Top 10 Richest States In Nigeria - Updated List 2023
by Surya
Updated Apr 07, 2023
Richest States In Nigeria
Nigeria is divided into six geo-political zones, and the southwest zone supported by Lagos generates the highest revenue of over 972 billion NGN, making it the wealthiest zone in the country. However, the Federal Capital Territory (FCT) is not considered a state and is therefore not included in the list of the wealthiest states in Nigeria. Using only internal revenue and capital income as the most significant determinants of wealth, the following states are considered the richest in Nigeria:
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Top 10 Richest States In Nigeria 2023
S.NO
Top 10 richest states in Nigeria
1
Lagos State
2
Rivers State
3
Ogun State
4
Delta State
5
Kaduna State
6
Oyo State
7
Edo State
8
Kano State
9
Akwa-Ibom State
10
Anambra State
What are the Top 10 Richest State In Nigeria?
Nigeria, a country abundant in mineral and human resources, possesses the potential to become one of the world's most powerful nations. Despite the country's leadership challenges that have resulted in mismanagement, some states in Nigeria have been successful in establishing self-sufficient systems that enable them to thrive without federal government support. Currently, Nigeria has 36 states, and according to the country's legislation, the federal government controls all mineral resources, leaving the states to rely heavily on the federal government for financial aid. However, certain states in Nigeria have developed efficient structures that generate significant revenue for their respective state governments.
1. Lagos State
Undoubtedly, Lagos State, situated in the southwest region of Nigeria, is the wealthiest state in the country, contributing 40% of the nation's total income. Despite being the smallest in terms of land area, Lagos State is the only state that generates half-year revenues in twelve digits, owing to its thriving economic prospects. As the leading economic and financial hub of Nigeria, Lagos is a global metropolis that attracts 20,000 new residents daily, seeking opportunities in its limitless options. With a population that makes it the third most populous city globally, Lagos has a vast retail market that promotes manufacturing activities, particularly in industrial areas such as Ikeja, Ikorodu, and Surulere, as well as ports like Apapa and TinCan Terminals. Moreover, Lagos State's status as the fifth-largest economy in Africa is bolstered by the fact that over 50% of the country's industries, particularly in agri-food and oil services, are situated in the state. A key factor contributing to Lagos State's wealth is its port, which processes more than 1.2 million containers yearly and handles three-quarters of Nigeria's imported refined oil.
2. Rivers State
Rivers State, a significant oil and gas-producing state situated in the Niger Delta region, is the second-wealthiest state in Nigeria. The oil and gas industry constitutes 44.6% of the state's gross domestic product, surpassing other sectors such as agriculture and computer technology, each contributing 10%. The gross domestic product of Rivers State is also supported by the industry and services sectors, contributing 7% and 6%, respectively. As one of the wealthiest states in Nigeria, Rivers State hosts the headquarters of Nigeria Liquefied Natural Gas Limited, a national corporation responsible for the production and export of liquefied natural gas. Through the national oil corporation, NNPC, the state controls 49% of the enterprise, while Shell, Total, and Eni own 25.6%, 15%, and 10.0%, respectively. Additionally, Rivers State is home to the renowned Bonny Island, which houses several refineries and gas processing complexes.
3. Ogun State
"The Gateway State," Ogun State, located in the southwest of Nigeria, is the third-wealthiest state in Nigeria due to its large concentration of industrial districts. Ogun State is home to major factories such as Dangote Cement in Ibese, Nestlé, Lafarge Cement Factory in Ewekoro, Memmcol in Orimerunmu, Coleman Cables in Sagamu and Arepo, and Procter & Gamble in Agbara. Cement mills in Sagamu, food processing facilities (including industry giants like Unilever and Nestlé), breweries, and manufacturing plants producing plastic, rubber, aluminum, and paint are the primary sectors contributing to Ogun State's status as Nigeria's third-richest state. Agricultural products such as rice, maize, cassava, yam, plantains, cocoa, palm oil, tobacco, and cotton contribute over 40% to the state's gross domestic product (GDP). The capital city of Ogun State, Abeokuta, is a crucial economic town, serving as the road and rail connection between Lagos and the rest of the nation. Ogun State's arable land makes up 74% of its surface, of which only 30% is currently farmed, while remnants of tropical rainforest and savannah woodland occupy a portion of the northwest.
4. Delta State
Situated in the Niger Delta, Delta State is the fourth-richest state in Nigeria, boasting 35% of national crude oil output and 40% of natural gas reserves. While oil and gas are its primary natural resources, the state is also rich in other minerals such as silica, lignite, kaolin, tar sand, gemstones, and limestone. Fishing and farming are important economic activities in the state, and it also has thriving textile, glass, chemical, chalk, plastic, and rubber plants. Delta State is home to the Delta Steel Company (DSC), located in Aladja, which is a major steel manufacturing facility in Nigeria. Although it is currently controlled by Premium Steel and Mines Limited (PSML), it is reportedly struggling to stay afloat. The Ethiope River is a notable attraction in the state, as it is said to be the only clean body of water in Nigeria and is also shrouded in mystique due to its source flowing under a magnificent tree. Delta State's Ogbe-Ogonogo Modern Market is also one of Nigeria's largest marketplaces, serving as an important hub for trade and commerce.
