In this article, platinumtimes.ng will work you through top 10 most expensive states to live in Nigeria in 2024.
The present economic state of Nigeria has become a source of worry to everyone due to the skyrocketed levels of utilities on daily basis.
An average Nigerian today can barely afford one square meal a day for himself and his family. Increase in the prices of consumer goods which is a major driver of inflation is experienced in every sector.
This issue is further complicated by security problems in agricultural areas and rising transportation costs, among other factors.
These article put together gives a clear view on the economic hardships that Nigerians are exposed to in their various locations.
Below is a rundown of the 10 most expensive states to live in Nigeria.
Summary of 10 most expensive states to live in Nigeria
- Kogi State
- Oyo State
- Rivers State
- Lagos State
- Akwa-Ibom State
- Abia State
- Ebonyi State
- Ondo State
- Osun State
- Bauchi State
Kogi State
Kogi State in North Central Nigeria tops the list as the most expensive state in Nigeria presently.
The state has an estimated population of about 4.5 million with an economy largely supported by agriculture. Some of its agricultural products are mainly coffee, cashew, groundnut, cocoa, oil palm, and yam crops. Other key industries are crude oil extraction and the livestock herding of cattle, goats, and sheep.
Despite these abundant natural resources, there is apparently a 44.7% inflation in food items and cost of transportation is experienced by its inhabitants making the cost of living expensive in the State.
Oyo State
Oyo State is a state in Southwestern Nigeria, its capital city, Ibadan is recorded as the third most populated city in the country and second in Africa.
The state economy remains largely agriculture. Cassava, cocoa, and tobacco are among the most important crops to Oyo State’s economy.
The state takes the second place in this list with an inflation rate of about 31.3% resulting in an increase in the living standards of the state.
Rivers State
Rivers State comes third in this list, the state is the 7th most populated state in Nigeria with a population of about 8 million people.
The economy of the state is powered by the state’s booming petroleum industry but still experience high inflation in food items, transportation, security and healthcare.
Lagos State
Lagos is a state in southwestern Nigeria. It is both the most populous and smallest in area.
It is listed among the most expensive state, with an all-items inflation rate of 34.3%, indicating an increase in food items, housing, transportation and the overall living standards in the state.
Akwa-Ibom State
Akwa Ibom State is a state in the South-South region of Nigeria. The city is renowned for its natural resources, ethnic cultures, and modern attractions, making it a top destination for tourists.
The state comes 5th on this list and records an inflation rate of 33.16%.
Although the state’s economy is anchored on agriculture and petroleum, it still experiences a relative increase in food items, transportation and healthcare.
Abia State
Coming 6th on this list is Abia State situated in Southeastern Nigeria.
Its economy is based around the production of crude oil and natural gas along with agriculture, mainly of yams, maize, taro, oil palm, cassava and also manufacturing especially in And which serves as the state’s commercial capital.
Despite all these endowments, the state experiences a notable increase in food prices, transportation and general cost of living.
Ebonyi State
Ebonyi State is a state in Southeastern Nigeria with a population of about 2.1 million people.
It constitute a minor population in the country and has its economy dependent on agriculture, mainly of yams, rice, oil palm, and cassava crops.
A key minor industry is mining due to lead, zinc, and limestone deposits around Abakaliki, and locally hand-made baskets.
Ebonyi State takes the 7th position as all-item inflation stands at 32.36%.
Ondo State
Ondo State is a state in Southwestern Nigeria dominated by the Yoruba speaking people. The state economy is dominated by the petroleum industry.
Cocoa production, asphalt mining, and activities related to the state’s extensive coastline also are part of the economy.
The state ranks 8th in this list with an inflation rate of 32.33% causing an increase in food prices and overall cost of living.
Osun State
Osun state is among the Southwestern states in Nigeria which is economically dependent on agriculture, mainly of cocoa, cassava, millet, maize, potato and yam crops.
Other key industries are services, especially in urban areas, along with artisanal mining and livestock herding.
The state comes 9th in this list with an inflation rate of 32.31% resulting in an increase in the cost of living in the state.
Bauchi State
Bauchi State is a state in the North-East part of Nigeria. The state’s economy is based on livestock and crops, such as cotton, groundnuts, millet, tomatoes, and yams with advanced irrigation schemes increasing agricultural production since its creation.
Other industries include food processing and canning facilities, tin and columbite mining.
Despite this industries the cost of living in Bauchi State is expensive with an inflation rate of 31.6% placing it on the 10th spot in this list.