Lagos has been ranked the second cheapest city to live in the world by Emigrants. This makes it the cheapest city to live in Africa.
According to a of , the cost of living in the city has dropped significantly over the last year, hence improving the standard of living of expatriates working in Lagos. In addition, the collapse of the value of Naira against the dollar was identified as another factor that inspired the new ranking.
As a result, Lagos fell 16 places to 132nd on the World priciest cities index for 2017. Thus, joining the cities likein in in in in the bottom five cheapest cities in the world. [Pulse]
“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 report highlighted.
“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.“
Cost of living in metropolitan Asian cities was stated to be more expensive than other cities across the world. Cities in the region dominated the top five expensive cities in the ranking.was ranked the most expensive city in the world and was followed by .
Theis a survey conducted twice-yearly, and it samples opinion of more than 400 individual prices across 160 products and services that include food, rent, transport and recreational costs, among others.
For native Nigerians however, living in Lagos is considered expensive. The case is different for expatriates working in the city as they earn in dollars,putting them in an advantageous position, and making life in the city relatively cheaper when compared with other major cities in Africa.
There is a high cost of infrastructure and access to social amenities in Lagos to all class of residents. This is because most of the needed public utilities are either absent or in poor condition. This situation cuts across education, health, public transport among others. The worst of them is the public electric power supply.
Expatriates are made to rely on private institutions which usually come at a great expense to foreign workers living in the city. For example, a standard private school offering British or American syllabi could cost as high as between $5000-$10000 per annum.
Other areas of high cost are transportation and relaxation or leisure activities. Commuting in the city is commonly via road transport, and most of the road networks are in bad shape while the city's traffic clog is legendary.
On an average, a resident of the city expends about N40,000 ($114)on transport within the city.