5. Kaduna State
Kaduna State, located in Northern Nigeria, is the fifth wealthiest state in Nigeria, with agriculture contributing eighty percent of its GDP. The state is known for its cotton production and also grows crops such as potatoes (with an annual harvest of 280,000 metric tonnes), yams, tobacco, beans, millet, ginger, rice, and cassava. Although one of the country's four oil refineries is located in Kaduna State, it is no longer functional. Nevertheless, the state is home to over 350 manufacturing firms, with most being small and medium-sized enterprises. The industrial sector is dominated by textiles, food, and cattle, and commerce and services contribute more than a quarter of the state's gross domestic product. Animal husbandry, including poultry, sheep, goats, and pigs, is also a significant part of the state's economy. The state's natural resources include clay, serpentine, asbestos, amethyst, kyanite, gold, graphite, and sillimanite graphite. Kaduna State is also a significant player in the education sector, with more federal universities than any other state in Nigeria.
6. Oyo State
Oyo State, located in the southwest of Nigeria, is the sixth wealthiest state in the country. Its capital is the third most populous city in Nigeria and was previously the second most populous city in Africa. The state was founded on February 3, 1976. Oyo State is well-known for hosting Nigeria's first university, the University of Ibadan, which is the country's foremost institution of higher education. The state's economy is primarily based on agriculture, with the city of Shaki serving as its primary agricultural center. Cassava, cocoa, and tobacco are key crops that contribute to the state's economy. In addition, Oyo State is recognized for its cottage industries, such as cotton spinning, weaving, leather dyeing, and wood carving. Ibadan, the state capital, is home to various agricultural regions and a tropical forest. It is also a hub for several research institutes, including the International Institute of Tropical Agriculture and the Cocoa Research Institute of Nigeria. Oyo State's economy is also supported by several industries, including food processing, abattoirs, breweries, printing facilities, tobacco processing plants, furniture manufacturing, and car assembly. As one of the richest states in Nigeria, Oyo State is a crucial economic and educational center.
7. Edo State
Situated in southwestern Nigeria and established on August 27, 1991, Edo State is located near the heart of the ancient Benin Kingdom. Although crude oil production contributes less than 10% of the state's revenue, it has helped Edo State become the seventh-richest state in Nigeria. Despite this, agriculture remains the mainstay of the state's economy, with yams, cassava, oil palm, rice, and maize as the primary crops for subsistence, while rubber, lumber, and palm oil are the primary crops for income generation. Edo State is also a prosperous hub for various manufacturing industries, including medicines, rubber, plywood, beer, timber, and furniture.
8. Kano State
Ranked as the eighth-richest state in Nigeria, Kano State is home to the second most industrialized city in the country, serving as a major commercial hub transacting over 20 billion NGN daily. The state's history closely aligns with the old Emirate of Kano, which predates British colonization. The economy of Kano State is dominated by industries such as food processing, textiles (such as African Textile Manufacturers Ltd.), pharmaceuticals, vehicle assembly (including National Truck Manufacturers Ltd.), stationery, and footwear, which contribute to about two-thirds of the state's GDP. Additionally, over 60% of Kano State's population engages in subsistence farming of crops such as peanuts, rice, wheat, soybeans, sesame, cotton, and peppers. As the richest state in northeastern Nigeria, Kano State is home to the largest grain market in the subregion.
9. Akwa-Ibom State
Ranked as Nigeria's ninth-wealthiest state, Akwa-Ibom State is the country's third-largest producer of oil and gas. This sector accounts for 59% of the state's GDP, surpassing agriculture, which contributes 15% to the economy. The state's main agricultural products include palm oil, rubber, maize, cassava, yams, and rice. Fishing is also an important industry since the state is situated along the coastline. The information and communications technology (ICT) and industrial sectors account for a relatively small portion of the economy, with 6% and 4% of GDP, respectively. Nonetheless, some small and medium-sized technology firms have emerged, primarily in the capital city of Uyo. Akwa-Ibom State, located in the Niger Delta, has an abundance of water and a vast forest, making it one of the wealthiest states in Nigeria due to the abundance of irrigated crops and fish in its rivers.
10. Anambra State
Anambra State, located in the southeast region of Nigeria, boasts Awka and Onitsha, it's capital and port city, as two significant economic hubs, respectively. The state has gained the reputation of having the lowest poverty rate in the country, thereby ranking it as Nigeria's tenth-richest state. It is commonly referred to as the "Light of the Nation" and is the eighth most populous state despite being the second smallest in the region. Onitsha, on the other hand, is one of the most populous cities in Nigeria. The state is abundant in natural resources such as natural gas, crude oil, bauxite, and ceramics, making it suitable for agro-industrial activities such as farming and fishing. With over 100% arable land, Anambra State has a vast area of cultivated land for agriculture and grazing.
In 2006, Anambra State made its debut on the list of richest states in Nigeria when Orient Petroleum Refinery (OPR), the country's first private refinery, was established. Efforts by Governor Peter Obi and other stakeholders in Orient Petroleum led to the discovery of oil in the Anambra River Basin, which also has undiscovered gas deposits with a potential of one quadrillion cubic feet. The state, which has about 13 oil wells, is capable of producing over 100,000 barrels of crude oil per day, making it one of the wealthiest states in Nigeria.
Top 10 Richest States In Nigeria 2023 - FAQs
The top 10 richest states in Nigeria are Lagos, Rivers, Delta, Oyo, Imo, Kano, Edo, Akwa Ibom, Ogun, and Anambra.
The richest states in Nigeria are determined by their internal revenue and capital income, which are the two most commensurate determinants of wealth.
The primary source of wealth in Lagos State is its position as the commercial and economic hub of Nigeria.
Delta State is the largest producer of crude oil in Nigeria.