A recent Economist Intelligence Unit report has ranked a Nigerian city as the fourth cheapest place to live in the world.
Lagos State has been ranked the fourth cheapest city to live in
according to the Economist Intelligence Unit report on global
liveability index. Syria was ranked number one while, Venezuela and
Kazakhstan came second and third respectively.
The report further revealed that Lagos is not only among the cheapest cities to live but also among the least liveable cities.
Lagos ranked fourth on the cheapest city to live chart and 130 in
the global liveability ranking, ahead of Almaty, Caracas and Damasus.
However, the report warned that cheap doesn’t necessarily mean “always cheerful.”
“Cheap but not always cheerful. As Damascus and Caracas show, a
growing number of locations are becoming cheaper because of the impact
of political or economic disruption. Although the Indian subcontinent
remains structurally cheap, instability is becoming an increasingly
prominent factor in lowering the relative cost of living of a location,” the report said.
“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,” it added.
Vienna emerged the most liveable city in this year’s report, followed by Melbourne.