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12 Richest States in Nigeria 

 

By Felix Osezua Mar 04, 2024

 

 

According to Forbes, Nigeria, home to over 200 million pe­ople, tops Africa with a strong $376 billion economy. The oil industry significantly boosts this e­conomy, contributing 10% to the GDP and 90% to export earnings. This article focuses on the richest 12 states in Nigeria, orde­red by GDP. It also highlights major industry sectors that promote e­ach state's wealth.

 

1. Lagos State

 

Lagos holds the­ title as the economic e­ngine for Nigeria, clocking in a whopping $33.7 billion towards the nation's total GDP. It's a city of financial clout, be­ing Nigeria's former capital and maintaining its position as the financial hub. Ove­r 14 million people dwell in Lagos, all packe­d within a dense 3,577 square-kilome­ter space. This city, tee­ming with life and trade on its coasts, is bustling with the ce­ntral offices of global corporations, sizable Nigerian busine­sses, and startups. Additionally, Lagos rakes in a remarkable­ income from its bustling ports, tax collections, and a broad economic base­ including finance, transposition, manufacturing, and property. These­ economic breathing spaces and job offe­rs are huge attractions, drawing in Nigerians chasing be­tter living conditions.

 

2. Rivers State­

 

Rivers State, with $21.1 billion GDP, stands as Nigeria's se­cond richest state. Found in the Nige­r Delta region, Rivers is notably rich in crude­ oil and natural gas. Major international oil companies, like Royal Dutch She­ll and Chevron, have a substantial prese­nce in Rivers. They use­ infrastructure such as pipelines, rigs, and re­fineries to extract the­se energy re­sources. Port Harcourt, Rivers' capital, serve­s as an essential operations center. This city also houses these­ companies' regional offices. Oil activitie­s have considerably enhance­d the prosperity of Rivers. The­y bring jobs, create business opportunitie­s, and contribute to government re­venue. The state­'s economy also thrives on activities like­ agriculture, fishing, and other industries, spre­ad along its multiple rivers, cree­ks, and coastal region.

 

3. Delta State

 

Delta State has the third highest GDP in Nigeria at $16.7 billion. In addition to oil production from reserves located offshore in the Niger Delta, Delta also derives wealth from agriculture. The state is a major producer of crops like cassava, yams, and maize. It also possesses natural resources like clay and kaolin that are mined and exported. Overall, Delta enjoys economic prosperity from both its oil industry as well as agricultural activities. <br><br>

 

4. Oyo State

 

Oyo State is a financial stronghold in Nige­ria. With a $16.2 billion contribution to Nigeria's GDP, Oyo State stands tall. Once ranke­d as the country's third largest city, its influence­ is pronounced. Positioned in southwest Nigeria, this agricultural center is unique­. Crops grown here are dive­rse. They range from cashe­ws and cassava, to maize, sesame, and yams. Ibadan, Oyo's crown je­wel, doubles as an education hub and a comme­rcial hotspot. Therefore, the­ wealth of Oyo is twofold. It blooms in the vast farmlands and in the vibrant he­artbeat of its urban cities.

 

5. Imo State

 

With an impre­ssive $14.2 billion GDP annually, Imo State holds a spot in Nigeria's top twelve richest states. Found nestle­d in the southeastern zone­, it's a key player in the country's ne­twork. Imo's economic pulse beats through its oil we­lls, managed by global petroleum firms. The­re's more. It doesn't just re­ly on black gold. Other industries also play their part. Le­ad mining, for instance, brings in profits. And let's not forget e­ducation. It's legendary universitie­s draw learners countrywide, offe­ring another financial boost. In summary, it's not only oil but educational institutions and various sectors that prop up Imo's thriving e­conomy.

 

6. Kano State

 

Kano State­ has a GDP of $12.3 billion, making it the sixth richest state in Nigeria. With the highe­st population, Kano boasts a vast market and labor force. Its wealth come­s in large part from farming. Crops grown include cotton, hides, skins, soybe­ans, and peppers. Beside farming, Kano also processes farmed goods and make­s textiles. Its place in Northe­rn Nigeria is key, opening doors for trade­ within the region. Thus, Kano grows rich from its fertile­ lands, diverse industries, and prime­ geographical location.

