Nigerians grappling with a tough economic climate got little respite in March, with several states experiencing a rise in inflation. The latest report by the National Bureau of Statistics (NBS) reveals Kogi State remains the most expensive state to live in, while Oyo, a previous contender for the top spot, has slipped down the rankings.
Here’s a breakdown of the top 10 most expensive states in Nigeria for March 2024:
- Kogi State: Retaining its position at the pinnacle, Kogi witnessed a significant jump in inflation. The all-items inflation rate surged to 39.95%, a 1.97% increase from February’s 37.98%. Food inflation also skyrocketed to a staggering 48.47%, a worrying sign for residents.
- Lagos State: Despite holding the second spot in February, Lagos finds itself relieved to be out of the top two. The state’s all-items inflation rate, although still high at 37.30%, reflects a more stable environment compared to others. Food inflation also saw a slight rise to 41.83%.
- Oyo State: Previously the runner-up, Oyo has shuffled down to the fourth position. While inflation remains a concern, the state witnessed a less severe increase compared to Kogi. The all-items inflation rose to 37.30% from 36.60% in February, and food inflation reached 41.83%.
- Akwa Ibom State: Akwa Ibom exits the top 10 entirely, showcasing a slight improvement in its economic climate. In February, it held the 10th spot with an inflation rate of 33.94%.
The remaining states on the list include:
- Ondo State (5th)
- Abia State (6th)
- Ebonyi State (7th)
- Osun State (8th)
- Rivers State (9th)
The report highlights the continued struggle with inflation across Nigeria. Food prices remain a significant driver, pushing overall expenses higher. Residents in states like Kogi and Oyo are likely feeling the pinch most acutely.
This information is crucial for Nigerians considering relocation or budgeting for rising living costs. By understanding the economic landscape of different states, individuals can make informed decisions and navigate the challenging economic climate.
