Business
Lagos: 4th Most Expensive City in Africa
- Lagos: 4th Most Expensive City in Africa
Mercer’s 25th Annual Cost of living survey report on Wednesday 26th of June 2019 ranked “Lagos” as the 4th most expensive city in Africa.
“Mercer provides advice and market data on international and expatriate compensation management and works with multinational companies and governments worldwide.
It maintains one of the most comprehensive databases on international assignment policies; compensation practices; and data on worldwide cost of living, housing, and hardship allowances”.
The former capital of Nigeria “LAGOS” was ranked the 4th most expensive city in Africa and the 25th most expensive city in the world, having moved from 42nd position last year to 25th this year. The most active and busy commercial city in Nigeria continues to attract investors into the city and country at large despite being one of the most expensive cities in Africa.
It was reported that the rating was influenced by factors such as; currency fluctuations, cost of inflation for goods and services, and volatility in accommodation prices.
In Africa as a whole Ndjamena city in Chad took the 1st position as the most expensive city in Africa and 11th in the world. Kinshasa city in Democratic Republic of Congo place the 2nd most expensive city in Africa and 22nd in the world, on the 3rd position was Libreville city in Gabon ranked the 24th most expensive city in the world, followed by Nigeria.
According to Yvonne Traber, Global Mobility Product Solutions Leader at Mercer, she said,
“Cost of living is an important component of a city’s attractiveness for businesses, decision makers increasingly acknowledge that globalization is challenging cities to inform, innovate, and compete to foster the kind of satisfaction that attracts both people and investment – the keys to a city’s future.”
She also said that each African country had its own unique economy.
“This is why multinationals need not approach their expatriate packages for Africa with one single strategy. Let’s look at it this way, while a city like N’Djamena in Chad has been listed as the 11th most expensive city in the world, whereas Mali comes in at the 124th position in terms of cost of living,” she added.
Hong Kong city in Hong Kong retained its position as the most expensive city in the world, while Tunis city in Tunisia dropped a point as one of the most expensive cities in the world from 208th in 2018 to 209th position in 2019.