The Richest States in Nigeria 2024
The Richest States in Nigeria 2024

The Richest States in Nigeria 2024

Nigeria is comprised of 36 states and the Federal Capital Territory of Abuja. Each state has a unique culture, landscape, and economy. Over the years, some states have established themselves as economic powerhouses within the country. Let’s take a comprehensive look at the richest states in Nigeria in 2024 and what factors have contributed to their wealth.

Methodology

To determine the richest states in Nigeria, we considered several key metrics including:

Gross Domestic Product (GDP)

Major industries

Agricultural output

Natural resource endowments

Tax revenue generation

Economic diversification

States with higher GDP figures, a strong industrial base, abundant natural resources, and successful tax collection were ranked as the richer states in Nigeria. Let’s examine the top 15 in more detail.

The Richest States in Nigeria 2024

  • Lagos State

With a GDP of over $100 billion, Lagos is the richest and most economically influential state in Nigeria. It contributes over 60% of the non-oil industry and is home to vibrant seaports, manufacturing zones, and the largest international airport in the country. 

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Lagos generates over N753 billion annually from taxes due to its thriving financial sector, technology startups, and transport industry.

  • Rivers State

As the second richest Nigerian state, Rivers has a GDP of N314.9 billion. It produces 60% of Nigeria’s crude oil and has significant natural gas reserves as well. Port Harcourt, the capital, is a major trading hub located on the Bonny River.

  • Delta State

Delta is endowed with large oil and gas deposits, contributing 35% of Nigeria’s total crude oil output. It has a GDP of N80.2 billion from industries like steel manufacturing, fishing, farming, and petroleum refining concentrated around Warri.

  • Oyo State

Agriculture is the primary occupation in Oyo, with important cash crops including cocoa, cotton, and palm oil. The state’s diversified economy and location near Lagos have helped grow its GDP to N52.1 billion. Ibadan, one of Africa’s largest cities, boosts commerce.

  • Imo State

Oil production makes Imo one of the wealthiest southeastern states. It has a GDP of N42 billion from over 163 operational oil wells. Other revenue sources include mining, farm produce like yams, and economic activity in Owerri, the capital city.

  • Kano State

As the economic nerve center of Northern Nigeria, Kano has a GDP of N40.4 billion supported by farming, agro-allied companies, and over 350 manufacturing firms. Cotton, grains, animal husbandry, and leatherworks employ a substantial workforce here.

  • Edo State

Benin City is an administrative and trading center boosting Edo’s GDP of N42.4 billion. The state earns from crude oil extraction, agriculture of crops like rubber and palm oil, and mining resources like limestone and clay.

  • Akwa Ibom State

Oil production accounts for 59% of Akwa Ibom’s GDP valued at N31.4 billion. It ranks among the top three crude oil-producing Nigerian states. Fishing and farm output along the coastal plains supplement other income sources.

  • Ogun State

As the location of several manufacturing industries, Ogun has a GDP of N100.7 billion. Major companies situated here include Dangote Cement, Lafarge, and automobile parts manufacturer Elizade. Food processing and cash crops are also significant.

  • Kaduna State

Diverse agriculture sustains 80% of the population in Kaduna. With a GDP estimated at N52.9 billion, it ranks as the fifth richest northern state due to crops like cotton, groundnuts, and grains.

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Other high-income states that made the list based on available data include Cross River, Abia, Ondo, Osun, and Benue.

Frequently Asked Questions

Which state has the largest economy in Nigeria?

Lagos State has the largest and most vibrant economy in Nigeria. It accounts for over 60% of industrial and commercial activities in the country.

What is the poorest state in Nigeria?

The poorest states based on available data are Ebonyi, Yobe, Sokoto, Zamfara, Kebbi, Jigawa, and Taraba. They have a GDP per capita below $1,000 annually and struggling economies.

What are the major industries in the richest Nigerian states?

Major industries vary by state but include oil/gas production, agriculture, manufacturing, mining, and financing/services. Lagos, Rivers, and Delta focus on oil, while Oyo and Kano lead in farming and Ogun has many factories.

Which state generates the highest IGR in Nigeria?

Lagos State tops the chart with an annual internally generated revenue (IGR) of over ₦753 billion due to the effective collection of taxes across various sectors like transportation, real estate, and business operations.

What is the GDP of Kano State?

As one of the wealthiest northern states, Kano has a GDP size of N40.4 billion supported by agro-allied industries, manufacturing, and commercial enterprises situated around the capital Kano City.

What are the main economic activities in Cross River State?

Cross River has a thriving agricultural industry growing cocoa, oil palm, cassava, and rice. It also earns from crude petroleum production, tourism attractions like Tinapa Resort, and micro, small, and medium enterprises concentrated in Calabar.

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Conclusion

This overview of the 15 richest states in Nigeria highlighted their differing economies, revenue streams, and development levels in 2024. While oil, gas, commerce, and industry enrich some, others count on diverse farming and government capital projects. Continued investment in non-oil sectors across all states can build additional prosperity nationwide.

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