TOP 10 RICHEST STATES IN NIGERIA: NO.10 WILL SHOCK YOU
Nigeria is a vast and multi-ethnic country situated in the farthest end of West Africa which borders Cameroon to the west as well as Niger Republic and Chad to the north. She is one of Africa's wealthiest nations due to her abundant resources , especially the crude oil.
There are states in Nigeria that drives these wealth therefore contributing to the country's gross domestic product (GDP). Nigeria is made up of 36 states and a Federal Capital Territory but some states are more prosperous than others. These states have large economies with developed infrastructures.
However, Nigeria practices a mixed economic system which is an optimal combination of capitalism and socialism with the former more dominant in the country's economy than the latter.
Below is a list of the 10 richest states in Nigeria in 2024 according to Buzz Nigeria:
LAGOS STATE. (41.17 trillion naira)
Lagos is a state in the Southwestern part of Nigeria. It is one of the most populous cities in Nigeria, and beyond with an estimated population of over 20 million people. Its major sources of revenue are: ports, oil refineries, trade and commerce, tourism, manufacturing and processing industries and automotive assembly. Lagos is the seventh largest economy in Africa and it is home to people from diverse nationalities and ethno-religious backgrounds. The state is home to many affluent personalities around the world including business owners, entrepreneurs and executives and it has a GDP of over 41.17 trillion naira ($102.01 billion).
RIVERS STATE. (7.96 trillion naira)
Rivers State is a significant oil and gas- producing state in the Niger Delta states of Nigeria. It is located in the southern part of Nigeria and it borders the Atlantic Ocean to the south. Port Harcourt is its capital city. The state's main economic activity includes crude oil extraction which contributes 44.6% of the state's GDP with agriculture and ICT each contributing at least 10%. Rivers is the headquarters of the Nigeria Liquifed Natural Gas Limited (NLNG) which produces and exports natural gas.
AKWA IBOM STATE. (7.77 trillion naira)
Akwa Ibom is the third richest state in Nigeria as of 2024 (BuzzNigeria.com). It is located in the Southsouth geo-political zon of the country Uyo as its capital city. The state's main economic activities includes farming with palm oil, maize, yam, cassava, rice, rubber and fishes (cray fish and stock fish) being the main export produce. The oil and gas sector which is the main source of revenue for the state provides 59% of the state's GDP. Agriculture contributes 15% with computer technology contributing a relatively 6% and 4% respectively.
IMO STATE. (7.68 trillion naira)
Imo state stands out as the most affluent region in the Southeastern part of Nigeria with Owerri as its capital city and main industrial hub. Its economic prowess against other states includes its large manufacturing enterprises, and extensive reserves of crude oil, natural gas, zinc, limestone, sand, and white clay. The Royal Dutch Shell, Agip and Chevron all hosts their enterprises in Imo state.
DELTA STATE. (6.19 trillion naira)
Delta state is a state situated between the southeast and the southwest geopolitical zones of Nigeria. It is one of the oil producing states in Nigeria. The state comprises of different ethnic groups including the Urhobo, Ukwuani, Ika, and Aniocha-Oshimili (Igbo). The state's principal businesses include glass, textile, chemical, chalk, plastic and rubber plants. Also, beyond fishing and farming, Delta state is home to a major steel manufacturing facility, the Delta Steel Company (DSC), controlled by Premium Steel and Mines Limited (PSML). The company also generates huge revenues for the state.
ANAMBRA STATE. (5.14 trillion naira)
Anambra is the most populated state in the southeast region of Nigeria with Awka as its administrative capital. The economy of Anambra state is diverse, with agriculture and commerce playing a significant role. The state is prominent for its production of crops such as yams, cassava and vegetables. Trading and commerce are also vibrant in the state and in cities like Onitsha which is a major commercial hub in Nigeria. The state is known for its vibrant culture, entrepreneurial spirit, and beautiful scenery.
ONDO STATE. (5.10 trillion naira)
Ondo is a state in southwest Nigeria with a 15% oil based economy. The state has over 6 million people domiciled in it and also has a very diverse economy which is a mixture of agriculture, industry (manufacturing and processing), and service sectors. Ondo is the highest producer of cocoa in the country. Other crops include yams, rice, maize, coffee, cassava, palm oil and other cash crops. The state is also a major exporter of palm oil. Asphalt mining and enterprises uses the state's expansive coastline. All these contributes immensely to the state's GDP.
OGUN STATE. (5.03 trillion naira)
Ogun state is regarded as the "Gateway State". It has a large urban concentration. The state's mineral resources includes limestone, clay, phosphate, and chalk. The state has a lot of manufacturing firms including cement mills, food processing facilities, bakeries, plastics, rubber, aluminium and paint manufacturing plants. The economic ministry of Ogun State produces rice, cassava, yam, plantains, palm oil, cocoa, cotton and tobacco which contributes more than 40% of the state's internal revenue.
BAYELSA STATE. (4.63 trillion naira)
Bayelsa State is located at the farthest end of southern Nigeria bordering the Atlantic ocean to the south. Ths state is prominent for its rich oil and gas reserves. It is one of the oil-producing states in Nigeria, thereby contributing to the nation's oil wealth. The state is home to various oil and gas companies and mining firms. The major economic activity in the state is mining as the economy is dependent on oil and gas reserves. Fish farming also contributes a significant quota to the state's revenue.
NIGER STATE. (4.58 trillion naira)
Niger state is named after the Niger River, which forms part of its western border. The economy of the state is fundamentally based on agriculture which is a major source of livelihood for majority of the population in the state. The state is known for the cultivation and exportation of cash crops such as millet, sorghum, rice, and yams. Livestock farming also contributes largely to the state's GDP. Niger state is the only northern state in the list of Nigerian richest states in 2024.
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