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Lagos ranks 2nd in cheapest cities to live in Africa in 2024

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The cost of living is a critical factor for expats when choosing a city to relocate to, affecting their quality of life and financial stability.

In 2024, the annual Cost of Living City Ranking has once again highlighted the varying economic landscapes across Africa.

While some cities have maintained their positions, others have seen significant shifts due to a myriad of economic factors.

At the lower end of the spectrum, the cities of Islamabad, Lagos, and Abuja are among the least expensive for expats.  

This trend is largely driven by currency depreciations, which have made the cost of living significantly lower for international assignees. 

Global overview 

Recent years have seen numerous global economic influencers impacting the cost of living in major cities. These include inflation, exchange-rate fluctuations, and geopolitical volatility.  

  • Such factors have directly affected the pay and savings of internationally mobile employees, adding to expenses in housing, utilities, local taxes, and education. 
  • In contrast, the cities that top the ranking for high living costs, such as Hong Kong, Singapore, and Zurich, face challenges like expensive housing markets, high transportation costs, and increased costs of goods and services. 

Methodology  

Nairametrics utilities Mercer’s ranking, which lists 226 cities worldwide serves as a crucial tool for global mobility operations and international assignees, providing insights into the living expenses in cities across the globe.  

The ranking offers a clear picture of economic trends and helps in making informed decisions about global mobility. 

  • Among African cities, Bangui stands out, rising 12 places to rank 14th globally. Djibouti and N’Djamena follow closely, ranked 18th and 21st, respectively.  
  • On the other end, the least expensive African cities include Blantyre, Lagos, and Abuja, ranked 221st, 225th, and 226th, respectively. 

As the economic landscape continues to evolve, these rankings provide a valuable perspective on the cost of living in various cities, aiding expats and organisations in navigating the complexities of global mobility. 

  1. Johannesburg, South Africa

The global rank for the cost of living: 206 

Johannesburg combines economic opportunities with a relatively low cost of living, particularly in housing and basic services, making it a top choice for expats in South Africa. Johannesburg dropped to 206 as compared to its 205th place in 2023.  

  1.  Cape Town, South Africa

Global rank for cost of living: 209 

Cape Town, while being a major tourist destination, offers reasonable living costs for expats, especially in housing and utilities. Unlike Johannesburg, Cape Town climbed up to 209 from 208 in 2023.  

  1. Tunis, Tunisia

Global rank for cost of living: 210 

Tunis offers a blend of cultural richness and affordability, with low costs of housing, food, and transportation for expats. The city moved up nine places to rank 210th in 2024 as compared to last year.  

  1. Lusaka, Zambia

Global rank for cost of living: 213 

Lusaka is known for its low living costs, particularly in housing and transportation, making it an appealing city for expats seeking affordability. Lusaka, Zambia dropped 16 places from last year’s ranking to 213th in 2024.  

  1. Gaborone, Botswana

Global rank for cost of living: 215 

Gaborone presents a cost-effective living environment for expats, with affordable housing and lower costs for daily essentials. Gaborone moved up in the cost-of-living ranking by 1 place since 2023.  

  1. Windhoek, Namibia

Global rank for cost of living: 218 

Windhoek’s affordability is driven by moderate housing costs and relatively low prices for goods and services, making it an attractive destination for cost-conscious expats. The city climbed up 4 places compared to last year.  

  1. Durban, South Africa

Global rank for cost of living: 219 

Durban offers a lower cost of living compared to other South African cities like Johannesburg and Cape Town, especially in terms of housing and groceries. Durban was ranked 220 on the global list for cost of living in 2023.  

  1. Blantyre, Malawi

Global rank for cost of living: 221 

Blantyre is known for its low cost of living, especially in terms of housing and everyday expenses, making it a viable option for expats looking to live comfortably on a budget. The city dropped 23 places to rank among the cheapest cities in the world for expats.  

  1. Lagos, Nigeria

Global rank for cost of living: 225 

Despite being one of Nigeria’s bustling metropolises, Lagos ranks as one of the cheapest cities due to the lower costs of basic goods and services driven by currency depreciation. Lagos dropped 178 places as a result of the currency depreciation. 

  1. Abuja, Nigeria 

Global Rank for cost of living: 226 

Abuja dropped 86 places due to the currency depreciation. Nigeria’s capital city, Abuja, offers an affordable cost of living for expats, particularly in housing and utilities, which have seen lower cost increases compared to other major cities. 

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Court remands businessman Akintoye Akindele over $35m contract fraud

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The federal high court in Abuja has remanded Akintoye Akindele, chief executive officer (CEO) of Duport Midstream Company Limited, at the Kuje correctional centre.

On Tuesday, Akindele was arraigned by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on money laundering and contract fraud.

The anti-graft agency accused Akindele of allegedly collecting $35 million from the Nigerian Content Development and Monitoring Board (NCDMB) to build a 2,000 barrel-per-day refinery, jetty, gas plant, data centre, and tank farm at Okpoama community in Brass LGA of Bayelsa state.

