Lagos Named Among African Cities With the Highest Cost of Living
- African in major cities across the continent are battling with debilitating high cost of living which erode their incomes
- The crisis in Ukraine, high inflation, soaring food prices and currency volatility are affecting standard of living n Africa
- The cost of living index ranked major cities affected by the current global inflation and the major African cities are bearing the brunt
High inflation and a high standard of living have recently driven many Africans into poverty with most people on the continent either unemployed or under-employed.
Employees of major companies are reconsidering their work balance to adjust to the current realities of the soaring cost of living while remaining employed on the same remuneration.
Source: Getty Images
Rent, food, transportation and work-life balance are the major concern for many people living in many African cities.
Companies and employees struggle to strike a balance
Companies struggle to strike a balance between controlling their costs and attracting and retaining talent.
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In cities like Lagos, Nigeria, the money required to pay for day-to-day expenses like rent and food vary significantly.
According to Mercer’s Cost of Living Survey, the Ukraine crisis, the COVID-19 pandemic, high inflation, and currency volatility are affecting the global cost of living.
The Cost of Living Index
Business Insider reports that based on the latest research, Hong Kong tops Mercer’s 2022 Cost of Living City Ranking, followed by Zurich and Geneva, while Ankara closes the ranking at the 227th spot.
On the African continent, Bangui, the Central African Republic, is widely recognised as one of the most expensive cities in the region, followed by Libreville, Gabon, and Victoria, Seychelles.
The list of cities with the highest cost of living
- Bangui - CentralAfrican Republic
- Libreville - Gabon
- Victoria - Seychelles
- Djibouti - Djibouti
- Kinshasa - The Democratic Republic Of The Congo
- Lagos - Nigeria
- Luanda - Angola
- Dakar - Senegal
- Abidjan - Côte D'Ivoire
- Brazzaville - The Republic Of Congo
- Conakry - Guinea Republic
- Douala - Cameroon
- N'Djamena - Chad
- Yaounde - Cameroon
- Bamako - Mali
Nigeria makes the cut as top 4 biggest car manufacturing countries in Africa are revealed
Legit.ng reported that despite Sub-Saharan Africa being the least performing region in the world regarding car manufacturing, it still has some good fundamentals.
A report by Business Insider which cited a recent report by Fitch Solutions says that Africa is the least attractive in the world in its Autos Production Risk/Reward Index (BRI), with a score of 38.4 out of a potential 100. Africa continues to greatly perform below par with an average of 50.0.
According to Insider, the report recognised profitable fundamentals that present an opportunity for the continent to grow its automobile industry and go on to become a strong player in the long run. The reasons for the underperformance include low labour costs and supportive automobile policies by governments on the continent.
Source: Legit.ng
