₦airaland Forum

The cost of living in Nigeria is high but stabilizing, with July 2024 Consumer Price Index (CPI) data showing a decrease in inflation rates across both all items and food.

The latest report from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marked the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.

Also, food inflation dropped to 39.53%, from 40.87% recorded in June 2024.
However, inflation continues to bite hard across Nigeria, with varying impacts on different states. July 2024 saw various inflationary experiences across Nigeria, with some states witnessing significant changes in both all-item and food inflation rates. Inflation in most of the states is driven by high food costs.

Jigawa has the biggest percentage increase in all-item inflation from June to July 2024, with an increase of 11.89% (from 36.42% in June to 40.76% in July), while Kogi has the biggest percentage increase in food inflation from June to July 2024, with an increase of 15.37% (from 40.14% in June to 46.31% in July).

Below is a list of the 10 most expensive states in Nigeria based on their all-item inflation rate for July 2024:

#10 Gombe

Gombe experienced a slight decrease in its all-item inflation rate from 35.55% in June 2024 to 35.48% in July 2024, a marginal decline of 0.20%. However, food inflation rose slightly from 43.39% in June to 43.72% in July, indicating an increase of 0.76%. This suggests that food is likely a major driver of overall inflation in Gombe.

#9 Lagos

From its 10th position in June 2024, Lagos State, Nigeria’s economic hub, took a step forward. The state saw its all-item inflation rate decrease from 36.37% in June 2024 to 35.50% in July 2024, a drop of 2.40%. Conversely, food inflation rose significantly from 39.75% in June to 43.03% in July, an increase of 8.25%. This indicates that food is a significant driver of overall inflation in Lagos.

#8 Osun

Maintaining the eighth position on the list, Osun State saw its all-item inflation rate decline from 36.58% in June 2024 to 35.54% in July 2024, a decrease of 2.84%. However, food inflation surged significantly from 40.39% in June to 44.57% in July, an increase of 10.34%. This substantial rise indicates that food is a major driver of overall inflation in Osun.

#7 Oyo

After being third on the list for three consecutive months, Oyo State experienced a notable decline in all-item inflation, falling from 39.14% in June 2024 to 35.61% in July 2024, a drop of 9.03%. At the same time, food inflation increased from 40.70% in June to 43.26% in July, a rise of 6.30%. This suggests that food is a key contributor to overall inflation in Oyo, even as the all-item rate decreases.

#6 Abia

Maintaining the sixth position on the list, Abia saw its all-item inflation rate decrease from 37.04% in June 2024 to 35.90% in July 2024, a reduction of 3.08%. Food inflation also rose from 43.23% in June to 44.01% in July, an increase of 1.80%. This indicates that food remains a significant driver of inflation in Abia.

#5 Sokoto

A newcomer to the list, Sokoto experienced an increase in all-item inflation from 34.65% in June 2024 to 35.93% in July 2024, rising by 3.69%. In contrast, food inflation decreased significantly from 46.25% in June to 41.70% in July, a drop of 9.85%. This suggests that other components are likely driving overall inflation in Sokoto, as food prices have started to stabilize.

#4 Kogi

Kogi used to be the most expensive state in Nigeria consecutively. However, it was unseated in May 2024, falling to the second position, where it was twice. It seems inflation is abating in this northcentral state.

Kogi State saw its all-item inflation rate decrease from 39.91% in June 2024 to 36.73% in July 2024, a drop of 8.69%. However, food inflation saw a sharp increase from 40.14% in June to 46.31% in July, an increase of 15.37%. This indicates that food is the primary driver of overall inflation in Kogi.

#3 Kebbi

Another newcomer to the list, Kebbi saw an increase in all-item inflation from 35.62% in June 2024 to 37.47% in July 2024, a rise of 5.19%. Interestingly, food inflation decreased from 40.13% in June to 38.50% in July, a drop of 4.07%. This suggests that other components are likely driving overall inflation in Kebbi.

#2 Jigawa

Leaving its ninth position on the previous month’s list, Jigawa stepped forward as the state experienced a significant increase in all-item inflation from 36.42% in June 2024 to 40.76% in July 2024, an increase of 11.89%. Meanwhile, food inflation decreased from 46.05% in June to 42.57% in July, a reduction of 7.56%. This indicates that other components are likely the major drivers of overall inflation in Jigawa.

#1 Bauchi

For the third time, Bauchi had the highest all-item inflation rate in July 2024 at 46.05%, up from 43.95% in June, representing an increase of 4.78%. However, food inflation decreased from 35.09% in June to 34.35% in July, a drop of 2.11%. This suggests that other components are driving the overall inflation in this state.

Source: https://nairametrics.com/2024/08/16/top-10-most-expensive-states-to-live-in-nigeria-in-july-2024/

Wetin concern me and APC?

Make I use the opportunity take greet those God sent ladies.

To those ladies who always pretend to be totally asleep but when you start removing their pants, they will raise waist a bit to help you remove it nicely.... May God bless you financially

Putinofrussia:
We still topped the chart with Lagos.
Lagos is a natural blessing to the SW just like oil and gas is to the Niger Delta.
Next year's gdp will have SW states taking the first five slots.

Na Lagos you come from?

Yeye movie

Puss360:
Unfortunately this doesn't matter to the lives of the people living in the state...
If state controls their resources, and pays tax to the federal government, then I guess we will have new list of this kind....

