Lagos State has made a mark by being ranked among the world’s cheapest cities, as revealed by the Economists Intelligence Worldwide Cost of Living 2023 survey.
The survey’s latest report positioned Lagos and Damascus, Syria, in the bottom ten cities with the most affordable living costs. Lagos secured the 165th spot out of 173, closely behind Damascus with the lowest living expenses.
On the opposite end of the spectrum, Singapore and Zurich, Switzerland, emerged as the most expensive cities globally, based on the EIU WCOL 2023 findings.
Moreover, New York in the United States of America trailed Singapore and Zurich, claiming the third spot as the most expensive city.
The report emphasized, “Singapore maintained its position as the world’s most expensive city this year for the ninth time in 11 years. It shares this rank with Zurich, Switzerland, which has returned to the top after three years.”
“New York, which shared the top position last year, has now slipped to the third position, tying with Geneva, Switzerland.”
Highlighting the disparities, the report accentuated, “The world’s cheapest city remains Damascus, Syria. Of the ten categories in our price index, utility prices rose slowly over the past year, reflecting the diminishing impact of Russia’s invasion of Ukraine in 2022. However, grocery prices continue to soar.”
Conversely, according to the National Bureau of Statistics Consumer Price Index data for October 2023, Lagos State exhibits an all-time inflation rate of 31.23 percent, positioning it among Nigeria’s costlier places to reside.
