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Ten Most Expensive States To Live In Nigeria



Ten Most Expensive States To Live In Nigeria

Ten Most Expensive States To Live In Nigeria



NIGERIA– Inflation rates are often an economic barometer for understanding the health and well-being of a nation’s economy.




In Nigeria, inflation affects states differently, indicating the varied economic conditions across the country.



Ten Most Expensive States To Live In Nigeria


As these rates directly impact the cost of living, from essential commodities like food to housing and transportation, it’s crucial to know which states are the most expensive to live in based on their current inflation rates.



Nairametrics takes a look at the ten most expensive states in Nigeria based on the August Food Inflation and All Items Inflation rates.



The Criteria

For a comprehensive look, we ranked the states based on a combination of their August Food Inflation and All Items Inflation rates, as these are the two most important indicators affecting everyday life.




The Rankings

10. Oyo State

Food Inflation: 31.3%

All Items Inflation: 28.4%

Oyo kicks off our list with inflation rates that are high but less alarming compared to others on this list.

9. Ondo State

Food Inflation: 32.8%

All Items Inflation: 28.2%

Ondo closely follows Oyo, with only slight differences in food and all items inflation rates.

8. Delta State

Food Inflation: 32.9%

All Items Inflation: 26.6%

Delta ranks eighth with its high food inflation being a major concern, compounded by an overall high rate of inflation for all items.

7. Abia State

Food Inflation: 32.2%

All Items Inflation: 28.0%

Abia follows Delta but with a slightly higher all-items inflation rate.

6. Rivers State

Food Inflation: 34.0%

All Items Inflation: 29.1%

Rivers State presents a balanced but high rate of inflation for both food and all items, reflecting an economic issue that affects almost every sector.

5. Bayelsa State

Food Inflation: 34.1%

All Items Inflation: 28.6%

With rates that are closely matched to Rivers State, Bayelsa takes the fifth spot on our list.

4. Ekiti State

Food Inflation: 34.4%

All Items Inflation: 25.0%

Ekiti’s alarming food inflation rate is offset by a comparatively lower overall inflation rate, yet it still ranks high on our list.

3. Kwara State

Food Inflation: 35.3%

All Items Inflation: 26.9%

Kwara’s inflation rates make it the third most expensive state to live in Nigeria, despite not being a commercial hub like Lagos.

2. Lagos State

Food Inflation: 36.0%

All Items Inflation: 29.2%

Lagos, Nigeria’s economic center, ranks second with its exceptionally high inflation rates affecting both food and all items.

1. Kogi State

Food Inflation: 38.8%

All Items Inflation: 31.5%

Topping the list is Kogi State with its astronomical food inflation rate of 38.8%, making it the most expensive state to live in Nigeria.

Understanding these inflation rates is essential for grasping the economic challenges facing ordinary Nigerians.



These high rates erode the purchasing power of the average citizen and have far-reaching impacts on other aspects of life, such as healthcare, education, and housing.
While these figures offer a snapshot of the current situation, it is crucial for both [quote]policymakers and the general public to consider them as more than just statistics.





They represent real challenges that people face daily, highlighting the urgent need for comprehensive economic policies.
Efforts must be made to curb inflation, stabilize prices, and improve the living conditions in these states for the well-being of all Nigerians.




Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance



Fidelity Bank to boost Schools’ Profitability with Value-adding Products

Fidelity Bank Plc Promotes 11% of Staff Following Record Financial Performance

Leading financial institution, Fidelity Bank Plc has announced the promotion of 11% of its workforce, a testament to the exceptional performance and dedication of its employees. This significant move follows the release of the bank’s 2023 full year Audited Financial Statements, which reported an impressive 131.5 percent growth in Profit Before Tax (PBT) to N124.26 billion.
The recent promotions span every level within the bank, reflecting Fidelity Bank Plc’s commitment to recognizing and rewarding excellence across its entire organization. This strategic initiative has garnered positive reactions from staff members, who see it as a validation of their hard work and contribution to the bank’s remarkable financial achievements.
In addition to the promotions, Fidelity Bank Plc has also concluded arrangements to raise a total of N127.1 billion through a Rights Issue to existing shareholders and a Public Offer. This move is part of the bank’s broader strategy to strengthen its capital base, support future growth, and enhance shareholder value.
Fidelity Bank Plc’s impressive financial performance and the subsequent employee promotions highlight the bank’s robust operational strategy and its commitment to fostering a rewarding work environment. By investing in its people and ensuring their career growth, the bank continues to build a motivated and high-performing workforce.
Ranked as one of the best banks in Nigeria, Fidelity Bank Plc is a full-fledged customer commercial bank with over 8.5 million customers serviced across its 251 business offices in Nigeria and the United  Kingdom as well as on digital banking channels.
The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

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WEMA BANK concludes 1st tranche of Capital Raise Programme



Wema Bank PLC (Bloomberg: WemaBank: NL) (“Wema” or “the Bank”) announces the allotment of its N40billion Rights issue programme.




-Raises N40billion through a Rights Issuance process.
-Part of its larger 2-year; N150billion Capital programme.
Rights fully subscribed.
-Expected to Commence concluding tranche of additional Capital in Q4, 2024.
-Corporate Ratings affirmed by Fitch at BBB & Upgraded by Agusto to BBB+

Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT, has successfully concluded the first tranche of its recapitalisation exercise having secured all relevant regulatory approvals for the allotment of its N40bn Rights Issue which was initiated in December 2023.

