Top 10 Richest States in Nigeria (2020) – Nigeria has a total of 36 states enclaved in six geo-political zones.
Each zone is distinct from the other in terms of lifestyle, culture, terrain, religious tolerance, security and GDP which is our focus.
Some of these states can comfortably stay afloat without allocations from the federal government, while some will collapse at the sound of the bad news.
These states that can’t survive to be financially independent are however not to be blamed.
Lack of bounty natural resources, meager populace, lack of federal government presence and other diminishing factors are to be fingered for this impoverishment.
The top 10 richest states in Nigeria will be listed here based on their Gross Domestic Product (GDP) in millions of US Dollars.
- LAGOS STATE (GDP: $33,679 billion)
- RIVERS STATE (GDP: $21,073 billion)
- DELTA STATE (GDP: $16,749 billion)
- OYO STATE (GDP: $16,121 billion)
- IMO STATE ($14,212 billion)
- KANO STATE ($12,393 billion)
- EDO STATE ($11,888 billion)
- AKWA IBOM STATE ($11,179 billion)
- OGUN STATE ($10,470 billion)
- KADUNA STATE ($10,334 billion)
LAGOS STATE (GDP: $33,679 billion)
Wouldn’t your eyebrows be raised in shock if Lagos isn’t the first on the list? My guess is as good as yours.
Lagos is virtually Nigeria itself, it’s the corporate, entertainment, financial and business capital of Nigeria.
Lagos is amongst the largest cities in the world and the biggest urban conurbation in West Africa.
With a daily sprawling population of over 18 million, the GDP of this state that is more of a city is the highest in the country.
The GDP of Lagos alone is higher than that of 42 African nations put together and if Lagos were to be a country, it would have the 5th largest economy in Africa.
Lagos as a state can adequate live off without the allocations from the federal government.
It’s Internally Generated Revenue of N302 billion which is greater than that of 30 states combined is enough to keep it alive and bustling.
RIVERS STATE (GDP: $21,073 billion)
Created in 1967 out of the old eastern region, Rivers State is known for its the avalanche of oil deposits and since Nigeria is an oil-dependent nation, Rivers is the goose that lays the golden eggs.
It’s significance in the oil sector which accounts for over 90% of Nigeria’s foreign exchange earnings and 80% of its budgetary revenues can not be overemphasized.
Oil was first discovered in Nigeria in Rivers state and that had attracted a plethora of oil multinational firms to come and invest in the oil sector, establishing their base in its capital Port Harcourt also known as the oil city.
This capital city has held that unrivaled identity as the oil and gas hub of Africa to date.
Virtual, every oil and gas company in the country has it’s presence in the city of Port Harcourt, which is why oil generated revenue contributed to placing the state at the number two spot despite its the average population of 5.2 million relative to other states.
It’s internally generated is about N85 billion per annum.
The slogan of the state is “Treasure Base Of Nation”, there couldn’t have been a more appropriate slogan for this state bordered by the Atlantic Ocean to the south.
DELTA STATE (GDP: $16,749 billion)
Known as the big heart, Delta state is a major oil-producing state in Nigeria.
It’s enclosed in the Niger Delta and follows Rivers State closely in GDP due to oil-related activities.
It has two major cities, Warri and Asaba.
Warri is the state’s industrial and commercial hub, housing many multinational oil companies, offshore oil platforms, and an annex government house.
While Asaba is its administrative capital with a pinched population.
Warri as a major oil city just like it’s sister Port Harcourt is a GDP booster for the state, hence it’s the third position in the list.
The state has an annual IGR rate of N44 billion.
OYO STATE (GDP: $16,121 billion)
Oyo state is majorly an agricultural hub with its a massive land size for mechanized farming.
The clime and topography of the state favors the cultivation of millet, rice, cashew, cocoa, and other cash crops.
Its capital is Ibadan, reputed to be the largest city in West Africa.
Oyo State population is among the largest in Nigeria and arguably, since it shares a boundary with Lagos, a population surge from the megacity of Lagos had rolled over into its capital city Ibadan.
The capital is getting more metropolitan and expanding rapidly, with infrastructural developments on the rise.
