A 2024 ranking by Mercer, an American consulting firm, has put Lagos, Nigeria’s former capital, as the second cheapest African city for expatriates to live in with Abuja being the first.
According to the report, Lagos is among cities on the continent that witnessed significant decreases in the cost of living rankings for expatriates between 2023 and 2024.
As revealed by the report, the state’s 2024 ranking (225) is a massive drop of 178 places from the 47th position it held in 2023.
Identifying a key reason for this drop in Lagos’ position, the ranking pointed out that “currency devaluations have been a significant driver” as they have increased the state’s affordability for foreign professionals.
The report stated that the cost of living is a major consideration for expatriates when selecting a city for relocation since their choices determine their quality of life and financial stability.
The report further noted that the “currency-induced falls in the cost of living for international assignees have happened even though inflation… has risen” in countries like Nigeria and others.
