The Federal Republic of Nigeria is made up of 36 states that spread across six geopolitical zones. Among these states, some are bound to be more prosperous than others which makes it important to have a list of the richest states in Nigeria.
Being the country with the largest economy in Sub-Saharan Africa, Nigeria has a Gross Domestic Product, GDP of $376B, GDD Growth of 0.8%, GDP per capita of $2,000, Trade balance/GDP of 2.8%, population of 203.5M, Unemployment rate of 16.5%, Public debt/GDP of 22%, and inflation rate of 16.5%.
Regardless of these figures, Nigeria occupies the 137th position on the list of richest countries in the world, according to International Monetary Fund, IMF.
Certain states in the country play a huge role in the country’s economy with their GDP, and this article will discuss the top 10 richest states in Nigeria.
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Top 10 Richest States in Nigeria
Based on their internally generated revenue, IGR, here are the top 10 richest states in Nigeria in no particular order.
1. Lagos State- #399 Billion
Lagos is indisputably the richest state in Nigeria, generating about two-fifth of the country’s domestic income.
It is an island of economic prospects drawing in thousands of people seeking greener pastures yearly. The state is arguably the smallest in the country but is one of the most populated, with a population of about 14.3 million as of 2020.
Being Nigeria’s largest urban area, Lagos is a major financial centre. Its outlet to the ocean makes it possible to have a seaport which has increased the economic activity of the region. The seaports alone handle more than 1.2 million containers a year and about three-quarters of the country’s imported refined oil.
Apart from being the richest state in the country, Lagos state also has the fifth-largest economy in Africa.
The city is home to most of Nigeria’s private sector businesses and hundreds of tech start-ups. Lagos state is a hub for creative businesses and a fertile ground for cultural events, all of which contribute to making it the richest in the country.
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2. Rivers State- #140 Billion
The oil and gas sector is unarguably the largest sector in the country.
Rivers State is a significant oil and gas-producing Niger Delta state. It is also one of the richest states in the country. The oil and gas sector contributes about 44.6% of the state’s gross domestic product, superseding agriculture and computer technology sectors, contributing about 10% each.
Rivers state has a population of over 5.2 million people and occupies a land mass of 11 077KM. It is responsible for a larger portion of crude oil produced in the country.
The state is home to the headquarters of Nigeria Liquefied Natural Gas Limited, the national enterprise responsible for producing and exporting liquefied natural gas. The renowned Bonny Island is also found in Rivers state.
Apart from oil and gas, which accounts for a greater percentage of the state’s GDP, fishing, agriculture, silica sand, and clay also contribute to its standing as one of the richest states in the country.
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3. Ogun State- #71 Billion
Located in the country’s southwestern region and home to about 7.1 million people, Ogun State is one of the richest states in the country. It is widely known to have the country’s largest concentration of industrial factories. This has undeniably contributed to it clinching a position on the list of richest states.
Ogun state is blessed with a large deposit of limestone, chalk, phosphate, and clay. In fact, Ogun state accounts for the supply of construction materials to most states in southern Nigeria.
Dangote cement, Lafarge, Nestle, Unilever, Coleman Cables, Memmcol, and Proctor & Gamble are just a few of the major factories located in the state.
Agricultural products like rice, cassava, yam, cocoa, palm oil, cotton, tobacco, and plantains contribute more than 40% of the state’s GDP.
Ogun state has a comparative advantage in its strategic location. It borders Lagos state, providing easy access to the ocean and seaport. It also shares a border with the Republic of Benin which makes it easy for residents of the state to import goods.
All of these have contributed to making the state one of the richest in the country.
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4. Delta State- #65 Billion
Being the third-largest producer of crude oil in Nigeria, Delta State is one of the richest states in the country. The state has a population of about 4.1 million people.
