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Insight & Analysis - July 22, 2022

5 Nigerian States with the Highest Costs of Living

With the economic situation in Nigeria, the standard of living has reduced to the lowest ebb. This, in turn, has worsened the living condition of some Nigerian states resulting in high costs of living.

This is worsened by the imbalance between the cost of living and the salary earned by the working demographic. The minimum wage in the country stands at N30,000, while an average salary is $179

According to the data, Nigeria ranks 66th out of 197 countries in the world in terms of cost of living. This is 1.06% more than the average benchmark in the world.

Since there is no correlation between the cost of living and money earned, some states in the country, especially the urban, find the living expenses on the high side. Here are some Nigerian States with the Highest Costs of Living

1. Lagos

Lagos is considered one of the most expensive cities in Africa, with a cost of living index score of 37.33%. The former capital of Nigeria is regarded as the best place to live in the country. This makes it the most populated state in the country, with an estimated population of 14.9 million.

The state is the busiest in the country, serving as the business hub for many international organisations. This makes it one of the fastest-growing cities in Africa. The state’s geographical location also serves as an advantage for ease of business, especially for importers.

Due to the urban lifestyle adopted in the state, things are hard and expensive. As such, the state ranks as the 12th most expensive on the continent in the first quarter of 2022.

2. Abuja

Abuja serves as the capital of the federal republic of Nigeria, with an average cost of living of $1217. Its position as the centre of power and the head offices of different firms, multinationals, and parastatals makes the living standard on the high side, especially for the locals.

The state is situated in the Northern part of the country and considered the sixth largest state with over 1.24 million.

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3. Port Harcourt

Port Harcourt is the oil-producing state in Nigeria, with an estimated population of over 1.8 million people. Just as Lagos is an industrial state, it is also known for multinational organisations, mostly in the oil and gas sector.

The discovery of crude oil in the state attracted all and sundry, which made the standard of living in the state expensive and created societal strata. Despite this, Port Harcourt’s cost of living cannot be compared to the city life of Lagos.

4. Cross River

The state’s capital ‘Calabar’ is the most expensive city in the state. Due to the state’s seaport activities, carnivals, and tourist attractions, the South-South state has been swamped with many people.

This has boosted business activities and seen an increase in the cost of items. One of the state’s notable tourist attractions are Obudu Cattle Ranch and Tinapa resort.

5. Imo

Imo state is another state with the highest cost of living, especially in Owerri, the state’s capital. It serves as the commercial hub of the south-eastern part of the country. 

With the increase in tourism and the number of tertiary institutions, the cost of living has gradually increased. Some of its notable tourist centres are Nekede zoo, Oguta lake, National Museum, and Mbari Cultural and Art Centre.

The tertiary institution includes the Federal University of Technology, Owerri, Imo State University, and the Polytechnics in Nekede and Oko.

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