– The Mercer’s 22nd annual Cost of Living Survey places Lagos and Abuja as part of the world’s 20 most expensive cities in the world
– The survey noted factors including currency fluctuations, cost inflation for goods and services, and instability of accommodation price
– The survey exposes the problems facing Nigeria including a crawling economy as well as a stressed currency
A survey which studied 209 cities in the world placed Lagos and Abuja among the world’s 20 most expensive cities to stay for employees on international assignments, the Mercer’s 22nd annual Cost of Living Survey indicates.
Factors considered by the survey include currency fluctuations, cost inflation for goods and services, and instability of accommodation price.
According to Daily Trust, Ilya Bonic, senior partner and president of Mercer’s Talent business, the survey becomes important because “deploying expatriate employees remains an increasingly important aspect of a competitive multinational company’s business strategy
“However, with volatile markets and stunted economic growth in many parts of the world, a keen eye on cost efficiency is essential, including a focus on expatriate remuneration packages.
“As organisations’ appetite to rapidly grow and scale globally continues, it is necessary to have accurate and transparent data to compensate fairly for all types of assignments, including short-term and local plus status.”
The report shows Hong Kong topping the list while Luanda, Angola is second position.
Zurich and Singapore are third and fourth most expensive cities respectively
Others are: Tokyo, fifth, Kinshasa, sixth, Shanghai, seventh, Geneva, eighth, N’Djamena, ninth, Beijing, tenth
The report also listed Windhoek, Cape Town and Bishkek as the world’s least expensive cities.
The survey exposes part of the problems facing Nigeria and these range from naira instability to increased price of petroleum product and worst, a biting economy and seeming helplessness of the government.