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2023 Richest states in Nigeria

Updated: 22 hours ago



the richest state in Nigeria is



1.Lagos

Revenue: 753.5 billion NGN

Generating two-fifths of the country's domestic income, the southwest metropolitan city of Lagos is indisputably the richest state in Nigeria. Despite being the nation's smallest state, Lagos is the only state to independently produce half-year revenues in twelve figures.



As expected of the richest state in Nigeria, Lagos is an island of economic prospects that draws 20,000 new residents daily who come to "try their luck" in this global metropolis of limitless options.


Lagos, the economic and financial hub of Nigeria, is the third most populous city in the world, having a massive retail market that encourages manufacturing sector activities. In addition to being the richest state in Nigeria, Lagos State is also the fifth largest economy in Africa.


More than half of the country's industries, mainly agri-food and oil services, are concentrated in Lagos, particularly in industrial zones (Ikeja, Ikorodu, and Surulere) and ports such as Apapa and TinCan Terminals.



Lagos' prominence as the richest state in Nigeria is partly attributable to its port, which handles more than 1.2 million containers a year and three-quarters of Nigeria's imported refined oil.


The Lagos container and commercial port is the fourth biggest in Africa, and the Apapa site alone receives sixty per cent of the country's imports.


The city is also home to the Nigerian Stock Exchange (NSE) and most of the nation's private-sector businesses. Being the richest state in Nigeria, Lagos is also home to Africa's first startup ecosystem, with more than fifty per cent of its population connected to the internet.



Lagos is, therefore, a hub for creative businesses and a fertile ground for cultural events, all of which add to its prominence as the richest state in Nigeria.


Lagos State generates so much revenue that it is about four times wealthier than the second-richest state in Nigeria.


Multiple large construction projects are now ongoing in Lagos, such as the Dangote Group Oil Refinery, which, when finished in 2022, became Africa's largest oil refinery.



In addition, the Eko-Atlantic metropolis is a projected 250,000-person city on a reclaimed sea island south of the megapolis.


Lagos International Airport alone accounted for three-quarters of the country's international arrivals and departures in 2018, strengthening its position as Nigeria's wealthiest state.



2.Rivers

Revenue: 123.3 billion NGN

Rivers, a significant oil and gas producing Niger Delta state, is the second-richest state in Nigeria. This sector contributes 44.6% of the state's gross domestic product, superseding agriculture and computer technology, which each contribute 10%.



Industry and services contribute a modest 7% and 6% to the Rivers' gross domestic product.


Being one of the richest states in Nigeria, Rivers is home to the headquarters of Nigeria Liquified Natural Gas Limited, the national enterprise responsible for the production and export of liquefied natural gas.



Through the national oil corporation, NNPC, the state controls 49% of the business, while Shell owns 25.6%, Total owns 15%, and Eni owns 10.0%.


The renowned Bonny Island, home to several refineries and gas processing complexes, is also located within Rivers State.


Several ethnic groups reside in this state, most notably the Ogoni people, who gained worldwide recognition in the 1990s for their campaign against Shell's environmental disaster.



In addition to oil and gas, fishing, agriculture, silica sand, and clay have contributed to Rivers' standing as one of the richest states in Nigeria.




3.Ogun

Revenue: 100.7 billion NGN

Located in southwest Nigeria, Ogun has a large concentration of industrial districts, which has led to its status as the third-richest state in Nigeria. It is regarded as "the Gateway State."



Dangote Cement in Ibese; Nestlé; Lafarge Cement Factory in Ewekoro; Memmcol in Orimerunmu; Coleman Cables in Sagamu and Arepo; and Procter & Gamble in Agbara are among the major factories in Ogun.


 

Cement mills, especially at Sagamu, food processing facilities (with the presence of giants like Unilever and Nestlé), breweries, and plastic, rubber, aluminium, and paint manufacturing plants are the primary sectors contributing to Ogun's status as Nigeria's third-richest state.


Rice, maize, cassava, yam, plantains, cocoa, palm oil, tobacco, and cotton are among the agricultural products that contribute more than 40 per cent to Ogun's gross domestic product (GDP).



Ogun's capital city, Abeokuta, is an important economic town, being the road and rail connection between Lagos and the rest of the nation.


Arable land comprises 74% of the state's surface, of which only 30% is farmed, while remnants of tropical rainforest and savannah woodland occupy a portion of the northwest.


Ogun State's primary mineral resources include limestone, chalk, phosphate, and clay, with the Aro granite quarry providing most of southern Nigeria with construction materials.


In addition to being one of the richest states in Nigeria, the comparative advantage of Ogun State resides primarily in its strategic location, which borders the State of Lagos and provides access to the ocean and the Republic of Benin.




4.Delta

Revenue: 80.2 billion NGN

With 35% of national crude oil output and 40% of natural gas reserves, Delta, situated in the Niger Delta, is the fourth-richest state in Nigeria.


The natural resources of Delta include oil and gas, but the state is also endowed with silica, lignite, kaolin, tar sand, gemstones, and limestone.



In addition to fishing and farming, the state's principal businesses include textile, glass, chemical, chalk, plastic, and rubber plants.


Aladja is home to a major but dying steel manufacturing facility, the Delta Steel Company (DSC), which is presently controlled by Premium Steel and Mines Limited (PSML).


The Ethiope River, said to be the only clean body of water in Nigeria, is a tourist attraction, further enhancing Delta's standing as one of the richest states in Nigeria. It also has a mystic reputation since its source flows under a magnificent tree.



In terms of infrastructure, Ogbe-Ogonogo Modern Market is one of the major marketplaces in Nigeria.


The Nigerian constitution of 1999 mandates that 13 per cent of federal income from natural resources be returned to the state of origin on a "derivation" basis, hence bolstering Delta's position as one of the richest states in Nigeria.


In addition to the perks of being one of the richest states in Nigeria, Delta has also suffered from its prosperity, as dozens of oil spills have rendered it "one of the most polluted places on the planet."




5.Kaduna

Revenue: 52.9 billion NGN

With eighty per cent of its GDP coming from agriculture, Kaduna, the national leader in cotton production, is the fifth-richest state in Nigeria. Other crops include potatoes (280,000 metric tonnes harvested per year), yams, tobacco, beans, millet, ginger, rice, and cassava. Kaduna is home to one of the country's four oil refineries, which is sadly no longer functioning.



As one of the richest states in Nigeria, commerce and services account for more than a quarter of Kaduna's gross domestic product. