The National Bureau of Statistics (NBS) data in April 2024, revealed that Nigeria’s inflation rate has reached a near-record high of 33.69%. This increase points to the impact economic pressure has on the cost of living. In 2024, certain states will become more expensive as a result of many factors, particularly housing, feeding, and general increase in prices of essential goods and services. Below are the 10 most expensive states in Nigeria.
1. Kogi State
Kogi is a state blessed with mineral and human resources and situated at the centre of Nigeria. It is the Confluence of two of Africa’s most important Rivers, Niger and Benue, hence its nickname “Confluence State”. Kogi State recorded the highest all-item inflation rate of 40.84% in April 2024, making it the most expensive state to live in currently . Nigeria. This figure increased from 39.95% which was earlier recorded in March 2024.
2. Bauchi
Another state leading as one of the most expensive states to live in 2024 is Bauchi. It takes its name from the historic town of Bauchi, which also serves as its capital city. The all-item inflation rate in Bauchi rose from 38.34% in March 2024 to 39.91% in April 2024.
3. Oyo
Oyo State, with its capital in Ibadan, is becoming increasingly expensive due to urban development and population growth. Contrary to many beliefs that Oyo state is one of the most affordable states to live in. The all-item inflation rate in Oyo increased from 37.30% in March to 38.37% in April.
4. Ondo
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.
5. Rivers
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
6. Kwara
According to report in April 2024, the all-item inflation rate in Kwara State rose to 37.52%.
7. Jigawa
Jigawa witnessed a rise in the all-item inflation rate, climbing from 34.32% in March 2024 to 37.31% in April 2024. Also, food inflation in Jigawa surged from 37.77% in March to 42.48% in April.
8. Osun
Osun State reported an all-item inflation rate of 37.17% in April 2024, marking a considerable increase from 35.44% in March 2024.
9. Lagos
Many people believe that after Abuja , Lagos and Port Harcourt are the most expensive states. Lagos, the commercial hub of Nigeria, remains one of the most expensive state 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 the state rose from 34.13% in March 2024 to 37.15% in April 2024.
10. Abia
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.
