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Lagos, 13th Most Expensive City to Live in the World

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  • Lagos, 13th Most Expensive City to Live in the World

Lagos, the capital of Lagos State, is the 13th most expensive city in the world, says Mercer, the world’s largest human resource consulting firm.

The consulting firm also said in its 23rd Cost of Living Survey that African, Asian, and European cities dominated the 2017 list of most expensive locations for working abroad.

According to the survey, Abuja, Nigeria’s federal capital, ranked 20th in 2016.

The capital city of Angola, Luanda, however, ranked first globally, moving up from second place and taking over from Hong Kong as the world’s most expensive city.

The survey attributed cost of goods and security as factors that determined the cost of living in Luanda.

Other African cities that ranked high reflected high living costs and prices of goods for expatriate employees.

They include Victoria, Seychelles in the 14th position, N’djamena, Chad in the 16th position and Kinshasa, Democratic Republic of Congo ranked 18th.

The least expensive African cities include Gaborone, Botswana in the 196th position; Cape Town, South Africa ranking 199th and Blantyre, Malawi ranking 205th.

Windhoek, Namibia ranked 206 while Tunis, Tunisia ranked 209 and was found to be the least expensive country globally.

In Europe, three cities remained in the top 10 list of most expensive cities for expatriates, which included Zurich, Geneva and Bern which ranked fourth, seventh and 10th respectively.

Moscow ranked 14th and London ranked 30th position and the German cities of Munich, Frankfurt and Berlin dropped significantly ranking 98, 117 and 120 respectively.

Also, five of the top 10 expensive cities in the ranking were in Asia; Hong Kong ranked second and was found to be the most expensive city in the region as a result of its currency pegged to the US dollar, which drove up the cost of accommodations locally.

Others are Tokyo, Singapore, Seoul and Shanghai which ranked third, fifth, sixth and eighth respectively.

Nathalie Constantin-Métral, Principal at Mercer who is responsible for compiling the survey ranking, explained that the majority of Chinese cities fell in the ranking due to the weakening of the Chinese yuan against the U.S. dollar.

In India, Mumbai ranked 57, moving up 25 places due to its rapid economic growth, inflation on the goods and services basket and a stable currency against the U.S. Dollar.

New Delhi and Chennai ranked 99 and 135 respectively.

In the Middle East, Tel Aviv ranked 17 and continues to be the most expensive city for expatriates followed by Dubai, Abu Dhabi and Riyadh ranking 20, 23 and 52 respectively.

Jeddah ranked 117, Muscat ranked 92 and Doha ranked 81 and are among the least expensive cities in the region.

The survey found that cities in the U.S. were the most expensive locations in the Americas.

New York City ranked ninth as the costliest city; San Francisco ranked 22nd and Los Angeles 24th.

Ms. Constantin-Métral said, “Overall, U.S. cities either remained stable in the ranking or have slightly increased due to the movement of the U.S. dollar against the majority of currencies worldwide.

The Canadian city of Vancouver ranked 107, overtaking Toronto which ranked 119, to become the most expensive Canadian city in the ranking. Ottawa was found to be the least expensive city in Canada ranking 152.

“The Canadian dollar has appreciated in value triggering the major jumps in this year’s ranking,” explained Constantin-Métral.

Mercer’s 23rd annual Cost of Living Survey finds that factors like instability of housing markets and inflation for goods and services contribute to the overall cost of doing business in today’s global environment.

The survey is designed to help multinational companies and governments determine compensation allowances for their expatriate employees.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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COVAX Delivered 38m Vaccine Doses To Over 100 Countries, Says WHO

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The World Health Organisation (WHO) yesterday announced that more than 100 countries have received life-saving COVID-19 vaccines from COVAX, the global mechanism for equitable access to COVID-19 vaccines.

It said the milestone comes 42 days after the first COVAX doses were shipped and delivered internationally, to Ghana on February 24th.

In a statement, the United Nations’ Agency revealed that COVAX has now delivered more than 38 million doses across six continents, supplied by three manufacturers – AstraZeneca, Pfizer-BioNTech and the Serum Institute of India (SII).

Of the over 100 economies reached, 61 are among the 92 lower-income economies receiving vaccines funded through the Gavi COVAX Advance Market Commitment (AMC).

It, however, said despite reduced supply availability in March and April – the result of vaccine manufacturers scaling and optimising their production processes in the early phase of the rollout, as well as increased demand for COVID-19 vaccines in India – COVAX expects to deliver doses to all participating economies that have requested vaccines in the first half of the year.

According to the CEO of Gavi, the Vaccine Alliance, Dr. Seth Berkley, “In under four months since the very first mass vaccination outside a clinical setting anywhere in the world, it is tremendously gratifying that the roll-out of COVAX doses has already reached 100 countries.

