Nigeria, the economic powerhouse of Africa, fueled by sectors such as oil and gas, agriculture, telecommunications, and small and medium-scale enterprises. From the ever busy markets of Lagos and Onitsha to the serene landscapes of Enugu, every inch of this nation holds its own uniqueness that tells a story. While each state contributes to the nation’s economy in its own way, some states have made significantly higher contributions than others. In this post, we will take a look at the Top 10 Richest States in Nigeria based on their internally generated revenue.
1. Lagos
Lagos, also know as the center of excellence, stands as the economic capital of Nigeria, contributing significantly to the country’s economic growth.The city’s economic activities are as diverse as its population, creating a thriving ecosystem that attracts both local and international businesses.Areas like Victoria Island, Ikoyi, and Lekki house the headquarters of major banks, financial institutions, multinational corporations and some of the richest politicians in the Nigeria.The Apapa and Tin Can Island Ports serve as gateways for imports and exports, connecting Lagos to the global market.Areas like Yaba, known as Nigeria’s Silicon Valley, are home to tech incubators, co-working spaces and major markets like Balogun , Tejuosho and computer Village serve as vibrant centers for trade. It’s not surprise that Lagos generates an IGR of 659.78 billion , making it the richest state in Nigeria.
2. Rivers
Rivers State is a key player in Nigeria’s oil and gas sector. The state is home to several oil refineries, petrochemical plants, and industrial complexes, contributing substantially to the nation’s revenue.
The economic significance of Rivers State cannot be overstated. Port-Harcourt, its capital, is a major industrial and commercial hub with a significant presence of several multinational corporations.Rivers state generated an internal revenue of 191.80 billion , making it the second richest state in Nigeria
3. Ogun
The Gateway State is well known for its industrial zones and proximity to Lagos, which reflects in its IGR. Ogun State has earned its reputation as the manufacturing hub of Nigeria with a number of manufacturing companies ranging from food and beverages to textiles and chemicals. Industrial zones like the Ota Industrial Estate and Agbara Industrial Estate are home to numerous factories, including food processing and packaging factories.Additionally, agribusiness contribute significantly to the state’s economy.The state also houses the headquarters of most religious organizations and private universities in the country.
Ogun State’s commitment to creating a conducive business environment has attracted both local and international investors. An IGR of 119 billion makes it third on the list
4. Delta
As an oil-producing state, Delta plays a significant role in Nigeria’s oil and gas sector, contributing to the nation’s revenue. The state also has a rich agricultural sector, engaging in the cultivation of crops such as oil palm, rubber, and cassava.
Delta State is a hub for manufacturing and industry, with a focus on petrochemicals, cement, and steel production. The state’s economic activities extend to the services sector, including commerce and trade, driven by its strategic location and bustling urban centers like Warri, Sapele and Asaba. The State is the fourth richest in Nigeria with an internal generated revenue of 79.88 billion.
5. Kaduna
Kaduna, is a major industrial and trade center in Northern Nigeria which also serves as the gateway to other northern states of the nation.The state is heavily involved in the manufacturing of textiles, leather goods, steel and aluminium products. The state is also a major producer of cash crops such as cotton, peanuts , sorghum and ginger.The state generated an internal revenue of 77.09 billion making it fifth on the list.
6. Oyo
The pacesetter state, located in the southwestern region of Nigeria, boasts a rich cultural heritage and a diverse economic landscape. The state is known for its historical sites, including the ancient city of Ibadan, which reflects its cultural significance.
Economically, Oyo State is active in agriculture, with a focus on the cultivation of crops such as cocoa, cassava, and yams. The State also plays a role in commerce and trade, with markets like the Oja Oba, Bodija , Aleshinloye, Agbeni , Ogupa Market serving as commercial center for various goods and services. The State also has a significant number of growing small and medium scale enterprises, Additionally, the state has a growing presence in the education sector, hosting reputable institutions such as the University of Ibadan, Polytechnic Ibadan, Ibadan business school and other private tertiary institutions.With an IGR of 50 billion, Oyo state is also one of the top 10 richest states in Nigeria.
7. Edo
Edo State is a prominent hub for major players in the agriculture and manufacturing sectors.The State is actively engaged in crops such as rubber, oil palm, and cassava.
While the state’s capital, Benin City, is known for its ancient art and artifacts, it also houses a number of industries and financial institutions.In addition to agriculture, Edo State is a hub for oil and gas activities, with oil wells and reserves contributing to the nation’s energy sector. The state also hosts industries such as manufacturing, including the production of textiles and rubber products. The state generates an IGR of 45.47 billion
8. Kano
Kano State, the center of commerce, situated in the northern part of Nigeria, is a blend of historical significance, cultural richness, and economic activities. The state’s capital, Kano City, has been a center of commerce and trade for centuries, known for its ancient city walls and busy markets.Kano State is a big player in agriculture, with a focus on both cash and food crops.Kano is also well known for its traditional crafts, textile, tanning, footwear, cosmetics, plastics, enamelware, pharmaceuticals, ceramics, furniture and other industries.The state is also rich in minerals like Cassiterite, Copper, Gemstone, Glass-sand, Lead/Zinc, Pyrochinre & Tantalite
9. Akwa Ibom
Akwa Ibom State, also known as the land of promise is located in the south-south geopolitical zone of. Nigeria, Akwa Ibom is known for crude oil and natural gas as the highest oil-producing state in the country with key oil-producing facilities and contributing to Nigeria’s petroleum industry. In addition, the state is also involved in the cultivation of cocoyam, yam, and plantain crops along with fishing. Akwa Ibom is the nineth richest state in Nigeria with an IGR of 33.42 billion despite receiving a Federal allocation committee(FAAC) gross value of 307.60 billion(the highest in the country)
10. Anambra
Anambra, the light of the nation, is located in the south-east geopolitical zone of the country .Anambra is a hub for commerce and trade, with cities like Onitsha hosting commercial markets, including the famous Onitsha Main Market, one of the largest markets in West Africa. The state’s strategic location along the River Niger has historically facilitated trade and transportation.The state generated an IGR of 29.13 billion, making it the 10th richest state in the country.
The Data used to compile this report , Top 10 Richest States in Nigeria ,was gotten from , the states of states. An annual assessment of the 36 states of the federation by BudgIT.
