Are you interested in knowing the wealthiest states in Nigeria? In this article we will list the richest states in Nigeria based on GDP, you might be shocked to see some states which you never thought will be listed.
Each of the states listed in this post is ranked based on their most current GDP, their revenue sources, the natural resources they have, and many other income sources.
As we all know, Nigeria is one wealthy country, Nigeria is one of the richest countries in Africa based on the major natural resources which is crude oil and according to the world population review, Nigeria is ranked the second richest country in Africa based on GDP.
Apart from crude oil, Nigeria has the largest population in Africa and this is a plus for the country, there are many trades going on in and outside of Nigeria and it is a target for investors.
So, you shouldn’t be shocked at the feat Nigeria has achieved because it has everything to make it one of the richest countries. Some states in Nigeria alone make much GDP than some African countries yearly, this has to be respected.
Most states in Nigeria’s money is from crude oil while some are from taxes from industries, mining, and some from agricultural practices. Check out the Full List Of Oil Producing States In Nigeria.
Almost all Nigerian states are performing well but out of the 36 states we have in Nigeria, Yobe state is the poorest state in Nigeria with a GDP of $2.01 billion followed by Gombe State with a $2.5 billion GDP.
Lagos State is the richest with a GDP of $136 billion, Lagos State is the economic base of the country as we have many things going on in the state, mining, industries, trades, production, and everything that makes a city distinct.
What is GDP?
According to Wikipedia, Gross domestic product is a monetary measure of the market value of all the final goods and services produced in a specific time period.
Without much ado, let us proceed to know much about other states that fetch Nigeria the biggest money yearly.
List of Richest States In Nigeria & Their GDP
Below is the list of the richest states in Nigeria, how they generate their income, how much they generate, and every other thing you need to know about each one of them;
1. Lagos State
Lagos State doubles as the most developed state in Nigeria and as the richest state in Nigeria and according to the International Monetary Fund (IMF), it has been predicted that Lagos State’s economy will grow by 4% to more than $140 billion.
As it is, Lagos state is fit to be a country on its own because it will do well and also still be listed as one of the richest countries in Africa probably the 5th richest country in Africa.
Lagos State is the most populous state in Nigeria and commercial activities thrive well in the state making it the busiest state in Nigeria. The revenue is generated from crude oil, industries, agriculture, and many more.
2. Rivers State
Rivers State also made it on our list of top 10 richest states in Nigeria mainly because of the huge deposit of crude oil found in the state. Rivers State is the second-richest state in Nigeria and has contributed a lot to the income of Nigeria.
Rivers State is located in the South-Southern region of Nigeria and has its capital city which is Port Harcourt, one of the biggest and most developed cities in Nigeria.
Rivers State as of the last general census has around 7 million inhabitants and is rated as the 6th most populous state in Nigeria.
The state is also a busy one especially the capital city Port Harcourt which is a commercial center and apart from crude oil the state is also rich in other natural resources like glass, snd and clay, silica, and many more.
The state accounts for over 70% of its GDP from crude oil which is worth $21.07 billion and good income from agriculture and fishing.
3. Delta State
Taking oil out of Nigeria you can imagine the result it will have on the country, Delta State which is located in the Niger Delta region has a good contribution to the nation’s economy and its GDP is $16.749 billion.
The state has a population of over 4 million inhabitants and is one of the top oil-rich states, you must have heard about cities like Sapele, Warri, and Asaba, those big cities are found in this state.
Just like other states in Nigeria, Delta state is also blessed with other natural resources like silica, limestone, industrial clay, decorative rocks, and many more enough to make it thrive even without crude oil.
4. Oyo State
A Yoruba-dominated state which is located in the South-Western region of the country is an ancient state with many historical facts.
Oyo state is also blessed with crude oil and remains one of the richest states in Nigeria with around $16.121 billion GDP.
Mind you, Oyo state is richer than most oil-producing states in Nigeria based on the agricultural practices going on in the state.
The state produces agricultural products like millet, maize, cocoa, cashew, palm produce, cassava, and many more in larger quantities.
5. Imo State
Imo state is located in the South-Eastern region of Nigeria and is rated as the fifth-richest state in Nigeria and also the richest in the whole of the eastern region in terms of GDP which is around $14.212 billion.
Imo state capital city is Owerri, Owerri is a commercial city with a huge population, the state is also an oil-producing state and is rated among the most developed states in Nigeria.
