List of ten richest states in Nigeria

Which are the richest states in Nigeria today?

Have you ever wondered where your state ranks in riches?

The previous decade has seen a progression of high points and low points in the economy of Nigeria, and a few states have done better compared to other states.

We’ve picked the states that have the most wealth as dictated by a few factors before they are added in our list of top ten richest states in Nigeria.

Figuring out which state is the richest by and large isn’t as unimaginable as it might sound.

Everything comes down to the income of the inhabitants, just as the revenue collected by the local and state government.

The approach that we’ve utilized in ranking the states incorporate states that have the most noteworthy home unit income as the main factor in deciding the wealth of the state.

What’s more, we’ve included the states with the most home values, domestic gross product per capita, internal generated revenues, and yearly government budgets.

We also considered expenditures, executed projects, and the measure of taxes that have been paid to the state per person to build up a general picture of the wealth of the state.

List of Top Ten Richest States in Nigeria

As per these statistics, here are the top ten richest states in Nigeria.

Which is the richest states in Nigeria today?

List of top ten richest states
RankStatesGross Domestic Product
#1Lagos State$29 billion
#2Rivers State$19 billion
#3Delta State$16 billion
#4Oyo State$15 billion
#5Imo State$14.1 billion
#6Kano State$12.4 billion
#7Edo State$11.8 billion
#8Akwa Ibom State$11.1 million
#9Ogun State$10.4 billion
#10Kaduna State$9.3 billion
list of richest nigerian states

Lagos State (GDP: $29 Billion)

Lagos is the richest state in Nigeria. This answer is quite obvious and well known to the majority of Nigerians today.

It is popularly known as the center for excellence where most of the commercial activities in Nigeria are carried out.

The city is also one of the fastest-growing in the world. This is mainly attributed to the higher probability of startup businesses to succeed.

As Africa’s major financial centre, Lagos State provides a total of 10% of Nigeria’s annual GDP and as a city, has the fourth-largest GDP in Africa.

These numbers are also boosted because the state has the major seaports in Nigeria.

All these attractions associated with Lagos alone is enough to qualify it as the richest state in Nigeria.

  • Year of creation: 1967
  • GDP: $29 Billion
  • IGR: $11 Billion
  • Government budget yearly: N1. 17 trillion
  • Government expenditures: N873 Billion
  • Projects:

Rivers State (GDP: $19 Billion)

Anyone who has traveled round the country knows that Rivers State is another buzzing commercial haven in Nigeria.

It’s capital, Port Harcourt is the most significant economically as it is the base of oil companies in Nigeria.

The state is water locked as it is bounded by the Atlantic Ocean which makes it easy for foreign trades, exchange, and investments.

The ocean also serve as a transportation means for exports and imports in the state especially oil and gas products through its huge ports.

Rivers state is one of the few states blessed with huge oil reserves and natural.

Interestingly, Rivers state took N172 Billion as FAAC allocation in 2018, making it the third state with the highest FAAC allocation that year.

This natural resource input to the state’s growth and development cannot be overstated.

It is also Nigeria’s major oil producer with an output of about 60%. Other minerals are available in the state which also help its economy are silica sand, glass sand, and clay.

  • Year of creation: 1967
  • GDP: $19 Billion
  • IGR: $7 billion
  • Government budgets yearly: N480 Billion
  • Government expenditures: N274 Billion
  • Projects: Agriculture, Education, Housing

Delta State (GDP: $16 Billion)

Delta State is well known as an oil and agricultural producing state in Nigeria.

Delta state posses huge reserves of crude oil and puts the state in a position as one of the largest producers of petroleum products in Nigeria.

These petroleum products serve as a major boost to the state’s economy which is not a surprise at all.

Aside agriculture, the state boasts an abundance in mineral deposits ranging from  – industrial clay, silica, lignite, kaolin, tar sand, decorative rocks, limestone, etc.

These minerals provide raw materials for large industries who process them into brick, ceramics, bottle manufacturing, glass, chemical/insulators, chalk and sanitary wares, decorative stone cutting and quarrying.

However, with all the mineral resources they are blessed with, they can do better.

The state is home to various tourists attraction sites such as the River Ethiope, Araya Bible site, Mungo Park house, Niger Bridge and Falcorp mangrove Park.

