Lagos State has been ranked the fourth cheapest city to live in according to the Economist Intelligence Unit report on global liveability index.
According to the report, Lagos ranks 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.