This boomtown phenomenon of the ancient city has boosted its IGR over the years through taxes from industries and booming commercial activities.
IMO STATE ($14,212 billion)
From the eastern region of Nigeria’s sparse landmass, is the eastern heartland, Imo State standing in the 5th position.
The state Surprisingly enough made it to the rich list despite its small population.
Although, not so surprisingly Afterall, the recent boom in the state’s oil sector has skyrocketed the state’s fortune.
Imo is now officially in the list of oil-producing states in Nigeria.
There are about 162 oil wells residents in different locations around the state and has the presence of some oil multinationals like Addax petroleum, Agip, and Chevron.
The state is also doing well agro-wise with a massive palm plantation.
KANO STATE ($12,393 billion)
One of Nigeria’s ancient states and economic powerhouse of the north.
It’s capital, Kano is largely a commercial city, endowed with modern infrastructure, malls, markets, industries (textile, leather, cotton) and most recently the longest flyover in Africa was commissioned in this city.
The population of Kano has been involved in a dispute with that of Lagos.
In 2016 the state was ranked as the most populous in Nigeria which precipitated diversified views from different statistics scholars.
Up to date, it is still believed in some quarters that the state is indeed the most populated in the country.
However until the national bureau of statistics and the National Population Commission clears the air on the issue, then Lagos is still the most congested and worst neighborhood to have a breath of fresh air.
The state of Kano rakes up N30 billion per annum in IGR.
EDO STATE ($11,888 billion)
Another ancient state domiciled in the south or most preferably, the Niger Delta region.
Edo State is another economic and commercial hub in the region trailing behind Rivers and Delta states.
It’s capital Benin City is a congested city and the population is threatening to beat that of rivers state.
The ancient empire is also an oil-producing one with oil wells and other natural resources earthed in its domain.
The state generates an annual IGR of N23 billion.
AKWA IBOM STATE ($11,179 billion)
Akwa Ibom state is one of the coastal Niger Delta states bordering the Atlantic ocean to the south and is home to Exxon Mobil, one of the world’s most luxurious oil companies.
The capital of the state is in Uyo which is now a boomtown, a status made possible by the last administration, who took it personal and as a point of duty to drive the city out of its village status and into national reputation through uncommon transformations that attracted all eyes to the state, well-popped eyes in awe at what visionary leadership can facilitate.
The state’s population is still nothing to write home about and commercial/business activities are still yet to be compared relatively with another state’s in the list, but of course, there’s the abundance of oil in this coastal state which amounts to high GDP growth and revenue increase.
OGUN STATE ($10,470 billion)
This is another state in the western region of Nigeria sharing close proximity with Lagos and also at the receiving end of the overflow from the Lagos city.
Ogun state is arguably the most industrialized state in Nigeria after Lagos. It has one of the largest industrial estate in the country.
Most of the industries include; Lafarge, Procter, and Gamble, Dangote, Nestle Nig. Plc.
Ogun is the 4th largest state in Nigeria going by Internally generated revenue which it rakes in over N77 billion.
It’s also reputed for being the state with the highest number of universities in Nigeria and the highest number of Christian religious campgrounds.
The state is not also doing bad agriculturally especially when one of the largest farms in the country(Ota Farm owned by former president Olusegun Obasanjo) is within its confines.
KADUNA STATE ($10,334 billion)
Another big shot and center of learning in the north is Kaduna State.
Created in 1967, it has since risen to become a significant metropolis within the north.
It also has a plethora of higher institutions situated in different locations within the state.
The state is more sociable and flexible compared to other conservative northern states.
Its landmass is another colossus entirely, containing the largest university in sub-Saharan Africa which is the Ahmadu Bello University, Zaria.
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Usually, the state is dominated by civil servants, students, and local peasant farmers.
Agriculture is like oil in the north and this state is not left out of the business.
Agro-products are cultivated, harvested and distributed across the country from it’s myriad of mechanized farms.
Below is list of top 10 richest states in Nigeria (2019)
- Lagos State
- Rivers State
- Delta State
- Oyo State
- Imo State
- Kano State
- Edo State
- Akwa Ibom State
- Ogun State
- Kaduna State
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