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Abuja Ranks Least Expensive Country for Foreigners to Live

Abuja was ranked as the least expensive African city for foreigners to reside in by the American consulting firm Mercer in a 2024 rating.

The report states that Lagos, the commercial hub of Nigeria, is the second-cheapest city on the continent and that, between 2023 and 2024, there were notable drops in the cost of living rankings for foreigners in several of these cities.

According to the report, Lagos fell sharply from 47th place in 2023 to 225th place, a loss of 178 spots.
 
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Currency devaluations were the main reason that made Lagos more affordable for international professionals, according to the Mercer analysis. Prior to the country's foreign exchange market being unified on June 14, 2023, the local currency declined from 464/$ on June 9, 2023, which caused the naira to fall to Friday, 1483.31/$.

"A number of significant factors have influenced the global economy in recent years," it said. These elements will still have an effect on big city living expenses in 2024. Internationally mobile employees' (or those carrying out an abroad assignment's) wages and savings are directly impacted by inflation and exchange rate swings.

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Increased costs for housing, utilities, municipal taxes, education, and other expenses have been brought on by increased economic and geopolitical volatility as well as local conflicts and emergencies. top living expenses can be attributed to a number of variables in the top ranking cities (Zurich, Singapore, and Hong Kong), including pricey housing markets, high transportation expenses, and greater expenditures for products and services.
 
In contrast, currency depreciations have contributed to the clearly lower living expenses of foreign assignees in Islamabad, Lagos, and Abuja. According to the survey, expatriates give careful thought to the cost of living when deciding which place to relocate to because their decisions have a direct impact on their standard of living and financial security.

It further stated that despite increases in inflation in nations like Nigeria and others, the currency-induced declines in the cost of living for foreign assignees had occurred. From the most costly to the least expensive cities to live in, Mercer evaluated 226 locations worldwide.

Additionally, it stated, "African cities that placed highest in the world's Cost of Living City Ranking are Djibouti (18), Bangui (14, up 12 places), and N'Djamena (21). The three least costly cities in the area are Abuja (226), Lagos (225, down 178 spots), and Blantyre (221). "The thorough ranking acts as a useful compass, offering direction through the complex terrain of living expenses in cities across the globe."
 
 

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