Delta state has a large deposit of natural gas and crude oil. It is also blessed with natural resources like silica, kaolin, gemstones, limestone, and tar sand. It is a primary producer of textile fabrics, glass, chalk, plastic, and rubber, to mention a few.
The state is not only an oil-producing state, it also excels in agriculture and tourism. Delta state accounts for many of the tourist destinations in the country. These include River Ethiopia, Mungo Park house, the Araya Bible site, the second Niger bridge and Falcorp Mangrove Park.
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5. Kaduna State- #44 Billion
Located in the northern part of Nigeria, Kaduna State is the eighth-largest state in the country. With 80% of its GDP gotten from agriculture, Kaduna state is one of the richest states in the country. It has a total population of over 6.1 million people.
Kaduna state is one of the largest producers of cotton in Nigeria. It also accounts for the production of peanuts, ginger, pepper, onions, soybeans, and tobacco.
It boasts of Nigeria’s largest textile manufacturing centre and other major industries, including oil refinery and traditional crafts like weaving, leather processing, and cotton dyeing.
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6. Kano state- #40 Billion
Also located in the northern part of the country, with a population of about 11 million people, Kano State is the second-most populous state in the country.
It is also one of the most industrialized states, with companies and factories ranging from food processing companies to textile companies, vehicle assembly factories, pharmaceutical industries, stationery plants, etc.
Most of the country’s GDP is from agricultural products like peanuts, rice, sorghum, soybeans, sesame, cotton, and pepper.
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7. Akwa Ibom state- #32 Billion
Being one of the country’s largest oil and gas producers, Akwa Ibom is bound to be one of the richest cities in Nigeria. This state’s oil and gas sector generates about 59% of its GDP, exceeding Agriculture, which contributes only about 15%.
Akwa Ibom is also a primary producer of agricultural products like rubber, palm oil, rice, maize, and cassava. Fishing is significant economic activity as well, being a coastline state.
Its proximity to the Atlantic Ocean gives it an opportunity to operate a major seaport at Ibaka Oron.
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8. Enugu State- #31 Billion
Situated in the country’s south-eastern geopolitical region, Enugu State is also on the list of the top richest states in Nigeria. Enugu state’s economy thrives primarily on trading activities and agriculture. Coal mining also makes up a portion of the state’s GDP.
The citizens of Enugu state engage in farming agricultural produce like yams, rice, cassava, cocoyam, and oil palm. They engage in the trading of these products. In fact, the state has a multitude of marketplaces. One of the state’s biggest grain markets, Orie Orba market attracts thousands of farmers from the North central states.
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9. Edo state- #31 Billion
Agriculture is the major backbone of Edo State’s economy, although the state is a producer of crude oil, which generates less than 10% of its revenue.
Edo state locals engage in farming yams, cassava, oil palm, rice, and maize as the primary food crops and rubber, lumber, and palm oil as the primary cash crops.
Rubber, plywood, beer, timber, medicine, and furniture are some products manufactured in Edo state that contribute to its GDP.
10. Ondo state- #30.1 Billion
Last on our list of the top 10 richest states in Nigeria Is Ondo State, located in southern Nigeria with a 15% of oil-based economy. Agriculture remains the primary source of the state’s economy, with the primary crops being cotton, cocoa, tobacco, and rubber. Fish farming is also very common among the locals.
Ondo state is the country’s largest producer of cocoa. In addition to this, asphalt mining and enterprises using the state’s coastline are significant contributors to the state’s economy.
FAQs About the Richest State in Nigeria
Lagos state is widely known to be the richest state in Nigeria.
The top 10 richest states in Nigeria are;
1. Lagos State
2. Rivers State
3. Ogun State
4. Delta State
5. Kaduna State
6. Kano State
7. Akwa Ibom State
8. Enugu State
9. Edo State
10. Ondo State.
These are some of the states that contribute to Nigeria’s GDP to make it one of the richest countries in Africa. Many of these states can survive on their own internally generated revenue without income from the federal government.