Friday, June 16, 2017

Lagos now 2nd cheapest city to live in

The Economist Intelligence Unit (EIU) recently released its Worldwide Cost of Living 2017 survey, a ranking of the most expensive cities.
To compile the list, the EIU collected prices for over 160 consumer items in each city. The prices were then converted to US dollars and weighted to achieve comparative indices.
 Lagos is ranked as the world’s second-cheapest. It fell 16 places to 132nd this year, as the value of the Nigerian naira collapsed.
 The cost of living in Lagos has more than halved since 2008.This portends hope for the economy with foreign investors eager to venture where costs are good.The country is still reeling under the pressure of the recession caused by low oil prices and decimated Naira.

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