If you need the richest states in Nigeria to decide your investment opportunities, you are in the right place. Nigeria has 36 states and a federal territory, Abuja. Each with its own distinct culture and economy. Some states have a long history of oil resources, while others have had to build their wealth from scratch.
However, a state is ranked among the richest state in Nigeria based on the Gross domestic product (GDP) which is actually the final market price of all goods and services produced.
So if you want to know the 15 Richest States In Nigeria and their sources of wealth, you should consider reading this article until the end.
Top15 Richest States in Nigeria and their Source of Wealth
Below are some of the richest states in Nigeria and their sources of wealth.
1. Lagos State
Lagos state is number one on our list of richest states in Nigeria and their sources of wealth because it is actually the richest state in Nigeria and also one of the most developed states in Nigeria.
Lagos state has a GDP of $100 billion as of 2014. It might interest you to know that Tax is one of the major sources of Lagos state wealth. The government of Lagos state has put in a lot of structures in terms of tax collections. It is one of the states with the most effective practices in collecting business and personal taxes.
Considering the many industries and activities that happen in Lagos you would believe that the government would be able to generate a lot of money from taxation.
The biggest urban center in the nation is perhaps the most economically significant state in the nation.
It is a significant financial hub and, if it were a nation, would have Africa’s fifth-largest economy. It is Nigeria’s wealthiest state. The fact that Lagos is home to the nation’s busiest seaports is another main source of its income while transportation is another major source of income the state generates billions of Naira annually from transportation.
2. Rivers State
River state is the second richest state in Nigeria with a population of over 5.2 million and a GDP of N314.9 billion. River state covers an area of 11,077 square kilometers which makes it a big state.
Rivers is one of the largest oil-producing states and among the Niger Delta projects. The area has rich natural gas and crude oil deposits.
Of interest, Rivers State had the third-highest FAAC allocation in 2018 with 172 billion Naira, coming in at third place overall. More than 60% of Nigeria’s crude oil output. Port Harcourt is located in Rivers as well.
3. Delta State
There are 4.1 million people living in the area as a whole. 16.75 billion dollars is its GDP. Natural resources such as limestone, ornamental rocks, tar sands, kaolin, lignite, silica, and industrial clay are abundant in Delta state.
One of Nigeria’s greatest reserves of natural gas and crude oil is located in Delta. It is Nigeria’s third-richest state.
A federal high court in Abuja also ordered the federal government to provide the state with $1.638 billion in accrued income in 2021.
4. Oyo State
Oyo state is among Nigeria’s top 15 richest states. Oyo has a population of about six million people overall. $16.12 billion is its GDP.
The agriculture industry employs the majority of economically active people. Cashews, palm oil, cocoa, plantains, rice, millet, cassava, yams, and corn are all produced in Oyo.
It is Nigeria’s fourth-richest state. Oyo is located in the South-Western part of Nigeria
5. Imo State
Natural resources including zinc, natural gas, crude oil, lead, limestone, fine sand, and white clay are abundant in Imo. In Imo, there are more than 163 oil wells. Imo is located in the South-East part of Nigeria and its GDP is around $ 14.21 billion.
Agip, Royal Dutch Shell, Chevron Corporation, and Addax Petroleum are the principal oil corporations in the area. Imo is Nigeria’s fifth-richest state mostly because of these factors.
The majority of state citizens work in agriculture, raising crops including yams, cassava,
6. Kano State
Kano is one of the wealthiest states in Nigeria with an estimated population of 11 million and a GDP of $12,39 billion. Kano is a significant producer of skins and hides.
In addition, it produces cotton, soybeans, sesame, cotton gum arabic, garlic, and chili.
With more than four million people residing inside a 449 km2 (173 sq mi) area, Kano is the second-largest city in Nigeria after Lagos.
Located in the Sahel, south of the Sahara, Kano is a crucial trans-Saharan commerce route.
