Top 5 Most Expensive Nigerian States to Live in March 2024

As the cost of living in Nigeria continues its upward trajectory, the most expensive Nigerian states might come as a surprise. The latest data from the March 2024 Consumer Price Index (CPI) shows the escalating inflation rates. 

This surge in prices, encompassing both essential commodities and food items, is exerting significant strain on the daily lives of citizens, particularly in various states across the nation.

According to the most recent report released by the National Bureau of Statistics (NBS), Nigeria’s inflation rate has surged to a near-record high of 33.2% in March 2024. 

The data reveals a notable disparity in the cost of living across Nigeria’s states, with certain regions bearing a disproportionately heavier burden.

Here’s a rundown of the top 10 most expensive states to reside in as of March 2024, based on the latest statistics:

1. Kogi

The latest inflation data for March highlights Kogi State’s ongoing struggle with rising prices, reaffirming its status as one of the most economically challenged regions in Nigeria.

With an all-item inflation rate reaching 39.95% in March, up from 37.98% the previous month, and food inflation soaring to 48.47%, a significant increase from February’s 46.32%, the state is grappling with severe inflationary pressures.

What’s particularly striking is Kogi State’s distinction for registering the highest month-on-month increases in both categories.

The all-items inflation rate saw a 1.97% point rise, while food inflation surged by 2.15% points.

These figures underscore a deepening economic strain, with the skyrocketing cost of food items driving the inflationary trend.

The sharp rise in food inflation in Kogi State could be indicative of various underlying factors. Supply-side constraints, such as disruptions in agricultural production or distribution channels, may be contributing to the spike in food prices.

2. Bauchi

Bauchi State has made significant strides in the affordability ranking, climbing from the third to the second spot among the most expensive Nigerian states to reside.

In March, the state recorded an all-item inflation rate of 38.34%, slightly higher than February’s 35.62%. 

However, an intriguing observation arises when examining food inflation, which dipped to 34.38% in March from 31.46% in February, suggesting a nuanced economic landscape.

Bauchi State exhibits an atypical pattern, characterized by a moderate 2.72%-point increase in the all-items inflation rate, juxtaposed with a lesser rise of 2.92%-points in food inflation. 

3. Kwara

In March 2024, Kwara State made notable progress in the affordability ranking, advancing from the fourth position to the third spot on the list of the most expensive Nigerian states to live in.

During this period, the state witnessed a notable increase in inflation rates across all items, with the all-item inflation rising to 38.10% from 35.50% in February.

Similarly, food inflation surged to 46.18% in March, up from 43.05% in February.

The significant uptick in both all-item and food inflation rates is evident from the 2.60%-point rise in the all-items inflation rate and the 3.13%-point increase in food inflation.

This surge in prices suggests a considerable escalation in the cost of living, particularly concerning food items.

The substantial jump in food inflation rates could be indicative of various factors at play. 

Local disruptions in food production or distribution channels, coupled with heightened demand pressures, may have contributed to the pronounced increase in food prices within the state.

4. Oyo

Transitioning from its position as the second most expensive Nigerian state in Nigeria in February 2024, Oyo State shifted to the fourth spot on the list in March 2024.

During this period, the state experienced a modest increase in inflation rates across all items, with all-item inflation rising to 37.30% in March from 36.60% in February. 

Similarly, food inflation saw a slight uptick to 41.83% in March from 40.30% the previous month.

Although the 0.70%-point increase in the all-items inflation rate is noteworthy, it suggests a relatively stable economic environment compared to other states experiencing more pronounced inflationary pressures.

However, the 1.53%-point rise in food inflation underscores the significant contribution of food prices to the overall inflationary landscape.

The data indicates that while Oyo State may not be experiencing the same level of inflationary strain as some other regions, the rise in food prices remains a key concern.

5. Rivers State

For the second consecutive time, Rivers State maintains its position as the fifth most expensive Nigerian state on the list, with March’s all-item inflation rate climbing to 37.20% from February’s 35.42%.

Similarly, food inflation saw a marginal increase to 45.08% in March, compared to 44.34% the previous month.

The 1.78%-point uptick in all-items inflation, coupled with a 0.745-point rise in food inflation, indicates a prevailing inflationary environment.

However, the relatively moderate increase in food prices suggests slightly more favourable conditions within the food market compared to the broader economic landscape.