Are you interested in knowing the richest states in Nigeria at the moment? You might be shocked to find the names of states you least expect to make it to this list.
On this web page, we will look at these states and rank them based on their 2020 GDP, natural resources and their other sources of generating revenue for themselves. Continue reading!
Nigeria ranks very high on the list of the wealthiest countries in Africa. As a matter of fact, according to World Population Review, Nigeria is the second richest country in Africa in 2020 based on its GDP.
So it is not a surprise that such a nation as wealthy as Nigeria will have some states generating huge amounts of money annually. Some of these states’ GDP is even greater than what some countries in Africa earn per annum.
For some of these states in Nigeria, their money comes mostly from oil and gas production, mining of gemstones and other industries like the production of hides and skins, food commodities and so on.
Out of the 36 states in the country, Yobe State is undeniably the poorest state in Nigeria 2020. The state has just an annual GDP of $2.01 billion. It is followed closely by Gombe State with a GDP of $2.5 billion and Ebonyi with just $2.7 billion.
With a GDP of $136 billion, Lagos State remains the most economically important state in Nigeria 2020. That may not come as a surprise to you though, but wait till you see the remaining 9 out of top 10 richest states in Nigeria today, then you will know how blessed this country really is. See below for more.
Richest States In Nigeria & Their GDP In 2020 (Latest Figures)
Here are the top 10 most economically important states in Nigeria presently.
1. Lagos State
According to the International Monetary Fund (IMF), Lagos State economy will grow by 4% to more than $140 billion in 2020.
This was revealed in a statement by the former governor of Lagos State, Akinwunmi Ambode on Tuesday 26th December 2018, as reported by the Nation Newspaper.
If Lagos State were to be a country of its own, Wikipedia says, it would be the fifth-largest economy in the whole of Africa. As a City, Lagos is the most populous in Nigeria and also on the African continent.
The state houses one of the busiest and largest seaports not just in Nigeria but in the whole of Africa. Lagos state generates most of its revenue from taxes, oil, agriculture, industries and more.
2. Rivers State
Blessed with a vast deposit of crude oil and natural gas, Rivers state is the second-richest state in Nigeria and the number 1 in the South-south region of the country.
The state houses Port Harcourt, one of the biggest and the most urban cities in Nigeria at the moment.
With a population of over 7 million, the state is currently the 6th most populous state in Nigeria.
Apart from oil which generates over 70 per cent of the state’s GDP of $21.07 billion, the state is also rich in other natural resources like Silica sand, glass sand and clay.
In agriculture, Rivers is known for the production of quality palm oil, cassava, cocoyam, maize beans, yam and rice. The state is also blessed with lots of cash crops such as rubber, raffia palm and jute.
3. Delta State
Imagine a Nigeria without the oil and the financial contribution of this state located within the Niger Delta region of the country, our GDP as a country won’t be as high as it is.
With a population of over 4 million people, this oil-rich state is one of the most populous in the country. If you have ever heard of Warri, Sapele or Asaba, they are the major cities you can find in Delta.
The state is not only rich in crude oil and natural gas, but it also has several other natural resources like industrial clay, silica, limestone and decorative rocks. Its GDP IS $16.749 billion.
4. Oyo State
Nicknamed as the pacesetter state, Oyo State is a Yoruba dominated state located in the South-western part of Nigeria.
The state though not blessed with crude oil like the first 3 states in this list, is still among the richest in the country.
With a GDP of $16.121 billion, Oyo is far richer than most oil-producing states in the country- thanks to its agricultural development programmes that have helped promote farming activities within the state.
Oyo’s agricultural products include maize, millet, cocoa, cassava, cashew, palm produce and several others.
5. Imo State
Imo is the fifth-richest state in Nigeria presently. Located in the Southeastern region of the country, the state is also the richest in the whole of the southeast.
With Owerri being its commercial and political capital, the state ranks high among the most developed in the country.
The oil-producing state is the home of a notable public figures like Owelle Rochas Okorocha, the immediate past governor and a senator within the country.
The state is blessed with crude oil and natural gas, calcium, Iroko, bamboo, oil palm, rubber tree, mahogany and obeche that fetch lots of revenue for the state. You can also find limestone, fine sand and white clay within the state.
Imo State’s GDP stands at $14.212 billion as of 2020.
6. Kano State
The commercial hub of the Northern Nigeria, Kano state is undeniably among the most economically important states in the country.
The state is home to notable persons like the Emir of Kano, Sanusi Lamido Sanusi, the former governor of the Central Bank of Nigeria.
The state is the largest industrial centre after Lagos in Nigeria and the largest in the Northern part of the country.
Kano generates its revenue from agriculture and industries like textile, footwear, cosmetics, enamelware, ceramics, furniture, pharmaceuticals, plastics and animal feeds.
The state is Nigeria’s most populous state and has a GDP of $12.393 billion.
7. Edo State
This state is home to four major ethnic groups: the Bini, Esan, Etsako and Owan. It is one of Nigeria’s richest oil producing states.
Apart from crude oil, Edo is also blessed with limestone, quarry and other natural resources. The economic centre of Benin City is also the political capital of the state.
With a population of over 5 million, this state is also among the most populous in the country.
Edo State annual GDP is $11.888 billion, making it the seventh-richest state in Nigeria today.
8. Akwa Ibom State
Blessed with abundant reserve of crude oil and natural gas, Akwa Ibom is one of Nigeria’s most economically important states.
Nicknamed “the land of Promise”, this South South state is home to Ibom Air (an airline), an international airport, Ibom E-Library and a World-class stadium.
Its political capital and commercial centre, Uyo are among the biggest cities in Nigeria presently.
The state is home to top political figures in the country like Godswill Akpabio, a former governor of the state and a former senate minority leader.
Akwa Ibom is seriously involved in agriculture, industries and other things that generate enough revenue for the state. The state has a GDP of $11.179 billion and is among the richest states in the country in 2020.
9. Ogun State
Ogun state nicknamed the “Gateway State” is one of the major manufacturing centres in Nigeria.
The state is home to several companies and factories like Dangote Cement factory, Lafarge Cement factory, Nestle, Procter and Gamble, Nestle and several others.
Ogun is also home to so many notable persons like the popular Boxer Anthony Joshua, Wole Soyinka, Olusegun Obasanjo, Obafemi Awolowo, Moshood Abiola, Mike Adenuga, Femi Kuti, Ebenezer Obey, Wizkid and so many others.
The rice Ofada Rice which is known to be very good in terms of quality is grown almost exclusively in the state.
With a GDP of $10.470 billion, Ogun State is among Nigeria’s most economically important states presently.
10. Kaduna State
Like Kano, Kaduna is one of the states that made it to this list from the Northern part of the country. The state is quite popular for its major cities like Kaduna, Kafanchan Zaria and Nok.
The state is known for its agricultural activities which are the major source of revenue for the state. Some of its agricultural products include millet, maize, groundnut, livestock (cattle) and dairy.
Nicknamed the “Centre of learning”, the state is one of the states with the most educational institutions in the country.
With a GDP OF $10.334 billion, Kaduna is the 10th richest state in Nigeria at the moment. Some of its natural resources include Gold, Graphite, Amethyst, kyannite and Sillimanite.
Listed here are the current richest states in Nigeria today. The list like I mentioned earlier was compiled based on their GDP per annum.
So if you are searching for “which state in Nigeria is the richest” on Google or any other search engine out there, I hope you find the article here helpful.