“COVAX may be on track to deliver to all participating economies in the first half of the year yet we still face a daunting challenge as we seek to end the acute stage of the pandemic: we will only be safe when everybody is safe and our efforts to rapidly accelerate the volume of doses depend on the continued support of governments and vaccine manufacturers. As we continue with the largest and most rapid global vaccine rollout in history, this is no time for complacency.”

The WHO Director-General, Dr. Tedros Adhanom Ghebreyesus, said: “COVAX has given the world the best way to ensure the fastest, most equitable rollout of safe and effective vaccines to all at-risk people in every country on the planet.

“If we are going to realise this great opportunity, countries, producers and the international system must come together to prioritise vaccine supply through COVAX. Our collective future, literally, depends on it.”

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Approved Ibom Deep Sea Port, Proposed $1.4B Fertilizer Plant Will Change Akwa Ibom’s Economic Status – Gov. Udom

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Akwa Ibom State Government has said the approved Ibom Deep Seaport and the proposed $1.4 billion Fertilizer and Ammonia Plant are expected to change the economic status of the state.

The State Governor, Mr. Udom Emmanuel, made the assertion in an Easter message to the people of the state.

He maintained that with the recent approval and take off of the federal government’s approved Oil and Gas Free Zone and the ongoing construction of the Sterling Petrochemical Plant at Eastern Obolo, the state would be ready to dump its status as a civil service state.

The governor said the fertilizer and ammonia plants should be supported by all indegenes and residents irrespective of political affiliation because of its capacity to change the economic fortunes of the state.

The governor who commended President Muhammadu Buhari for approving the industrial projects in the state said construction work on the Ibom Deep Seaport would commence very soon.

“In recent past, we have been blessed with life-changing projects such as Sterling Petrochemical Plant in Eastern Obolo, where construction is in an advanced stage.

“Two months ago, the Federal Executive Council, (FEC) approved the license for us to commence the construction of our long desired Ibom Deep Seaport. Work would soon commence on this gigantic project. These are huge achievements for our State and our people.

“Ibom Deep Seaport will open up our economic fortunes; create employment and wealth opportunities for our people and throw open our State as a major maritime hub in our nation.

“We thank the President and the Commander in-Chief of the Nigerian Armed Forces, Muhammadu Buhari (GCFR) for this kind approval,” he said.

Continuing, Emmanuel said: “About three weeks ago, we signed a $1.4 billion Fertilizer and Ammonia plant with our Moroccan counterparts. The plant will again create huge employment and other supply chain activities for our people, which will transform us from a civil service oriented state to a fast industrialising one.

“These are huge achievements that should gladden the hearts of every Akwa Ibomite irrespective of political affiliations.”

He reminded the people of the state that the essence of Easter would be lost if the resurrection of Christ is not allowed to illuminate their souls through love and sacrifice to one another.

“Let the fishermen in the ocean fronts of Mbo, Okobo, Eastern Obolo and Ibeno love one another. Let the farmers in the rice plantations at Ini, Ikono, Ika, Onna and Nsit Ibom love one another.

“Let the civil servants and public servants, politicians in all political parties, members of all denominations, preachers of all faiths, love one another.

“When we let love drive our every action and every thought, when we let it drip from our lips and from our hands, then shall the joy of Easter be complete, and our State shall surely attain the lofty height set for it by our ancestors when they named it Akwa Abasi Ibom State.” the Governor stated.

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US Intelligence Says ISIS and Al-Qaeda Are Planning to Attack Southern Nigeria

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The United States has warned the Federal Government of Nigeria that Al-Qaeda and ISIS are planning to attack Southern Nigeria.

This was disclosed by Dagvin Anderson, the Commander of the US special operations command, Africa.

According to Dagvin Anderson, AlQaeda is planning to expand into the Southern part of Nigeria and other parts of West Africa.

He, however, said the US will continue to share intelligence with Nigeria.

We have engaged with Nigeria and continue to engage with them in intel sharing and in understanding what these violent extremists are doing,” he said.

And that has been absolutely critical to their engagements up in the Borno state and into an emerging area of northwest Nigeria that we’re seeing al-Qaeda starting to make some inroads in. 

“So, this intelligence sharing is absolutely vital and we stay fully engaged with the government of Nigeria to provide them with an understanding of what these terrorists are doing, what Boko Haram is doing, what ISIS-West Africa is doing, and how ISIS and al-Qaeda are looking to expand further south into the littoral areas. 

Anderson regretted that despite successes recorded in previous years, there has been a setback, adding: “We as a community of international nations, keep thinking we have defeated them or we have put them on their back foot and that they’re just moments from disintegration.” Anderson said for international efforts to yield desired results in the fight against terrorism in Nigeria, the government must take the lead. 

“When it comes to Nigeria in general, Nigeria, obviously, is a critical nation to West Africa. It is a critical nation and we realise that Nigeria is a lynchpin,” he said.

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