States with high cost of living? Nigeria’s standard of living has plummeted due to the country’s economic situation. As a result, the living conditions in some Nigerian states have deteriorated, resulting in a high cost of living.
This is exacerbated by the disparity between the cost of living and the earnings of the working demographic. The country’s minimum wage is N30,000, while the average salary is $170.
Based on data, it currently ranked 66th out of 197 countries in terms of living costs. This is 1.06% higher than the global average benchmark.
Because there is no relationship between the cost of living and the amount of income received, some states in the country, particularly those in urban areas, have high living expenses. The following are the states with the highest cost of living.
Lagos is regarded as one of Africa’s most expensive cities, Nigeria’s former capital is thought to be the best place to live in Nigeria. With a population estimated at 14.9 million, it is the most populous state in the country.
The state is among the busiest in the country, acting as a commercial hub for numerous international organizations. This makes it one of Africa’s fastest-growing cities. The state’s geographical location is also advantageous for ease of doing business, particularly for importers.
The high cost of living in the state is due to the urban lifestyle that has been adopted.
Abuja is the federal republic of Nigeria’s capital, with a typical cost of living of $1217, making it among the states with the highest cost of living. Its position as the centre of power and the headquarters of various firms, global corporations, and parastatals raises the living standard, particularly for locals.
The state, which has a population of over 1.24 million people, is located in the country’s northern area.
Port Harcourt is Nigeria’s oil-producing state, with inhabitants of over 1.9 million people. PH is known for transnational companies, primarily in the petroleum and gas industry, in addition to being an industrial state.
The finding of crude oil in the state drew everyone and everything, adding to the high cost of living and societal strata. Despite this, the high cost of living in Port Harcourt can’t be compared to that of Lagos.
Calabar, the state capital, is the most expensive city in the entire state. The South-South state has really been overrun with visitors as a result of the state’s port activities, festivals, and tourist attractions.
This has increased business activity while also increasing the cost of goods. Obudu Cattle Ranch and Tinapa are two of the state’s most notable tourist attractions.
Imo state is another with a high cost of living, particularly in Owerri, the state capital. It is the commercial centre of the country’s south-eastern region.
The cost of living has steadily increased as the tourist industry and the number of higher education institutions have grown. The Nekede Zoo, Oguta River, National Museum, and Mbari Cultural Center are among its notable tourist attractions.
So there you have it states with the highest cost of living in Nigeria. Find out more here.