Did you know that Delta state is home to Alex Iwobi – one of the richest footballers in Nigeria? Now you know

  • Year of creation: 1991
  • GDP: $16 Billion
  • IGR: N36 billion
  • Government budgets yearly: N390 Billion
  • Government expenditures: N210 Billion
  • Projects: Agriculture, Roads and Infrastructure

Oyo State (GDP: $15 Billion)

I don’t know about you, but this is one mention that took me by surprise.

This is due to the general perception people have about the state due to the local feel the state has to it like its poor road conditions, presence of ancient buildings, and so on.

But then comes the adage which says to never judge a book by its cover.

Agriculture and handicrafts are the mainstay of the economy in Oyo state. The economy of Oyo is based chiefly on agriculture and handicrafts.

Agricultural products include yams, corn (maize), cassava (manioc), beans, millet, plantains, tobacco, cacao, palm oil and palm kernels, cotton, kola nuts, indigo, and fruits.

The state’s cottage industry is also massive and one of a kind. Their operations include cotton spinning, weaving, dyeing, leatherworking (sheep and goat skins), wood carving, and mat making.

The state is home to a host of Industries, examples of  which are a cannery, a brewery, a publishing industry, a tobacco-processing factory, wood- and steel-furniture factory, and a motor-vehicle assembly plant.

Ibadan is the site of the International Institute of Tropical Agriculture, the Cocoa Research Institute of Nigeria, and the Federal Agricultural Research Institute.

  • Year of creation: 1976
  • GDP: $15 Billion
  • IGR: N32.4 Billion
  • Government budgets yearly: N282 Billion
  • Government expenditures: N208 Billion
  • Projects: Education, Agriculture and Infrastructure

Imo State (GDP: $14.1 Billion)

Imo State is the fifth state on our list of richest states in Nigeria. Imo is bounded to the east of the Niger River.

The majority of the state’s original tropical rain forest vegetation has been depleted, which paved the way to more open areas of the oil-palm plantation which is one of its biggest sources of income.

Imo state is generally occupied by the Igbo (Ibo) people and is a densely populated area in Nigeria.

Agriculture is also the main occupation of people living in this state and they produce crops such as; yams, taro, corn (maize), rice, and cassava (manioc) are the staple crops, and oil palm is the main cash crop.

Imo is also one of the chief onshore petroleum-producing areas in the country though it has not been exploited to its full capacity.

Owerri, the state capital, is an industrial and educational centre that manufactures beverages, galvanized sheet-iron, leather products, and soap.

  • Year of creation: 1976
  • GDP: $14.1 Billion
  • IGR: N10.3 Billion
  • Government budgets yearly: N276 Billion
  • Government expenditures: N214 Billion
  • Projects:  Roads and Infrastructure

Kano State (GDP $12.4 Billion)

The first state on this list of richest states in Nigeria is Kano state which comes as no surprise.

Aside from the fact that it is one of the first states that come to mind when thinking of northern states, in theory, it is also the richest Hausa state in Nigeria.

Kano State is the second-largest industrial centre, second only to Lagos State and the largest in Northern Nigeria with textile, tanning, footwear, cosmetics, plastics, enamelware, pharmaceuticals, ceramics, furniture and other industries.

Other main products include soft drinks, food and beverages, dairy products, vegetable oil and animal products.

  • Year of creation: 1967
  • GDP: $12.4 Billion
  • IGR: $18.3 Billion
  • Government budgets yearly: N219 Billion
  • Government expenditures: N179 Billion
  • Projects: Infrastructure and Agriculture

Edo State (GDP: $11.8 Billion)

Benin City the capital has a history of being one of the foremost destinations of Europeans during their exploration of the African continent many centuries ago.

Some of the flash points have remained tourists attractions for the state.

Edo joins a host of states whose economy relies majorly on agricultural produce.

Yams, cassava (manioc), oil palm, rice, and corn (maize) are the major crops, while rubber, timber, and palm oil and kernels are cash crops.

Natural raw materials include limestone and lignite which are supplied to Industries in the state which produce pharmaceuticals, rubber, plywood, beer, sawn wood, and furniture.

