Nigeria’s economic scene is currently wrestling with unprecedented challenges as the cost of living skyrockets to levels previously unseen.
A recent report from the National Bureau of Statistics (NBS) has put the nation’s inflation rate at a staggering 29.90%, underscoring the severe economic pressures reshaping the cost of living across the country.
This inflationary pressure is not evenly distributed, with its impact varying significantly across different subnational regions.
The NBS’s detailed analysis for January 2024 brings to the forefront the underlying causes driving this surge in inflation.
Key among these is the sharp rise in food prices, exacerbated by security challenges in critical agricultural zones and a spike in transportation costs, among other factors.
The report further contains the top 10 most expensive states in Nigeria in January 2024. This crucial data provides a clearer picture of the economic distress experienced by Nigerians in various states, highlighting the urgency of addressing these inflationary pressures. Below is the list of the 10 most expensive states in Nigeria in January 2024:
10. Lagos
Leaving its regular spot of being the second most expensive state in Nigeria, Lagos settles at the 10th position on the list in January 2024, with an all-items inflation rate of 31.85%, a slight decrease from the previous month’s figures of 32.32%.
Notably, the food inflation rate slowed to 38.1%, from 39.3% in December 2023, which means that the inflation rate is declining in the state.
9. Osun
In the 9th position, Osun has an all-item inflation rate of 32.31% in January 2024. A comparison with December 2023 figures reveals an increase from 30.13%.
Furthermore, the food inflation in the state stands at 39.7%, reflecting a marginal rise from 37.4% recorded in December 2023.
8. Ondo
Ondo takes up at the 8th position in January 2024, reporting an all-item inflation rate of 32.33%, up from 30.91% in December 2023.
The food inflation rate stands at 39.6%, a substantial jump from 36.9% in December 2023, underscoring the pivotal role of food in driving inflation in Ondo State.
7. Ebonyi
Ebonyi State takes the 7th position as all-item inflation stands at 32.36% in January 2024. This figure represents a significant increase from December’s 31.07%.
Also, the food inflation in the state is at 39.1%, higher than the 35.7% recorded in December 2023, emphasising the significant role of food prices in the state’s inflation dynamics.
6. Bauchi
Also, on the list is Bauchi in the 6th position with an all-items inflation rate of 32.37% in January 2023, a notable increase from 31.56% in December 2023.
Food inflation shows an increase from 27.5% in December 2023 to 28.8% by the beginning of 2024.
5. Rivers
Ranking 5th on the list is Rivers state, with a 32.74% inflation rate in January 2024, an increase from the 32.15% recorded the previous month.
The food inflation is higher at 40.1%, but an increase from December’s 38.6%, suggesting that food is a major driver of inflation in this state.
4. Abia
Abia State also makes the list with an all-items inflation rate of 33% in January 2024, an increase from 31.28% recorded in December 2023.
Food inflation picks up at 39.6%, a notable uptick from December’s 37.2%, indicating a growing trend of increased living expenses, especially related to food.
3. Akwa Ibom
Maintaining the 3rd spot is Akwa Ibom State, reporting an all-items inflation rate of 33.16% in January 2024, marking an increase from December’s 31.08%.
Notably, the food inflation rate increased to 40%, compared to December’s 37.4%.
2. Oyo
Oyo unseats Lagos to become the second most expensive state in Nigeria, with an all-items inflation rate of 34.58% in January 2024, a significant increase from December’s 31.29%.
The food inflation rate is 37.3%, showing an increase from December’s 34.3%, which means that food is a major driver of inflation in this state.
1. Kogi
As usual, Kogi tops the chart as the most expensive state in Nigeria in January 2024. It recorded an all-items inflation rate of 35.78% from 35.57% in December of the same year.
However, the food inflation rate slowed to 44.2%, a slight decrease from the previous month’s 44.7%. Despite the slight decrease, Kogi still has the highest food inflation in Nigeria.
Base on what parameters…is Abuja not a state,,? Buachi is not expensive.. Maiduguri is
I don’t understand this ranking. How on earth could Ebonyi state make it to this list and Enugu could not. Even a toddler knows that Enugu is far more expensive than Ebonyi state.
Secondly, I am still looking for Rivers State on the list. The list is obviously faulty.
Is even better that way..
Are they sharing money to the most expensive state??
Hiw does Abuja a state in Nigeria? And Maiduguri is not expensive . How did u come about the fact that Maiduguri is ? Are u staying in Mauduguri ?
Enugu is more expensive than most of these states
I disagree,Abj and Lagos are the most expensive states ever. Are you basing this just on food. How about rent and transportation. I live in Uyo and dare I say,it’s one of the cheapest states to live in,we still pay 100 naira for transportation
As far as Eastern part of Nigeria is concerned Imo state comes first in this context. So any statistics that doesn’t put them first is false moreover was not researched
No Taraba State? You better check again
I disagree with this I shuttle between Rivers and Imo State, I can confirm that Rivers state is cheaper than imo state
Bro you are right. Owerri right now is the most expensive city in Nigeria. From food to other commodities
You are very right about the Oyo State statistics..
Things are morethan costly here which is very bad.
If Abuja is not there then you have nothing to say
Abuja is not a state ooo, they said the top ten most expensive state to live in
Abuja has food and it is close to the north, still manageable compared to other states
And Delta state is not the list. It’s obvious the list is wrong
Delta State is not expensive to live. With University in every town and village all over the state residential accommodation and okada commercial transportation is all in high demand. Food is so cheap that it is more profitable to buy and sell farmland rather than put it to farming. Youth corpers are all over the town’s and villages. Abokis are everywhere with tools for labor work and riding commercial okada; POS kiosks for buying and selling naira and transferring to Alhajis flooding the state with onions tomatoes apples pepper rice and beans from bandits ridden Northern NIGERIA. Just follow the Delta political practice of rotating from urhobos to itskirise to ikaland. From Ibori to Okowa etc. With capital at Asaba near Onitsha. Thanks to IBB now fully resting in Niger state Minna. With kidnappers terrorists bandits politicians paying him monthly coursty calls.
You didn’t see portharcourt, awka and imo state; it’s Ebonyi state the agricultural and infrastructural engine house of south east you are mentioning. Your facts aren’t factual.
As long as benue state is not there on the list then this is obviously fake
Which state in Nigeria is more expensive than Benin city
I don’t understand what Akwa Ibom state is doing on that list. Is Abuja not a state? Do proper research before writing articles like this. Just so you know, Cross River state needs a spot on that list.
I don’t agree with this list.
Imo state is quite expensive, but I can’t find them on the list.
It is well!