Nigeria’s commercial hub, Lagos, and the capital city, Abuja, have been identified as the cheapest cities globally for expatriates to live in, according to the 2024 Mercer Cost of Living Survey released on Monday. The depreciation of the naira has significantly reduced the cost of living for international workers in these cities.

Naira’s decline began last year after President Bola Tinubu implemented a cocktail of reforms, abandoning the long-standing currency peg established by former Central Bank Governor, Godwin Emefiele, which had kept the naira artificially high.

On Saturday, inflation reached 33.95 per cent, driven primarily by rising prices of food and non-alcoholic beverages, which accounted for 17.59 per cent of the increase. Housing, water, electricity, gas, and other fuels contributed 5.68 per cent, while clothing and footwear, transport, and household furnishings added 2.60 per cent, 2.21 per cent, and 1.71 per cent respectively.

The Mercer survey highlighted that Lagos and Abuja experienced the most substantial drops in cost of living rankings among 226 global cities between 2023 and 2024. Last year, Lagos was ranked the 47th most expensive city, and Abuja was 140th.

In the latest survey, Lagos plummeted 173 spots to 225th, with Abuja just behind at 226th. The report noted that currency devaluations were a major factor in these declines.

Despite the reduced cost of living for expatriates due to currency devaluation, inflation has risen significantly in many of these countries. Between March 2023 and March 2024, Nigeria and Angola both saw inflation rates soar above 20 per cent.

Among the 10 most expensive cities for international workers, half are in Western Europe, with Switzerland hosting four. However, Southeast Asian cities dominate the top positions, with Hong Kong and Singapore ranked first and second respectively.

by Samuel Oamen


Nigeria’s capital, Abuja, and its commercial hub, Lagos, have been ranked as the first and second cheapest cities for expatriates to live in Africa for 2024, according to Mercer’s Cost of Living rankings.

The report highlights the cost of living is a crucial consideration for expatriates when selecting a city for relocation, as it impacts their quality of life and financial stability.

The findings attribute the affordability of these cities to currency depreciations, which have significantly reduced the cost of living for international assignees.

Blantyre in Malawi comes third on the list while Durban in South Africa and Windhoek in Namibia comes fourth and fifth respectively.

Here is a list of the top 10 cheapest cities to live in Africa with their global rank

1. Abuja, Nigeria

2. Lagos, Nigeria

3. Blantyre, Malawi

4. Durban, South Africa

5. Windhoek, Namibia

6. Gaborone, Botswana

7. Lusaka, Zambia

8. Tunis, Tunisia

9. Cape Town, South Africa

10. Johannesburg, South Africa

GanagiBitrus:
...cheapest for expatriates, but costliest for Nigerians.

helinues:


So na only expatriates dey reside for both cities?

GanagiBitrus:

Both expatriates & Nigerians.

but costliest for Nigerians.

Quest7777:

Because Oyinbo with $1k is already a millionaire worth over ₦1,500,000.00 in Nigeria.

helinues:
Toh

Even before the crashing of naira, Abuja and Lagos have been one of the cheapest cities to live in

helinues:
Toh

Even before the crashing of naira, Abuja and Lagos have been one of the cheapest cities to live in

helinues:
Toh

Even before the crashing of naira, Abuja and Lagos have been one of the cheapest cities to live in

Islie:



https://sunnewsonline.com/naira-crash-makes-lagos-abuja-cheapest-cities-for-expatriates-report/

helinues:
Toh

Even before the crashing of naira, Abuja and Lagos have been one of the cheapest cities to live in