Nigeria, a country known for its rich cultural heritage and economic potential, is currently grappling with the challenges of rising inflation rates.
The National Bureau of Statistics (NBS) has released data that reveals the top 10 most expensive states to live in Nigeria, highlighting the significant impact of economic pressures on the cost of living.
Here, we delve into the list, exploring the reasons behind each state’s ranking and the regions they represent.
Kogi State (North-Central):
Kogi State, situated at the confluence of the Niger and Benue rivers, takes the top spot with an all-item inflation rate of 40.84% in April 2024. This significant increase from 39.95% in March 2024 is primarily driven by soaring food prices, making it the most expensive state to live in Nigeria.
Bauchi State (North-East):
Bauchi State, named after the historic town of Bauchi, follows closely with an all-item inflation rate of 39.91% in April 2024. This rise from 38.34% in March 2024 is attributed to the increasing costs of essential goods and services in the state.
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Oyo State (South-West):
Oyo State, with its capital in Ibadan, is becoming increasingly expensive due to urban development and population growth. The all-item inflation rate in Oyo increased from 37.30% in March to 38.37% in April, making it the third most expensive state.
Ondo State (South-West):
Ondo State, particularly Akure, has seen a rise in living costs due to economic development and increased investment. The all-item inflation rate in Ondo surged from 35.81% in March 2024 to 38.12% in April 2024.
Rivers State (South-South):
Home to Port Harcourt, Rivers State is a vital oil-producing region, contributing to its high cost of living. The all-item inflation rate in Rivers saw a slight increase, rising from 37.20% in March 2024 to 37.64% in April 2024.
Kwara State (North-Central):
According to the report in April 2024, the all-item inflation rate in Kwara State rose to 37.52%.
Jigawa State (North-West):
Jigawa witnessed a rise in the all-item inflation rate, climbing from 34.32% in March 2024 to 37.31% in April 2024. Food inflation in Jigawa surged from 37.77% in March to 42.48% in April.
Osun State (South-West):
Osun State reported an all-item inflation rate of 37.17% in April 2024, marking a considerable increase from 35.44% in March 2024.
Lagos State (South-West)
Lagos, the commercial hub of Nigeria, remains one of the most expensive states to live in. The bustling metropolis, known for its vibrant economy and extensive opportunities, comes with high costs in housing, transportation, and general living expenses. The all-item inflation rate in Lagos rose from 34.13% in March 2024 to 37.15% in April 2024.
Abia State (South-East):
In April 2024, the all-item inflation rate in Abia stood at 36.50%, showing a marginal increase from the 36.09% recorded in March 2024.
These states, spread across different regions of Nigeria, are grappling with the challenges of rising inflation rates. The significant increases in food and general prices are driving up the cost of living, making it essential for policymakers to address these issues to ensure a more affordable and sustainable living environment for Nigerians.