Nigeria’s Lagos ranked the world’s 6th cheapest city

Nigeria’s commercial capital, Lagos has been ranked the 6th cheapest city in the world, according to a new Survey by the Economist Intelligent Unit.

The city which is densely populated is said to be among the cheapest cities in the world to live in globally.

The Economist Intelligent Unit compared more than 400 individual prices across 160 products and services including food, drink, clothing, utility bills, rent, transport among others.

The annual index is designed to help companies calculate cost-of-living expenses for expatriates and business travelers.

Caracas in Venezuela was ranked the least expensive city in the world in this year’s survey.

Venezuela and Nigeria both depend heavily on oil for growing and managing their respective economies.

The report said oil prices will continue to weigh on economies that rely heavily on oil revenue.

This could mean austerity, economic controls and weak inflation persisting in affected countries, depressing consumer sentiment, and growth.

The top ten cheapest cities

1. Caracas (Venezuela)
2. Damascus (Syria)
3. Tashkent (Uzbekistan)
4. Almaty (Kazakhstan)
5. Bangalore (India)
6. Karachi (Pakistan)
7. Lagos (Nigeria)
8. Buenos Aires (Argentina)
9. Chennai (India)
10. New Delhi (India)

The survey also listed the top 10 most expensive cities in the world to live in with Paris, Singapore and Hong Kong the most expensive in the world.

The most expensive cities in the world

1. Singapore (Singapore)
2. Paris (France)
3. Hong Kong (China)
4. Zurich (Switzerland)
5. Geneva (Switzerland)
6. Osaka (Japan)
7. Seoul (South Korea)
8. Copenhagen (Denmark)
9. New York (US)
10. Tel Aviv (Israel)
11. Los Angeles (US)

Source: Africafeeds.com