The capital of Lagos State is one of the most affordable cities in the world.
In their most recent research, Economists Intelligence revealed this information regarding their 2023 Worldwide Cost of Living survey.
As a result, the poll placed Damascus, Syria, and Lagos, Nigeria, in the lowest 10 cities for cost of living.
With 165 out of 173 points, Damascus is the city with the lowest cost of living, according to the survey.
On the other side, EIU WCOL 2023 ranks Singapore and Zurich (Switzerland) as the world’s most expensive places to live.
Also, after Singapore and Zurich, the most costly cities in the world were in New York, USA.
As it has for the past nine years in a row, Singapore remains the most expensive city in the world. It is tied for second place with Zurich, Switzerland, which has reclaimed first place after a three-year absence.
Last year, New York (US) and Geneva (Switzerland) were joint top, but this year, they dropped to third place.
Damascus, Syria, is still the most affordable city in the world.
As a result of the diminishing effect of Russia’s invasion of Ukraine in 2022, utility prices climbed slightly over the past year, ranking tenth in our pricing index. Nevertheless, the research noted that grocery prices are still climbing significantly.
In the meantime, Lagos State is one of the most expensive areas to live in Nigeria, according to the National Bureau of Statistics Consumer Price Index statistics for October 2023. The state has an all-time inflation rate of 31.23%.