Top 10 Richest States in Nigeria for 2024
Top 10 Richest States in Nigeria for 2024

Top 10 Richest States in Nigeria for 2024

Nigeria, being the largest economy in Africa, has many states that contribute significantly to its overall prosperity. Some states have been able to efficiently utilize their ample natural resources as well as develop crucial industries over the years to emerge as economic powerhouses. Let’s take a detailed look at the Top-10 Richest States in Nigeria for 2023 based on their estimated Gross Domestic Product (GDP) and other key economic metrics.

 

Top-10 Richest States in Nigeria

Lagos State

Unsurprisingly, Lagos State takes the top spot as the richest state in Nigeria. Home to the bustling metropolis of Lagos city, the state accounts for over 20% of Nigeria’s GDP. Its GDP stands at a mammoth $102 billion, over twice that of the second-richest state.

Lagos owes its vast wealth primarily to its strategic location as the nation’s largest commercial hub and most important sea and airport. It is also a leading industrial center housing numerous manufacturing units. The state rakes in phenomenal revenues through taxes on international trade activities at the Apapa and Tin Can Island ports.

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Rivers State

With an estimated GDP of $19.72 billion, Rivers State is the second wealthiest state driven by its huge oil and gas reserves. As the hub of Nigeria’s oil industry, Rivers accounts for over 40% of the nation’s crude production. It is also home to offices of major petroleum giants like Shell and Total.

Besides oil, the state has a thriving agriculture sector growing crops like yams, palm oil, and cocoa. Fishing too contributes significantly to its economy.

Delta State

Also located in the oil-rich Niger Delta region, Delta State comes third with a GDP of $15.33 billion. It boasts vast hydrocarbon deposits and produces over 40% of Nigeria’s natural gas reserves.

Agriculture forms another important segment in the Delta economy through the cultivation of rice, cassava, yams, and plantains. The state is focused on diversifying into manufacturing, services, and new industries.

Ogun State

Ogun State earns the fourth spot with a GDP estimated at $12.46 billion. Also called the “Gateway State”, it is a leading industrial hub in Nigeria accommodating manufacturing giants like Dangote Cement and Lafarge.

A thriving agriculture sector cultivating crops like cocoa, rubber, and oil palm complements Ogun’s industrial strength. It further benefits from its proximity to the commercial nerve center Lagos.

Akwa Ibom State

With a GDP of $19.25 billion, Akwa Ibom ranks fifth wealthiest, primarily riding on oil revenues. Over 50% of its economy rests on petrodollars as a major crude producer.

It also has a thriving agriculture sector growing crops like yam, cassava, and plantain. Akwa Ibom pursues industrialization and focuses on areas like heavy machinery manufacturing.

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Kano State

Kano State earns the 10th spot with a GDP of $10.67 billion. It has a diversified economy with over 350 manufacturing companies in industries like textiles, food processing, and pharmaceuticals. Agriculture also contributes significantly through crops such as cotton, groundnuts, and rice. With its strategic location and large market base, Kano State remains an important economic hub.

Kano is one of the largest commercial centers in Nigeria, with over 20 billion NGN transacted daily in its main market. Agriculture forms a key backbone, with over 60% of the population engaged in subsistence farming.

Oyo State

Home to the historic city of Ibadan, Oyo state’s GDP stands at $9.11 billion, securing the seventh position. Agriculture dominates through exports of cocoa, timber, and cassava.

It also has a diversified economy comprising manufacturing, mining, and strong tertiary industries including finance and education services.

Imo State

Landlocked Imo earns the eighth spot with a GDP totaling $19.02 billion. Its economy too relies on agriculture harvesting crops such as yams, cassava, and plantains grown across the rich Niger basin soil.

Imo also has deposits of crude oil, gas, and limestone and focuses on industrialization through special economic zones catering to manufacturing.

Anambra State

Situated in southeast Nigeria, Anambra has a GDP valued at $12.73 billion to is the ninth richest. Agriculture remains important through the cultivation of corn, yam, and rice.

It also accrues oil revenues and boosts from industries like automobile assembly, breweries, and focused SEZs. The commercial capital Onitsha is a major trading hub.

Kaduna State

The sixth richest state, Kaduna has a GDP valued at $10.67 billion. Agriculture forms the backbone through the cultivation of cash crops like cotton, groundnuts, and cassava on vast fertile lands.

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It also houses key industries like textiles, food processing, and steel and aims to emerge as a manufacturing and innovation hub.

Edo State

Closing the top ten is Edo State with an estimated GDP of $9.88 billion. Its chief economic activities involve the cultivation of cash crops like rubber, oil palm, cocoa, and maize across fertile deltas.

Beyond agriculture, industries like steel manufacturing, brewing, and petrochemical refining also contribute. Edo has ambitions to emerge as a tourism hotspot too.

 

Frequently Asked Questions

Which is the richest state in Nigeria?

Lagos State is consistently the most prosperous state in Nigeria with a GDP valued at over $102 billion in 2023.

What are the top 5 richest states in Nigeria?

The top 5 richest states in Nigeria are:

Lagos State

Rivers State

Delta State

Ogun State

Akwa Ibom State

What factors determine the wealth of a Nigerian state?

The key factors that influence the wealth of Nigerian states include available natural resources like oil & gas deposits, arable land for agriculture, industries, strategic location for trade, robust infrastructure, and supportive business policies.

Which state is the poorest in Nigeria?

Sokoto State located in northwest Nigeria has the dubious distinction of being the poorest state with a GDP per capita of just $1,215, much lower than the national average.

 

Conclusion

In summary, Lagos, Rivers, Delta, Ogun, and Akwa Ibom have consistently ranked among the To Top Richest states in Nigeria leveraging their natural assets, strategic location, and industries over the years. However, states like Imo, Anambra, and Edo are fast catching up through prudent policies promoting industrialization. Diversification from oil dependency will be crucial for states to sustain their riches long term.

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