Lagos has been Ranked the ‘Sixth Least Expensive City in the World’ by Economic Intelligence Unit.
The survey which is done annually, was carried out by Economist Intelligence Unit, having Lagos share sixth position with Karachi in Pakistan.
The Economist Intelligence Unit noted that costs in the cheapest cities were low by Western standards, majorly because low wages, which is obtainable in such areas limit household spending.
The survey compares the cost of 160 items, such as food, drink, transport, utility bills, and rent, in 133 cities. It then tracks whether prices have gone up or down by comparing them with the cost of living in New York, which is used as a benchmark.
In this year’s survey, three cities shared first position as the world’s most expensive city. They comprise of Singapore in Singapore, Paris in France and Hong Kong in China.
In the survey, Zurich (Switzerland), Geneva (Switzerland), Osaka (Japan), Seoul (South Korea), Copenhagen (Denmark), New York (U.S.), Tel Aviv (Israel) and Los Angeles (U.S.) were the other cities ranked among the most expensive.The annual index was designed to help companies calculate cost-of-living expenses for expatriates and business travellers.
10 most expensive cities in the world
Paris, France (rank: joint 1st)
Hong Kong, China (rank: joint 1st)
Singapore (rank: joint 1st)
Zurich, Switzerland (rank: 4th)
Geneva, Switzerland (rank: joint 5th)
Osaka, Japan (rank: joint 5th)
Seoul, South Korea (rank: joint 7th)
Copenhagen, Denmark (rank: joint 7th)
New York, US (rank: joint 7th)
Tel Aviv, Israel (rank: joint 10th)
Los Angeles, US (rank: joint 10th)
10 cheapest cities in the world
Caracas, Venezuela (rank: 133rd)
Damascus, Syria (rank: 132nd)
Tashkent, Uzbekistan (rank: 131st)
Almaty Kazakhstan (rank: 130th)
Bangalore, India (rank: 129th)
Karachi, Pakistan (rank: joint 127th)
Lagos, Nigeria (rank: joint 127th)
Buenos Aires, Argentina (rank: joint 125th)
Chennai, India (rank: joint 125th)
New Delhi, India (rank: joint 125th)