10 richest states in Nigeria and their GDPs

10 richest states in Nigeria and their GDPs

10 richest states in Nigeria and their GDPs. Nigeria often referred to as the “gaint of Africa” has 36 states including the federal capital territory. A country blessed with many natural resources and made up of many tribes of beautiful cultures. The lands are fertile for agriculture and has crude oil deposits in some parts of the country amongst other resources.

We have complied a comprehensive list of the 10 richest states in Nigeria and their current GDP.

10 richest states in Nigeria and their GDPs

10 richest states in Nigeria and their GDPs

READ ALSO: 100 Best wedding invitation for friends and family

Lagos state ($33.68 billion)

The Nigerian state of Lagos is situated in the country’s southwest. It has the smallest area and is the most populated city in Nigeria. It is additionally referred to as Africa’s most populous metropolis.

Lagos is also listed as the richest state in Nigeria due to the volume of businesses and industries that are flourishing there and so adding to the state’s economic prosperity.

The Lagos Port, Africa’s biggest and busiest port, is located in Lagos. In addition to this, other industries including manufacturing, processing, oil refineries, and so on also have an impact on the state’s economy. These factors together have increased the state’s GDP, elevating it to the position of richest state in Nigeria.

Rivers State($21.17 billion)

On the list of the richest states in Nigeria, Rivers State comes in at number two. It is located in the Southern region of Nigeria, near the Niger Delta. Port Harcourt is regarded as the commercial hub of the Nigerian oil industry and is home to its state capital. Surprisingly, River State produces more than 60% of Nigeria’s crude oil.

As a result, it is ranked as Nigeria’s sixth most populous state. And ranking second among the richest states in Nigeria with a GDP of $21.17 billion. Agriculture was the main source of income for the inhabitants of Rivers State until the commercial discovery of oil in 1951.

READ ALSO:   20 Ways to Make Money Playing Videos Games

Delta State ($16.75 billion)

With a $16.75 billion GDP, Delta State ranks third among the richest states in Nigeria. Mineral and other natural resource deposits, including those for limestone, lignite, kaolin, and silica, are among the greatest in the State. In addition to these mineral resources, Delta State is home to some of Nigeria’s largest natural gas and crude oil deposits.

Speaking further about the state’s wealth, it would be wise to admit that the $1.638 billion in accrued revenue that the federal government paid to the state pursuant to a federal court’s ruling has made a significant contribution to its ranking among Nigeria’s richest states.

Delta has the fourth highest Human Development Index, in large part as a result of its enormous oil income.

READ ALSO: 100 Best and Lucrative Business Ideas In Nigeria 2023

Oyo State ($16.12)

Among the richest states in Nigeria, Oyo state comes in at number four. It is an interior state located in Nigeria’s southwest. Additionally, it is Nigeria’s fifth most populous state by population.

Oyo State’s economy is still predominantly agrarian, with the western city of Shaki being referred to as the state’s breadbasket, despite the fact that the state was once the largest commercial hub on the continent. One of the most significant crops for the economy of Oyo State is tobacco, cassava and cocoa.

Also,In terms of the production,processing, and packaging of food, it is also the best-ranked state in Nigeria. And this is mostly where it derives its wealth.

Imo state ($14.21 billion)

The State’s economy is heavily reliant on agricultural production, particularly the production of palm oil, which is used for cooking by most residents. The production of crude oil and natural gas, particularly in Imo’s north and west, is a significant minor business.

READ ALSO:   Countries that Pays the Highest Salaries in Europe

The presence of various manufacturing firms, infrastructure expansions, and deposits of other natural resources also have a significant impact on the state’s economy. Imo state is one of the richest states in Nigeria by GDP, with a current value of $14.21 billion.

Kano state ($12.39 billion)

The economy of Kano State has grown to be diverse, and it has become a hub for Islamic finance, industry, and agriculture. With its industries for textile, tanning, footwear, cosmetics, plastics, enamelware, pharmaceuticals, ceramics, furniture, and other things. It is Nigeria’s second-largest industrial center after Lagos State. It is also the largest in Northern Nigeria.

The majority of agriculture in the state’s outlying districts is commercial and subsistence farming. While groundnuts and cotton are grown for export and industrial use, millet, cowpeas, sorghum, maize, and rice are some of the food crops grown for local use.

Edo State ($11.89 billion)

On the list of the richest states in Nigeria, Edo State comes in at number seven. It is located in Nigeria’s southern area. Additionally, agriculture is the country’s largest economic sector.

READ ALSO: Major Benefits Of Hiring A Video Game Development Agency

But in addition to the agricultural industry, the state also has mineral riches including lignite and limestone. Additionally, a number of other industries manufacture rubber, plywood, beer, furniture, etc.

Since the state’s borders include areas that were historically the location of numerous empires and kingdoms founded in the 11th century AD, the Benin Empire, the state also derives some of its riches from tourism attractions.

Akwa ibom state ($11.09 billion )

On the list of the richest states in Nigeria, Akwa Ibom State comes in at number eight. It is located in Nigeria’s South-South geopolitical region. It is also the state with the fifteenth-highest population in the nation.

The state receives its GDP from industries including mining, agriculture, offshore oil drilling, deep-sea fishing, and so forth.

READ ALSO:   100 Best wedding invitation for friends and family

Ogun state ($11 billion)

On the list of the richest states in Nigeria, Ogun State comes in at number nine. It is located in Nigeria’s southwest. The state is rich in natural resources, such as deposits, limestone, chalk, clay, etc.

In addition, Abeokuta, the capital and largest metropolis of Ogun State, is well known for the Aro granite that is found nearby. But the mine offers construction supplies, particularly for southern Nigeria.

Kaduna state ($10.33 billion)

On the list of the richest states in Nigeria, Kaduna State is ranked tenth. It is located in Nigeria’s northern region.

Kaduna state is home to Nigeria’s largest textile manufacturing sector. In addition to that, it also has factories for processing cottonseed, tobacco, and oil.

READ ALSO: Benefits of Solar Rooftop Panels / energy for commercial buildings

Frequently asked questions

Leave a Comment