A new global report, the Mercer 2019 Cost of Living Survey has revealed that Lagos State is the fourth costliest city to live in Africa.
According to a statement issued by Mercer, the self-acclaimed world’s largest human resources consulting firm, Lagos is the 25th most expensive city in the world.
Having moved up seventeen places from last year’s ranking, Nigeria’s commercial hub is one of Mercer’s top 5 costliest cities in Africa.
Ndjamena in Chad comes first in Africa and 11th on the global ranking, Kinshasa in Democratic Republic of Congo (22) is in second place, rising fifteen places. Libreville, Gabon (24) is the next African city on the list, followed by Lagos, Nigeria (25). Despite dropping about 20 places, Luanda, Angola (26) still remains in fifth place.
“Each African country has its own unique economy and 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,” said Yolanda Sedlmaier, Principal Leader – Africa Mobility at Mercer.
The Cost of Living Survey found that a number of factors, including currency fluctuations, cost of inflation for goods and services, and volatility in accommodation prices, contribute to the overall cost of expatriates on international assignments.