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.
Lagos is a port and the most populous city in Nigeria. 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.
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.
The latest cost of living rank for each of the 13 Basket Groups is now available.