Sunday, June 20, 2010

Nigeria, Lagos Cost of Living April 2010

Country Full Name: The Federal Republic of Nigeria.

Location: Nigeria is in Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon.

Country Climate: Varies; equatorial in south, tropical in center, arid in north.

Country Terrain: Southern lowlands merge into central hills and plateaus; mountains in southeast, plains in north.

Major Languages: English (official), Yoruba, Ibo, Hausa.

Major Religions: Islam, Christianity, indigenous beliefs.

Country Population: 147.9 million (2008 est.) 151.9 million (2009 est.).

Country Economy: The economy of Nigeria is one of the fastest growing in the world but is struggling to leverage the country?s vast wealth in fossil fuels in order to displace the crushing poverty that affects about 57 percent of its population. The oil sector provides 80% of GDP, 95% of foreign exchange earnings, and about 65% of government revenues.

Currency: Nigerian Naira (NGN).

Country Inflation: 11.6% (2008 est.) 12.0% (2009 est.).

City: Lagos is a port and the most populous city in Nigeria.

City Economy: Lagos is Nigeria's most prosperous city, and much of the nation's wealth and economic activity are concentrated there. Most commercial, financial and business centers of Lagos and of Nigeria remains at the central business district in Lagos Island which is also typified with the presence of high rise buildings.
Cost of Living: Lagos has an overall cost of living index which equates it with high cost of living locations. The overall cost of living index is comprised of the prices for defined quantities of the same goods and services across all 13 Basket Groups. Lagos is currently ranked 64 overall, most expensive place in the world for expatriates to live, out of 282 international locations.

For more cost of living information on Nigeria, Lagos