Lagos has been ranked as the sixth cheapest city in the world to live in, according to the Economist Intelligence Unit survey.
The survey compares more than 400 individual prices across 160 products and services. These include food, drink, clothing, household supplies, and personal care items, home rents, transport, utility bills, private schools, domestic help, and recreational costs
The report said it has some correlation with its sister ranking, the global liveability survey and thereby confirmed Lagos as being less liveable.
Using New York as its standard, Lagos ranked sixth on the list of ten cheapest cities in the world alongside Karachi the capital and most populous city in Pakistan. According to the report, Karachi in Pakistan, Tashkent in Uzbekistan, Almaty in Kazakhstan and Lagos in Nigeria have faced well-documented economic, political, security and infrastructural challenges.
Caracas, Damascus, Tashkent, Almaty, and Bangalore ranked one to five respectively
"After five consecutive years of decline, oil prices bottomed out in 2016 and rebounded in 2017 and 2018, along with other commodity prices. At the very basic level, this will have an impact on prices, especially in markets where basic goods make up the bulk of the shopping basket. But there are further implications" .
The report said Oil prices will continue to weigh on economies that rely heavily on oil revenue. This could mean austerity, economic controls and weak inflation persisting in affected countries, depressing consumer sentiment, and growth.
Here is the full list of the ten cheapest cities in the world:
1. Caracas (Venezuela) 2. Damascus (Syria) 3. Tashkent (Uzbekistan) 4. Almaty (Kazakhstan) 5. Bangalore (India) 6. Karachi (Pakistan) 6. Lagos (Nigeria) 7. Buenos Aires (Argentina) 7. Chennai (India) 8. New Delhi (India)
The survey also listed the top 10 most expensive cities in the world to live in, making Paris, Singapore and Hong a Kong the most expensive city in the world.
The most expensive cities in the world are:
1. Singapore (Singapore)
1. Paris (France)
1. Hong Kong (China)
4. Zurich (Switzerland)
5. Geneva (Switzerland)
5. Osaka (Japan)
7. Seoul (South Korea)
7. Copenhagen (Denmark)
7. New York (US)
10. Tel Aviv (Israel)
10. Los Angeles (US)