yen that impelled Tokyo and Osaka once again into the main ten, close by Singapore and Seoul.

Singapore was positioned the most costly city on the planet for exiles for the fourth successive year.

Western Europe represented a further four urban areas, with stalwarts Zurich and Geneva in third and seventh position separately.

Paris, the main Eurozone city, came in eighth position and the Danish capital Copenhagen, which pegs its money to the Euro, adjusted off the best ten.

New York was the solitary North American agent, tumbling to ninth position inferable from a slight debilitating of the U.S. dollar, which additionally influenced the position of different US urban communities.

Notwithstanding topping the positioning, “Singapore still offers relative incentive in a few classes, particularly contrasted and its local associates,” the report said.

It remains essentially less expensive for classifications, for example, family merchandise, individual care and residential help, yet is as yet the most costly place on the planet to purchase and run an auto, the report found.

Conversely, Seoul, Tokyo and Osaka were the three most costly places on the planet to purchase staple merchandise.

The Worldwide Cost of Living is a twice-yearly review that analyzes more than 400 individual costs crosswise over 160 items and administrations that incorporate sustenance, lease, transport and recreational expenses, among others.

Olumide Anifowose

A graduate of Anthropology, University of Cape Coast.

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