In view of macroeconomic conditions, the Central Bank of Nigeria (CBN) in March 2024, launched a recapitalisation programme requiring commercial banks to raise fresh capital in alignment with the minimum requirement for their respective banking licenses, within a 24-month timeline spanning April 1, 2024, to March 31, 2026. The goal of this recapitalisation programme is to simultaneously boost the Nigerian economy and strengthen the Nigerian financial services industry.

As a forward-thinking and pioneering bank, Wema Bank in December 2023 launched a N40bn Rights issue which has now been approved by the Central Bank of Nigeria and the Securities and Exchange Commission (SEC). With this remarkable development, Wema Bank has now successfully raised the 1st tranche of its plan in the minimum requirement laid down by the CBN.

In a statement made to the public by the Bank, Moruf Oseni, Wema Bank’s Managing Director and CEO, iterated the Bank’s resolve in retaining its Commercial Banking license with National Authorisation, adding that the N40bn Rights Issue is a step in that direction. “We are delighted to announce the conclusion of the 1st tranche of our Capital Raise Programme, after obtaining the relevant approvals of all regulatory authorities. Our move to commence our Capital Raise Programme very early demonstrates our push for excellence and with a strong emphasis on our digital play, we are set to amass more successes in the coming months.”

“We were impressed by the vote of confidence given by our shareholders during the 1st Rights Issue exercise as our shares were fully subscribed. In addition, we obtained the approval of shareholders at our 2023 Annual General Meeting (AGM) to raise an additional N150billion to meet the capitalisation threshold set by the CBN. The process is expected to be completed within 12-18 months. We are committed to providing optimum returns for every stakeholder and the successful conclusion of this N40bn Rights Issue is a bold step in the right direction.”

In addition to the upward trend in the Bank’s financial performance and the success recorded so far in its recapitalisation exercise, Wema Bank’s corporate rating was recently upgraded to BBB+ by Pan African credit rating agency, Agusto and Co, and retained at BBB by international rating agency, Fitch. Over the medium to long term, Wema Bank is positioned to not only dominate the digital Banking space but also the Nigerian financial services industry at large as it translates its industry leadership to significant market share.

Wema Bank is a leading financial services entity with banking operations across Nigeria, its leadership position in the digital banking space speaks to its aspirations to liberate Nigerian businesses and entrepreneurs by making digital platforms widely available.

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Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success



Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

Nkiru Olumide-Ojo’s New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success



In a bold step to enforce and ensure inclusive and equitable quality education, and to promote lifelong learning opportunities for everyone under the Sustainable Development Goal (SDG4) in Nigeria, Corporate Executive and Founder of the LightHouse Network, Nkiru Olumide-Ojo, launched her new book titled “Step Forward: Market Place Readiness.”

The book launch took place at the Alliance Française, Mike Adenuga Event Center, Osborne Road, Ikoyi, on Thursday, June 6, 2024.

According to the National Planning Commission, Nigeria faces a significant challenge with approximately 53% of its youth currently unemployed. To address this pressing issue, Nkiru Olumide-Ojo dedicated her efforts to preparing young people for the job market, equipping them with the necessary skills to seize available opportunities or even create new ones.

In her opening remarks, Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC) Lagos State Coordinator, stated that “the marketplace today is dynamic, competitive, and full of opportunities; however, it also provides numerous challenges that businesses must be ready to face. Market readiness involves understanding these challenges, adapting to changes, and strategically positioning oneself to capitalize on opportunities as they arise.” She further noted that “in the last 13 years, NYSC has sensitized three million, three hundred six thousand, six hundred and forty-six corps members, opening their eyes to entrepreneurship development.

Also speaking at the event, Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble, addressed both the corps members present and guests who are already in the workplace. She emphasized, “Be intentional about building your mindset. Stand your ground based on three things: building your character, understanding what you value, and what your values are as a human being, and building your competence.”

The event was remarkable, featuring discussions on marketplace readiness across two generations, including thought leaders, educators, and advocates for sustainable development. Attendees benefited from insightful panel sessions featuring distinguished speakers, engaging conversations, and networking opportunities with individuals passionate about education and sustainable growth.

Leading the panel session were Mrs. Adenike Ogunlesi, Founder of Ruff and Tumble; Mrs. Yetunde Baderinwa, National Youth Service Corps (NYSC); Mr. Victor Banjo, Director of Executive Education at Lagos Business School; Joseph Onaolapo (Jay On Air), a renowned radio and TV broadcaster, content creator, actor, and event host; and Tobiloba Aboaba, a dynamic young professional at Stanbic IBTC, among others.

The book, “Step Forward: Market Place Readiness,” is a product of Nkiru and her team’s extensive work in underserved tertiary institutions, providing essential market readiness skills to students. This book aims to broaden their reach and impact, offering valuable insights and practical advice to a wider audience. It delves into situations and issues that undergraduates face in their everyday lives, preparing them for the challenges of the marketplace.


Nkiru Olumide-Ojo's New Book ‘Marketplace Readiness’ to Equip Young Nigerians for Marketplace Success

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