Automatically e no matter cos sophisticated tribe no top the charts

I hear say Ahoy drop one track for tinubu during his campaign

Lol 😂. GDP no be food o

Nigeria, is one of the continent’s wealthiest nations, thanks to its abundant natural resources like coal, tin, and iron ore.

The richest states in Nigeria are the main drivers of this wealth, significantly contributing to sectors such as tourism, cultural heritage, education, and intellectualism.
These states, with their robust economies and developed infrastructure, play a crucial role in the nation’s economic prowess.
Their rankings are determined by major industries, contributions to the national GDP, and the abundance of natural resources.

1. Lagos State — GDP: ₦41.17 trillion
Lagos State, the commercial nerve centre of Nigeria, takes the crown as the wealthiest state by GDP. Lagos is a finance, commerce, and industry hub, home to Nigeria’s busiest seaports and airports. Its thriving entertainment and technology sectors further contribute to its economic dominance.

2. Rivers State — GDP: ₦7.96 trillion
Rivers State is known for its oil and gas industry. With significant oil reserves and robust industrial activity, including petrochemicals and manufacturing, Rivers State plays a pivotal role in Nigeria’s energy sector, contributing substantially to the nation’s GDP.

3. Akwa Ibom State — GDP: ₦7.77 trillion
Akwa Ibom State, another oil-rich region in Nigeria, has a flourishing petroleum industry. Besides oil extraction, the state benefits from agriculture, tourism, and a growing services sector. Its strategic location along the Atlantic coast enhances its economic potential, attracting investments and fostering development.

4. Imo State — GDP: ₦7.68 trillion
Imo State stands out for its diverse economy and thriving agriculture, commerce, and manufacturing sectors. The state’s strategic location, coupled with government initiatives to promote investment and entrepreneurship, has propelled its economic growth and contributed significantly to Nigeria’s GDP.

5. Delta State — GDP: ₦6.19 trillion
Delta State, another oil-producing region in the Niger Delta, the state has vast oil and gas reserves. The state’s economy revolves around oil exploration, refining, and related industries. Additionally, agriculture, trade, and services play crucial roles in driving Delta State’s economic prosperity.

6. Anambra State — GDP: ₦5.14 trillion
Anambra State is popularly known for its vibrant commercial activities and entrepreneurship culture. The state’s economy thrives on trade, manufacturing, and agriculture, with notable contributions from sectors like banking, real estate, and education.

7. Ondo State — GDP: ₦5.10 trillion
Ondo State, blessed with abundant natural resources, including bitumen and cocoa, has a diverse economy. Agriculture, mining, and manufacturing are key drivers of economic growth in the state. Ondo’s strategic investments in infrastructure and human capital development further bolster its economic resilience.

8. Ogun State — GDP: ₦5.03 trillion
Ogun State, situated in southwestern Nigeria, is an industrial hub with a robust manufacturing sector. The state’s proximity to Lagos, coupled with its favourable business environment and infrastructure, attracts investments across various industries, including agribusiness, construction, and logistics.

9. Bayelsa State — GDP: ₦4.63 trillion
Bayelsa State, primarily an oil-producing region, relies heavily on the petroleum industry for its economic sustenance. Despite its oil wealth, the state faces developmental challenges, including infrastructure deficits and environmental concerns. Efforts to diversify the economy through agriculture and tourism are underway to unlock Bayelsa’s full economic potential.

10. Niger State — GDP: ₦4.58 trillion
Niger State, located in north-central Nigeria, boasts a rich agricultural heritage, with vast arable land and mineral resources. Agriculture, mining, and hydroelectric power generation are key pillars of its economy. Government initiatives to enhance infrastructure and attract private investments are crucial for driving Niger State’s economic growth.

Source :
https://businessday.ng/news/article/top-10-richest-states-in-nigeria-ranked-by-gdp/

Make them increase their monthly allowance too, those corpers dey suffer join Hunger inside this harsh economy

Make dem reform am sharp sharp increase the money too

This witch hunting don too much, make them allow this woman breath.
The one wey tinubu and his cartel don steal this past one year alone don pass loan wey Nigeria dey owe China. Not even talking about Buhari's tenure

He don finally make am after 2 decades of steady grind

E don tey the guy for the grind

ak22:
Instead of you learn now after you go come write jamb and fail

mugu , when I graduate from higher institution you still dey write common entrance exam

CyracksMrBlogger:
this is not a case of Mmesoma where you people were supporting her fake jamb scores. This one is real and had been verified. We don't support fake life ooo.

na you verify am bah

For some reasons, this photo of this student looks fake to me

MNK Told you this several years ago but because of pure hate you guys didn't listen, now see what's happening

Na who get dey help o.
Me like this never eat since last night I no see who yo complain give..
If no be one thing I for don post my opay account make dem do me small thing for breakfast 😢

Dem don blow eye witness for eye 👁️

God abeg o. Make dem leave them there, na so aboki go come flood the country again

Make efcc start with tinubu

victorazy:
X no dey

e fit dey 100 naira

I no even understand wetin dem dey try to prove or explain

Na one kind occultic symbol wey dey most countries currency 💲

Playstation buttons symbols na

Try dey play PS

Goal

Enemyofpeace:
insha Allah

niqqa is hating

Another one

DamnnNiggarr:
Goal Ball for Tottenham

It's a goal against Arsenal

offside

Assymetric war

This one don thief money tire.

End time things