  • Year of creation: 1991
  • GDP: $11.89 Billion
  • IGR: N15 Billion
  • Government budgets yearly: N184 Billion
  • Government expenditures: N175 Billion
  • Projects: Education and Infrastructure, security

Akwa Ibom State ($11.1 Billion)

The state was made in 1987 by Ibrahim Babangida from the previous Cross River State and is presently the most noteworthy oil-and gas-creating state in the nation.

It would be a gross mix-up excluding this states from the richest states in Nigeria because of this reality alone.

The state’s population comprises fundamentally of Ibibio people groups who raise yams, rice, cowpeas, corn (maize), and cassava for subsistence and oil palms and cocoa as cash crops. Poultry, pigs, sheep, goats, and hares are raised.

Shrimping along the coast and remote ocean angling are likewise monetarily significant.

The state’s mineral assets incorporate lignite stores and offshore oil fields.

The inland city of Uyo is the state capital and is the site of a university (established 1983). Oron is the site of a museum of ethnography, established in 1959.

  • Year of creation: 1987
  • GDP: $11.1 Billion
  • IGR: N20 Billion
  • Government budgets yearly: N672 Billion
  • Government expenditures: N598 Billion
  • Projects: Education, Internal Roads, King’s Flour mills, Rice processing mill, Military schools

Ogun State (GDP: 10.47 Billion)

It will be a mistake if the state that is in the closest proximity to the richest states in Nigeria, Lagos is not among the list of the richest states in Nigeria.

Agriculture is the major income source for Ogun State economy.

They produce rice, corn (maize), cassava (manioc), yams, plantains, and bananas. Cocoa, kola nuts, rubber, palm oil and palm kernels, tobacco, cotton, and timber are the main cash crops.

The quarries available in Abeokuta, the state capital, manufactures building material for major parts southern Nigeria.

Natural deposits include limestone, chalk, phosphates, and clay. Industries produce cement, canned foods, foam rubber, paint, tires, carpets, aluminum products, and plastics.

  • Year of creation: 1976
  • GDP: $10.47 Billion
  • IGR: N29.6 Billion
  • Government budgets yearly: N402 Billion
  • Government expenditures: N384 Billion
  • Projects: Roads, Railways, Education and Infrastructure

Kaduna State (GDP: $9.3 Billion)

The final state on our list of richest states in Nigeria is none other than Kaduna states.

Since the late 1950s, Kaduna has been a significant mechanical, business, and money related place for the northern states of Nigeria. It has a part of the Nigerian Stock Exchange.

Most industries are gathered south of the Kaduna River close to the principle railway intersection.

The city has cotton-textile turning and weaving mills; knit fabrics are likewise created in Kaduna.

The nourishment business produces brew, soft beverages, heated products, and processed meat.

Light produces incorporate calfskin products, plastics, earthenware production, pharmaceuticals, furniture, and TVs; and there are a few printing and distributing firms.

The city’s overwhelming industries make steel and aluminum items, concrete, asbestos concrete, solid squares, electrical engines, weapons, and explosives.

There are a steel-rolling plant, an automobile assembly factory, and an oil refinery (supplied by an oil pipeline from the Niger Delta oil fields). A petrochemical plant started activities in the mid-1980s.

  • Year of creation: 1967
  • GDP: $9.3 Billion
  • IGR: N22 Billion
  • Government budgets yearly: N155 Billion
  • Government expenditures: N114 Billion
  • Projects: Kaduna Cab Scheme, Modernization of Primary Health Center, Biometric Verification, Zaria Water Project, UAC Shopping Mall, Kaduna Geographic Information System., Textile Stimulus Package, Pampaida Millenium Village.

Richest States In Nigeria (Conclusion)

The principal thing that comes to the majority of people’s minds when they consider deciding the richest states is to just realize the sum individuals make.

However, not one statistic completely explains being one of the ‘richest states’.

So, we had a look at these lists of criteria outlined in this article like the GDP, IGR, Government expenditures to give a final list of richest states in Nigeria.

If you don’t find your state on this list, just know that it’s nothing personal.

If you find this article insightful in any capacity, do well to share the post with your friends on your social media accounts.

Even More Topics:

Avatar
The Leading Hustlers Community in the World. If It's Not Making Money, It's Not Making Sense. We are Your Source of Top Quality Contents. We strive to be the most unique hub of meticulously researched content that will add unimaginable value to you.

LEAVE A REPLY

Please enter your comment!
Please enter your name here