While some Nigerian states are languishing in abject poverty, some are generating massive revenues to put up many infrastructures and cater for the needs of their people. This article features the top ten richest states in Nigeria based on GDP and internally generated revenues.
The Richest State In Nigeria
Lagos state is currently the richest state in the country. It has remained like that for more than two decades now. Though the state is the smallest state in Nigeria by land mass, it is so wealthy that even the biggest state by surface area do not come close to it.
By city population, Lagos is the 6th largest city in the world. The city handles about 80% of the total imports in the country, generating huge amounts of money from that per year.
If Lagos were to be a country presently, it would be Africa’s 5th Largest economy. It’s annual GDP is far more than that of several African nations combined.
You will learn more about this state and other states in Nigeria that are very wealthy below.
Top 10 Richest States In Nigeria
Listed below in a descending order, are Nigeria’s wealthiest states presently in 2020.
10.) Kano State
Kano state is the economic capital of the Northern Nigeria. It is the 2nd largest industrial centre in the country, trailing Lagos. The city of Kano being the capital, is known to be the home of several manufacturing companies who are into the production of textiles, cosmetics, ceramics, enamelware, plastics, pharmaceuticals, beverages, animal feeds and so much more.
Kano State is the highest in terms of population, following the results of the 2006 census conducted in the country.
The state is home mainly to Hausa ethnic group. The state present GDP of over $12.39 billion puts it among the wealthiest states in Nigeria.
9.) Akwa Ibom
A few years ago, Akwa Ibom wouldn’t have been mentioned in this list. The discovery of oil and the great efforts of the governments that have been in place in this state lifted it. Today, Akwa Ibom has taken its place among the richest in the country.
The state is not only known for its production of oil, it is also known for its airport and airline, two major seaports, two ultramodern stadiums and E-Library.
It is Home to over 5 million people who are mainly of the Ibibio, Anaang, Eket, Obolo and Oron ethnic groups.
With a GDP of about $11.17 billion and 1GR of about N14.79 billion, the state is among the top 10 richest Nigerian states in 2019.
8.) Anambra State
A few years ago, Anambra state was ranked the top richest state in the South-eastern part of country. It has since been overtaken by its neighbouring state, Enugu.
Anambra is home to the popular city of Onitsha, which is known for its market and rich cultural heritage. The state is rich in bauxite, crude oil, ceramics and natural.
Anambra is among the states with the lowest poverty rate in the country. 62% of its population live in urban areas.
The state has 3 major cities: Awka (the capital), Onitsha (the commercial centre) and Nnewi (the home of automobiles in Nigeria).
In terms of internally generated revenue, the state N14.79 billion generated in 2016 puts it on the list of the top richest in the country.
7.) Oyo State
Oyo is one of the Yoruba dominated states located in the south-western part of the country. Home to over 5 million people, the state is among the wealthiest states in the country. The capital Ibadan is one of the largest cities in Africa by surface area.
The state has agriculture as the number one occupation of its people. The people are known for the cultivation of cocoa, cashew, cassava, maize, millet, yam, plantain etc.
Oyo state has several attraction centres which includes a zoo, museum, national park etc. The state generates over N16.6 billion internally and has a GDP of over $16.12 billion, giving it a place in this list.
6.) Enugu State
Located in the South East geopolitical zone of Nigeria, this state is among the top 10 wealthiest state in Nigeria. As a matter of fact, Enugu state is the current richest state in the Southeastern part of the country, overtaking Anambra and Imo.
It was from Enugu that the British extended their reach to either parts of the South East. The state got its name from the capital “Enugu” which is a short way of writing Enu Ugwu (meaning: Top of the Hill) in Igbo Language.
The state is currently among the richest in the country. The internally generated revenue and the GDP puts them on this list.
5.) Edo State
It is mainly dominated by the Bini, Esan, Etsako and Owan ethnic groups. The state is an oil producing state and among the top 10 wealthiest states in Nigeria.
Edo is known for its cultural heritage, agriculture and commerce.. It is one of the states with the highest number of tourist attractions. The state has produced so many notable persons in Nigeria including the late Archbishop Benson Idahosa, Pastor Chris Oyakhilome, Adams Oshiomole, Godwin Obaseki, Professor Ambrose Alli and so on.
Tourism is one major thing that fetches money or this state apart from oil. The IGR of over N19.11 billion and $11. 88 GDP puts this state on the 5th position in this list.
4.) Ogun State
Ogun State is one of the states that generates the highest amount of money when it comes to IGR. The state generates up to N34.59 billion in a year. This plus their GDP of about $10.47 billion puts them on this list.
Ogun State is located within the Southwestern part of the country. It has boundaries with Lagos, Oyo, Osun and Benin Republic. The state is home to over 4 million people who are predominantly Yoruba.
Ogun is also among the states with the highest number of tertiary institutions. It has produced large numbers of notable people in the society including the former president of the country, Chief Olusegun Obasanjo.
3.) Delta State
This list of the wealthiest states in Nigeria will not be complete without a mention of Delta State. The state is one of the major oil producing states in the country.
Home to three major cities: Warri, Sapele and Asaba being the capital, the state generates what several states in Nigeria presently dream of.
Delta state shares boundary with Anambra, Port Harcourt, Bayelsa and also Edo State. It is home to over 4 million people which includes the Igbo, Itsekiri, Olukumi, Isoko and so on.
2.) Rivers State
Rivers is an oil rich state. It is located within the Niger Delta region of Nigeria and shares boundary with Imo, Abia, Anambra, Akwa Ibom, Bayelsa and Delta States.
River State is home to over 5 million people who are mainly Kalabari, Ogoni and Ikwere. Rivers has 2 major refineries, seaports, airports and several industrial estates.
Apart from oil, Rivers is also blessed with other mineral resources like clay, glass sand and silica sand. The capital and biggest city Port Harcourt is home to several oil exploration firms like shell, chevron, NNPC and so on.
River State generates an IGR of over N80 billion. Their GDP of $21 billion makes them the second richest state in Nigeria.
1.) Lagos State
When it comes to wealth, Lagos State is a class of its own. Even without any allocation from the Federal Government the state can survive on its own.
With a population of over 18 million people, the ranks among the wealthiest states in Nigeria. The state is located within the South-West geopolitical zone of Nigeria. It shares boundaries with Ogun State and the Republic of Benin.
Lagos is the economic capital of Nigeria. It is home to the top organizations and manufacturing firms in the country. Though not as big as other states, the revenue it generates far exceeds that of several states combined.
We have in this article discussed the top 10 richest states in Nigeria. Going by their internally Generated Revenue and GDP, these are Nigeria’s wealthiest states at the moment.