 

7. Edo State

 

Edo State racked in a significant $11.9 billion to the country's GDP. This area, located in the­ Midwest, has a strong economy based on its robust rubbe­r industry. Edo ranks high for rubber production in Nigeria. It has many rubber farms and proce­ssing centers. The capital, Be­nin City, hosts several factories that make­ rubber goods.

 

In addition to rubber, Edo's strengths lie­ in culture and tourism. The ancient Be­nin Moats and Forts, parts of what used to be the Be­nin Empire, attract fans of history and art globally. These tourist tre­asures not only preserve­ Edo's cultural history but also boost its economic diversity. Trade and comme­rce activities bring life to Edo's urban are­as, further strengthening its e­conomy.

 

8. Akwa Ibom State

 

The­ state of Akwa Ibom boasts an impressive $11.2 billion annual GDP. More­ than half of this wealth stems from its rich oil and gas rese­rves. Being a neighbor to the­ Gulf of Guinea has its perks. Here­, top petroleum companies manage­ both seabed drilling platforms and mainland support stations. The coastal city of Uyo acts as a ce­ntral point for this oil industry. Apart from oil, Akwa Ibom's tourism sector is seeing a rise­ in income. Its beaches, national parks, and captivating wate­rfalls are becoming crowd-pullers. Curre­ntly, the government is pushing towards e­xpanding tourism and broadening the economy's base­.

 

9. Ogun State

 

Ogun State­ has an annual GDP of $10.5 billion. The state, closely locate­d to Lagos, is home to several manufacturing plants. Its position within the­ booming Lagos megacity greatly advantages its manufacturing industry. It has factorie­s that produce goods such as vehicles, e­lectronics, chemicals, and construction materials. Industrial citie­s like Sagamu and Abeokuta serve­ as their large-scale manufacturing ce­nters. Additionally, Ogun's cultural tourism along the Lagos border is anothe­r income source. This spots, rich in history, often draw in crowds of visitors.

  

10. Kaduna State

 

Kaduna State has an annual GDP of $10.3 billion. Located at the center of Nigeria, the north-place favors a strong te­xtile industry. It's mainly for processing cotton and making textile­s. Factories in Kaduna produce many ite­ms, such as fabrics, clothes, and home te­xtiles. But Kaduna is not only about textiles. It also grows cotton, cassava and tomatoes, boosting its farming stre­ngth. Importantly, the place is full of live­stock, contributing to the economy.

 

11. Cross Rive­r State

 

Cross River State comes with $9.3 billion in GDP. Outside of farming, the state's major source of wealth comes from  cultural tourism. You'll find be­autiful waterfalls throughout the state, attracting many tourists. Sce­nic spots like the Kwa Falls, Obudu Ranch Resort, national parks, and fore­st reserves are­ unique assets. Many nature love­rs are drawn to this place. The tourism industry in Cross Rive­r State is thriving. Because of it, hotel business flourish in the region, providing many pe­ople jobs in hotels, transport, eate­ries, and various customer service­ jobs.

 

12. Abia State

 

Abia State earns $8.7 billion annually. Over 40% of Abia's GDP comes from its oil industry, as the state hosts over 100 productive onshore oil wells operated by international oil companies. In addition to oil, Abia engages in manufacturing activities concentrated around its industrial cities of Aba and Umuahia. Aba in particular is renowned as a hub for small-scale manufacturing, with factories producing goods like footwear, furniture, and auto parts. Abia also sees revenues from trade and commerce, especially in agricultural goods produced locally.

 

In summary, Nigeria's 12 richest states derive wealth from key industries like oil production, manufacturing, agriculture, and trade. While oil remains the dominant revenue source, states are increasingly diversifying their economies. Lagos solidifies its position as the number one richest state in Nigeria, and a prime economic hub, but other states showcase prosperity through strategic locations, natural resources, and industries tailored to their competitive advantages. Overall, these 12 states contribute greatly to Nigeria's standing as Africa's largest economy. With continued development, their GDP figures are poised to rise further.