Imo state also has a good number of billionaires in Nigeria and some notable public figures like Rochas Okorocha who has once been the Governor of the state and presently a senator.
Imo state natural resources are calcium, Iroko, bamboo, mahogany, Obeche, oil palm, rubber, limestone, fine sand, white clay, and natural gas.
The state is blessed with crude oil and natural gas, calcium, Iroko, bamboo, oil palm, rubber tree, mahogany, and obeche that fetch lots of revenue for the state. You can also find limestone, fine sand, and white clay within the state.
6. Kano State
Kano state is the most recognized in the Nothern Region of Nigeria and has been a commercial hub of Northern Nigeria, the state is one of the most important states in Nigeria having a GDP of $12.393 billion.
The state is rich in culture and is also one of the wealthiest amongst the northern states in Nigeria. Not that alone, Kano state is also one of the most populated states in Nigeria.
You should be familiar with names like Sanusi Lamido, the former governor of the central bank of Nigeria, we also have countless prominent personalities from Kano state.
After Lagos state, Kano state is the next most industrial city in Nigeria and the largest in the Northern region.
The state generates its revenue from animal feeds, agriculture, textiles, footwear, ceramics, cosmetics, furniture, pharmaceuticals, plastics, and many more.
Kano generates its revenue from agriculture and industries like textile, footwear, cosmetics, enamelware, ceramics, furniture, pharmaceuticals, plastics, and animal feeds.
7. Edo State
Edo state is a historical state having four major ethnic groups in Nigeria the Esan, Bini, Owan, and the Etsako. Edo state, don’t be surprised that Edo state is also one of the Oil producing states in Nigeria.
The capital city of Edo state is Benin City, apart from money generated from crude oil, the state is also rich in other natural resources like limestone, quarry, etc.
Edo state has over 5 million inhabitants and is one of the most populous states in Nigeria, the state has an annual GDP of $11.888 billion.
8. Akwa Ibom State
Akwa Ibom state is a beautiful state with a huge reserve of crude oil and natural gas, the state has a GDP of $11.179 billion.
This is a very important state to Nigeria, the state also boasts of an International Airport and Ibom AIr which is an airline of the state.
Akwa Ibom is located in the South-South region of Nigeria having its commercial city and capital city Uyo which is among the biggest cities in Nigeria.
The state has a world-class stadium and notable public figures like Godswill Akpabio who was once the former governor of the state.
The state is filled with hardworking Nigerians and they do not depend on crude oil only as they also love agriculture and some industries sited in the state. Check out the Top Richest Men in Akwa-Ibom.
9. Ogun State
The Gateway state is always present when talking about Nigeria, the state is one of the states with the highest number of rulers in Nigeria. The state is tagged as the industrial hub of Nigeria due to the high influx of industries and investors.
Ogun state is a very important state in Nigeria and it has a GDP of $10.470 billion annually.
The state is home to many companies and factories like Lafarge cement, Dangote Cement Factory, Nestle, and many more.
Its capital city Abeokuta is a home for tourism, with the popular Olumo Rock and many tourist attractions centers, Ogun state is also a base for most churches’ auditoriums and also has the highest number of higher institutions in Nigeria.
Ogun State is known to be a state for talented and high profile leaders like the popular boxer Anthony Joshua, Wole Soyinka, Olusegun Obasanjo, Fela Anikulapo, Femi Kuti, Mike Adenuga, Moshood Abiola, Obafemi Awolowo, Yemi Osinbajo, Wizkid, Ebenezer Obey just to mention few.
The popular Ofada Rice rich in quality and nutrients is from Ogun State and exclusively grown in the state.
10. Kaduna State
Another Northern state after Kano state is Kaduna State, the state made it on our list of top ten richest states in Nigeria having a GDP of $10.334 billion.
Kaduna is a very popular state in Nigeria and has some popular cities like Kafanchan, Nok, and many more.
Kaduna state mainly focuses on Agriculture and most of its revenue is gotten from products like maize, groundnut, millet, livestock like cattle, and many more.
Kaduna state is doing well in terms of education and is one of the most educational bases in the country.
Apart from agriculture, Kaduna state also boasts of some expensive natural resources like Amethyst, Gold, Graphite, Kyanite, and Sillimanite.
The list we have provided is the current list of the richest states in Nigeria and they are rated according to their GDP per annum, we have other rich states too which we already have talked about in our previous posts.
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