Report: Lagos is world’s fourth cheapest city to live in

Lagos, Nigeria’s economic capital, is the fourth cheapest city in the world.

The Economist Intelligence Unit on Wednesday, 2018 Worldwide Cost of Living report released on Wednesday, Lagos ranked 130 of the 133 cities surveyed.

In a separate report released on Tuesday, EIU had ranked Lagos as the third worst city to live in the world.

Explaining the correlation between both reports, EIU said the cheapest cities in the world tend to be less liveable.

“Cheap but not always cheerful,” the report read.

“Instability is becoming an increasingly prominent factor in lowering the relative cost of living of a location. This means that there is a considerable element of risk in some of the world’s cheapest cities.

“Karachi, Algiers, Almaty and Lagos have faced well-documented economic, political, security and infrastructural challenges, and there is some correlation between The Economist Intelligence Unit’s cost of living ranking and its sister ranking, the liveability survey. Put simply, cheaper cities also tend to be less liveable.”

According to the report, the price of a 1kg loaf of bread reduced from $1.27 (N457) in 2017 to $1.16 (N417) while the price of wine has dropped from $7.10 (N2556) to $6.79 (N2444).

However, the price of a pack of 20 branded cigarettes increased from $0.95 (N342) to $1.26 (N453).

*$1=N360