LAGOS, Nigeria — The governor’s son sits hunched at the bar, contemplating his nearly empty bottle of Hennessy. On the dance floor, the airline director’s daughter sways back and forth to a hip-hop beat.

Nearby, the star soccer player, just in from London, tries to squeeze past his growing circle of fans and hangers-on. In the center of the club, the oil magnate’s son gets on top of a table and takes a swig from a bottle of Dom Pérignon. Just another Saturday night in Lagos, one of Africa’s money- and contrast-rich boomtowns. Already a city of superlatives on the continent (it has variously been deemed Africa’s most traffic-plagued, most populous and fastest-growing megacity), Lagos has a new title to add to its mantel:most expensive.
Lagos has always been one of the most powerful commercial hubs in West Africa, ever since slaves were first shipped from here to Europe and the Americas. But because of the rising price of oil, the declining United States dollar, the relocation of foreign workers from the oil-rich but kidnapping-prone Niger Delta, large privatization efforts and a mad dash
for the city’s remaining plots of land, Lagos is more flush with cash and full of glitter than ever.
A recent study of the most expensive cities for expatriates by the consulting firm Mercer found that Lagos ranked 30th, making it only slightly less costly than New York but
considerably more expensive than Los Angeles, Miami and Washington.
Even European cities like Stockholm and Barcelona, Spain, were found to be more affordable — and in Lagos the high prices are that much more eye-popping because the average
Nigerian survives on less than $2 a day.
Evidence of vast amounts of money floating around the “islands” — two small pieces of land poking into the Atlantic that anchor the city’s economic activity and are home to banks, consulates and oil and telecommunications companies — is everywhere. Dinner for two at an average restaurant costs more than $200. A cocktail costs more than $15. A box of cereal costs $12 at a supermarket. Hotel rooms under $400 are difficult to find.
In the aisles of glistening new malls, expatriates and wealthy Nigerians often buy $10,000 watches and $5,000 cellphones. New BMWs, Mercedes-Benzes and Bentleys plod through
grinding traffic, bumping over rocks and weaving around potholes.
Multimillion-dollar yachts speed up and down the creek separating the two islands. (The creek was recently determined to be too shallow for the biggest yachts, so a dredging
project has been started to deepen thewaterway.)
Apartment rents on the islands start at $3,000 a month, but rents of $6,000 to $7,000 a month are common here, and renters are required to pay two or three years of rent in advance.
But high prices do not always mean high quality. The city was built to accommodate fewer than 100,000 residents, but it is now home to an estimated 14 million or more, according to the state government.

By Willie Connors, New York Times