The Federal Republic of Nigeria is divided into 36 States and 6 geo-political zones. All the states are not equal in terms of wealth so in this piece, we reveal the Top 10 Richest States In Nigeria.
There are several parameters used to measure wealth but the states on this list list are ranked using the Gross Domestic Product (GDP).
1. Lagos State
GDP: $33,679 Billion
That Lagos tops this list is not surprising at all. It is the economic capital of Nigeria without which the entire country would collapse. Located in the South West region of Nigeria and bordering the Atlantic Ocean, Lagos covers only 3.577 square kilometres and is one of the smallest states in Nigeria.
Despite its small size, its contribution to the Nigerian economy cannot be overlooked. Most of the major sectors of the Nigerian economy rely on Lagos for survival. The total GDP of the state is $33.679 billion, while per capita is $4.333.
Lagos state has a population currently put around 18 million and is believed to be the most populated state in Nigeria. The State alone has a GDP that is higher than that of some 42 African nations put together.
Lagos would rank as the 5th largest economy in Africa if it were a country. The state can survive without the monthly federal allocation most other Nigerian states rely on to function.
It’s Internally Generated Revenue (IGR) is put at N302 billion annually which is greater than that of 30 other states combined.
2. Rivers State
GDP: $21,073 Billion
Oil rich Rivers state is the second richest state in Nigeria. It was carved out of the old Eastern Region in 1967. The state covers an area of 11.077 square kilometres and has a population of about 5.2 million people. The GDP of Rivers is $21.073 billion, while per capita is $3.965.
The Nigerian economy is dependent on foreign exchange from sales of crude oil and Rivers state is one of the oil producing states. The capital of Rivers state, Port Harcourt is home to several oil and gas companies and this contributes to the high GDP and revenue generated in the state. The IGR of Rivers state is about N85 billion per annum.
3. Delta State
GDP: $16,749 Billion
Another oil producing state rounds up the top 3 on this list of Top 10 Richest States In Nigeria. Delta state like Rivers, also generates money from crude oil based operations carried out in the state. The state has a population of 4.1 million people. GDP of Delta state is $16.749 billion, while per capita is $3.990.
The state has two major cities, Warri and the Capital Asaba. While Asaba serves as the administrative headquarters of the state, Warri is the state’s industrial and commercial hub. The city is home to many multinational oil companies, offshore oil platforms and an annex government house.
Apart from oil and gas, Delta also has significant deposits of natural resources such as limestone, decorative rocks, tar sand, kaolin, lignite, silica and industrial clay. The IGR of Delta stands at N44 billion annually.
4. Oyo State
GDP: $16,121 Billion
Oyo state is located in the South Western part of Nigeria and is close to Lagos and Ogun states. It is majorly an agricultural state with massive land area for mechanized farming.
Crops such as millet, rice, cashew, cocoa, palm oil, plantain, cassava, yam and maize etc. are grown in the state. Current population of Oyo state is estimated to be about 6 million people.
The state has a GDP of $16.121 billion, while per capita is $2.666. The capital city of Oyo state, Ibadan is famous as the largest city in Western Africa.
5. Imo State
GDP: $14,212 Billion
Imo State $14.212 Billion
Imo state is located in the South Eastern part of Nigeria. The state not too long ago became recognized as an oil producing state and this has boosted the economy of the state. Top players in Nigeria’s oil industry such as Shell, Addax, Chevron, Agip and so on are currently operating in about 162 wells located in different parts of the state.
The GDP of Imo is $14.212 billion, while per capita is $3.527. Apart from oil, Imo state is also doing well in the area of agriculture especially palm oil plantation. The state is also blessed with natural resources such as zinc, natural gas, lead, limestone, fine sand and white clay.
6. Kano State
GDP: $12,393 Billion
Kano is popular as the economic powerhouse of Northern Nigeria. The ancient city of Kano which serves as the state’s capital is a large commercial city with modern infrastructure, malls, and markets. The city is also known as a major industrial city for textile, leather, and cotton.
The population of Kano is huge and is believed by some to be the most populous state in Nigeria, a claim that can only be disputed by Lagos.
The GDP of Kano is $12.393 billion, while per capita is $1.288. The state produces chilli pepper, gum Arabic, garlic, cotton, soybean and sesame while it is also recognized as a major producer of skin and hides. IGR of Kano state stands at N30 billion per annum.
7. Edo State
GDP: $11,888 Billion
Edo is an oil producing state in Nigeria’s Niger-Delta region. It is home to the ancient city of Benin which also serves as the capital of the state. Tourists flock to the state to catch a glimpse of ancient artifacts crafted by skilled men of the Old Benin Empire. Attractions such as the statue of Emotan in Benin City, River Niger Beach and Ise Lake in Agenebode abound in the state.
Current population of the state is 3.5 million. The state has a GDP of $11.888 billion, while per capita is $3.623. The annual IGR of Edo state is N23 billion.
8. Akwa Ibom State
GDP: $11,179 Billion
The costal state of Akwa Ibom is located in the Niger-Delta region of Nigeria. Like other states in this region, it is an oil producing state and derives the bulk of its revenue from crude oil activities in the state.
The population of Akwa Ibom state is estimated to be about 5.5 million people currently. GDP is $11.179 billion, while per capita is $2,779.
9. Ogun State
GDP: $10,470 Billion
Ogun is obviously a beneficiary of its close proximity to Lagos, the economic capital of Nigeria. Ogun state is no doubt one of the most industrialized states in Nigeria with a high concentration of factories in the state.
A lot of companies with headquarters in Lagos actually have their factories in Ogun state. The likes of Lafarge, Procter and Gamble, Dangote, Nestle Nig. Plc. all have factories in Ogun state. Ogun state is also known for having the highest number of Universities of any other state in Nigeria.
Agriculture is another area where the state is not performing badly at all. The GDP of Ogun state is $10.470 billion, while per capita is $2,744. The state has IGR of N77billion annually.
10. Kaduna State
GDP: $10,334 Billion
Kaduna is another key northern state in Nigeria. The state is key in the area of education as it houses one of Nigeria’s oldest tertiary institutions, Ahmadu Bello University, Zaria.
The state is multicultural as it is a mix of about 60 ethnic groups. Kaduna State excels in the area of agriculture. The total population of the state is put at about 6.1 million people. It’s GDP is $10.334 billion, while per capita is $1.666.
These are the Top 10 Richest States In Nigeria. These states contribute the most to the Nigerian economy and are key to the continuous growth and development of Nigeria.