The EFCC alleged that Akindele received the funds through the bank account of Atlantic International Refinery and Petrochemical Limited and funneled the monies into four of his companies and bureau de change outlets.

The companies are Platform Capital Investment Partners, Duport Midstream Company Ltd., Puisance Afrique Dynamics Ltd., Adamantine Petrochemical & Refinery Ltd.

“That you, Akindele Akintoye, and Platform Capital Investment Partners Limited, between December 2020 and February 2021, within the jurisdiction of this Honourable Court, indirectly retained the sum of $16,006,000 (Sixteen Million, Six Thousand United States Dollars), being part of the funds dishonestly converted from the money paid by the NCDMB to Atlantic International Refinery and Petrochemical Limited as investment, knowing the said sum constituted proceeds of unlawful activity, thereby committing an offence contrary to Section 15(2)(d) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012) and punishable under Section 15(3) of the same Act,” one of the counts reads.

The defendant pleaded not guilty to all the charges.

After the ‘not guilty’ plea, Ekele Iheanacho, counsel to the EFCC, asked the court to remand Akindele in the custody of the correctional centre and seek a trial date.

However, Emmanuel Esadio, counsel to the defendant, told the court that a bail application has been filed and served on the prosecutor.

In his response, Nwite said it will take a 48-hour period for the bail application to be considered.

Esadio requested that his client be remanded in the custody of the anti-graft agency.

However, Iheanacho opposed the request, arguing that the EFCC lacked adequate facilities.

The EFCC counsel said the defendant had demonstrated untrustworthiness by collecting his international passport and claiming that it is in the court’s custody.

“The defendant cannot be trusted. He has shown tendencies that suggest he may commit another crime,” Iheanacho said.

“Additionally, there is no medical evidence before the court to support claims of ill health.”

The trial judge remanded the defendant at Kuje correctional centre and adjourned the case to December 31, 2024.

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Kwara NLC seeks 50% tax reduction for workers

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Kwara State Council of the Nigeria Labour Congress has appealed to Governor AbdulRahman AbdulRazaq to grant a 50 per cent downward review of the new tax policy of the state government for workers in the state.

It also appealed to the governor to extend tax holidays for employees in the state public service for another three months as done almost three months ago given the current hardship citizens are grappling with.

The state NLC Chairman, Muritala Olayinka, made the plea in a statement he signed and made available to Journalists in Ilorin on Tuesday.

Olayinka praised AbdulRazaq for prioritising the welfare of workers and pensioners with prompt and regular payment of salaries and allowances, describing it as a clear departure from that of the past administration in the state.

He noted that the governor has brought his leadership quality to bear with the execution of critical infrastructural projects that enhance the standard of living of the citizenry

While praying for good health and wisdom for AbdulRazaq to succeed in office, the NLC chairman reaffirmed the resolve of the organized labour to work with the present administration to achieve more milestones.

“On behalf of the entire membership of the Nigeria Labour Congress (NLC), Kwara State Chapter, I extend our profound gratitude for your exceptional leadership and unwavering commitment to the development of Kwara State and its people.

“Your Excellency’s dedication to workers’ welfare has not gone unnoticed. From the prompt payment of salaries and pensions to the execution of critical infrastructural projects that enhance the quality of life for all Kwarans, your administration has demonstrated an exemplary understanding of the challenges faced by the workforce and the general populace.

“We especially commend your continued efforts in improving healthcare, education, and social amenities, which are vital to ensuring the well-being and productivity of the people. Your inclusive governance and accessibility as a leader have set a standard worth emulating.

“As partners in progress, we reaffirm our support and cooperation in working with your administration to achieve more milestones for our beloved state.

“Once again, we appreciate Your Excellency’s tireless efforts and pray for your continued wisdom, good health and success as you steer Kwara State towards greater heights”, Olayinka said.

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NCAA sanctions five airlines over flight cancellations, missing luggage

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The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines, comprising two international and three domestic operators, for violating Part 19 of NCAA Regulations of 2023.

NCAA said the violations include failure to refund passengers within the stipulated timeframe, non-responsiveness to authority’s directives, incidents of missing and manhandled luggage, short-landed baggage, and issues relating to flight delays and cancellations.

Michael Achimugu, NCAA’s director of public affairs and consumer protection, confirmed it to TheCable on Tuesday.

Although Achimugu did not reveal the names of the sanctioned airlines, he explained that while airlines are not always at fault for flight disruptions, NCAA regulations mandate specific actions they must take during such instances.

He said failure to adhere to the directives results in varying levels of penalties.

The director noted the surge in passenger complaints about delays and cancellations during the festive season, attributing some disruptions to harmattan-related poor visibility.

“We all know that this is harmattan season, so there is poor visibility. Flights must get cancelled. This is force majeure, and the airlines do not owe passengers anything in those instances. The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” Achimugu said.

He added that the NCAA would summon the chief executive officers (CEOs) of all airlines this week for a meeting to address flight disruptions and regulatory breaches.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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