7. Edo State
Benin City which is in the southern part of Nigeria serves as the capital of Edo. With 3.5 million inhabitants and a GDP of $11.9 billion, Edo is one of the wealthiest states in Nigeria.
The Emotan Statue in Benin City, the Niger River, and Lake Ise Beach in Agenebode are just a few of Edo’s well-known tourist destinations.
It is a sizable state with abundant natural and human resources.
8. Akwa Ibom State
The country’s southern region is where Akwa Ibom is situated. There are 5.5 million people living there in total. The Ibom Library, a top-notch information hub, is located in the area.
Ibibio, Annang, Oron, Eket, and Obolo make up the majority of the ethnic groups of Akwa Ibom. It has an $11 billion GDP. The eighth wealthiest state in Nigeria is Akwa Ibom.
9. Ogun State
Ogun is situated in the country’s southwest. There are about four million people living there in total. A significant number of enterprises, including Procter & Gamble in Agbara, Coleman Cables in Arepo, Lafarge Cement in Ewekoro, and Cemento Dangote in Ibese, are located in the area. One of the richest states in Nigeria, with a GDP of $11 billion.
10. Kaduna State
Kaduna is situated in the nation’s north-central region. There are 6.1 million people living there in total.
With more than sixty distinct ethnic groups residing here, Kaduna is one of the most cosmopolitan states in the nation.
With a GDP of $10.33 billion, it ranks as Nigeria’s tenth-richest state. The agriculture industry employs the majority of economically active people.
11. Cross River – $9.29 Billion
Cross River state is not an exception among the richest states in Nigeria. The city of Cross River is situated in the nation’s southeast. On its eastern border is Cameroon. There are about four million people living there in total.
The Bekwarra, Ejagham, and Efik are the three principal ethnic groups that make up the Cross River. Cross Rivers is the tenth wealthiest state in Nigeria based on its GDP of $9.29 billion.
12. Abia – $8.68 Billion
The southernmost region of the nation is where Abia is situated. It has a total size of around 6,320 square kilometers. Three million people live in the area as a whole.
Over 40% of the GDP of Abia is derived from the production of oil and gas.
In Abia, 36,000 barrels of crude oil are produced each day by more than 100 oil wells. One of the richest states in Nigeria, with a total GDP of $8.68 billion.
13. Ondo – $8.41 Billion
With a total size of 15,500 square kilometers, Ondo is situated in the country’s southeast. With a population of 3,500,000 people and an annual GDP of $8.41 billion, Ondo is the thirteenth wealthiest state in Nigeria.
Ondo is home to a large number of ethnic groups, including the Owo, Ondo, Ilaje, Oktipupa, Akure, and Akoko.
14. Osun – $7.28 Billion
Osun is another very rich state in Nigeria that covers an area of over 9,251 square kilometers. Osun state has a total GDP of $ 7.28 billion and a population of about
15. Benue – $6.86 Billion
Benue is in the country’s southeast corner. It has a total area of about 34,059 square kilometers. Benue’s gross domestic product (GDP) is $ 6.86 billion. The population is estimated to be at 4,500,000 people.
Benue has a lot of agricultural potentials. Because of these factors, it is one of Nigeria’s wealthiest states.
It advertises itself as the nation’s breadbasket. Coconut, sesame, millet, sorghum, soybeans, corn, potatoes, cassava, beans, rice, and yams are among the crops grown there.
The agricultural sector is vital to the region’s economy. Agribusiness employs almost 80% of Benue’s population.
Which State Is More Developed In Nigeria?
Lagos state is obviously without a doubt the most developed state in Nigeria with it population of over 20 million residents and serving as the economic center of the country.
Being the most popular state, Lagos was also the former capital of Nigeria and also the richest state in Africa, and the 3rd richest city in Africa.
Which State Has The Best Economy in Nigeria?
Lagos state is the most developed state in Nigeria and also the best economy in Nigeria. Lagos state has a population of over 20 million residents and serves as the economic center of the country.