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Check out the Top 10 most expensive states to live in Nigeria in 2024. If you are the travel type this list would give you insights on how to prepare when travelling to Nigeria.
Nigeria is currently dealing with serious economic challenges, especially a sharp increase in the cost of living, reaching levels never seen before. The inflation rate, a key factor determining living expenses, has surged to a high of 28.92% – the highest in 21 years.
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This increase in prices is not the same everywhere in the country; different regions are experiencing varying impacts. A close look at the latest report from the National Bureau of Statistics (NBS) helps us understand why inflation is on the rise.
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One major contributor to this inflation is the rapid increase in the prices of food. This issue is further complicated by security problems in agricultural areas and rising transportation costs, among other factors.
To grasp the economic challenges faced by Nigerians in different parts of the country, it’s crucial to focus on the NBS’s data from December 2023.
This data specifically points out the top 10 states in Nigeria where the cost of living is at its highest, providing valuable insights into the varying economic pressures across the nation.
Here are the Top 10 most expensive states to live in Nigeria in 2024
10. Ebonyi
According to the latest reports, Ebonyi has been ranked at the 10th spot on the list of the Top 10 most expensive states to live in Nigeria in 2024. The all-items inflation rate of the state has been recorded at 31.1%, marking a slight uptick from the previous month’s figures of 28.7%.
However, the food inflation rate in Ebonyi has surged to 35.74%, which is a significant increase from the previous month’s rate of 34.2%. This highlights the fact that the cost of food items in the state has been on the rise, making it difficult for the residents of the state to afford necessities.
The increase in the food inflation rate could be attributed to several factors, including poor infrastructure, inadequate food supply, and the rising cost of transportation. The government of the state needs to take appropriate measures to address these issues and ensure that the residents of Ebonyi do not suffer due to the high inflation rates.
9. Akwa Ibom
It is concerning to hear that Akwa Ibom is experiencing a high rate of inflation. The all-item inflation rate of 31.1% is quite high, especially considering the marginal increase from November’s figures. Additionally, the food inflation rate of 37.4% is also a worrying sign, especially since it reflects a slightly more expensive food cost than in Ebonyi.
The government must take appropriate measures to address these issues and ensure that the residents of Akwa Ibom can afford basic necessities without struggling to meet the high cost of living. Hopefully, steps can be taken to improve infrastructure, increase food supply, and reduce transportation costs to alleviate the burden on the state’s citizens.
8. Ogun State
Ogun State’s all-item inflation rate of 31.3% a substantial increase from the previous month’s figures. Moreover, the food inflation rate of 38.6% is a concerning sign, and it highlights the significant role of food in driving inflation in the state. The government must take necessary measures to control inflation and ensure that the citizens of Ogun State can afford basic necessities without struggling to meet the high cost of living. Hopefully, steps can be taken to increase food supply and reduce transportation costs, among other measures, to alleviate the burden on the state’s residents.
7. Oyo state
Oyo State holds the 7th position in the rankings of the Top 10 most expensive states to live in Nigeria in 2024 with an all-item inflation rate of 31.3%. Although this marks a slight decrease from November’s 31.4%, it still represents a considerable increase. Notably, the food inflation rate in the state is at 34.3%, surpassing the 33.3% recorded in November. This underscores the notable impact of food prices in shaping the inflation dynamics within the state.
6. Abia State
Abia State secures the 6th position on the list of the Top 10 most expensive states to live in Nigeria in 2024, with an all-items inflation rate of 31.3%. This reflects a noteworthy rise from the 29.3% recorded in November. Additionally, the food inflation rate in the state has increased from 35.0% in November to 37.2%. These figures highlight the substantial growth in both overall inflation and food prices in Abia State.
5. Bauchi State
The inflation rates in Bauchi State have become a significant cause for concern, with the state ranking fifth on the list of the Top 10 most expensive states to live in Nigeria in 2024. The all-item inflation rate of 31.6% is a substantial increase from the previous month’s figures, indicating a growing inflationary trend in the state. While the food inflation rate of 27.5% is lower than the previous month’s figure, it still highlights the need for the government to address the underlying factors driving inflation in the state.
The government needs to take necessary measures to curb inflation and ensure that the citizens of Bauchi State can afford basic necessities without struggling to make ends meet. This could include implementing policies to increase food supply and reduce transportation costs, among other measures. By taking proactive steps to address inflation, the government can improve the standard of living for the people of Bauchi State and promote economic growth in the region.
3. Rivers State
Rivers State continues to hold the 3rd position on the list of the Top 10 most expensive states to live in Nigeria in 2024, reporting an all-items inflation rate of 32.1%, showing a slight decrease from November’s 32.2%. Interestingly, the food inflation rate has also decreased to 38.6%, down from November’s 40.2%. These figures indicate a moderate reduction in both overall inflation and food prices in Rivers State.
2. Lagos Nigeria
Lagos maintains its position as the second most expensive state, with an all-items inflation rate of 32.3%, consistent with the previous month. The food inflation rate in Lagos stands at 39.3%, indicating a slight increase from November’s 39.2%. These figures highlight the persistent high cost of living in Lagos, with a marginal uptick in food prices.
1. Kogi State
Kogi maintains its position at the top of the chart as the most expensive state in Nigeria. It reported an all-items inflation rate of 35.6%, rising from 33.3% in November of the same year.
Furthermore, the food inflation rate in Kogi surged to 44.7%, marking a significant increase from the previous month’s 41.3%. This emphasizes the substantial impact of food prices in propelling the overall inflation in Kogi.
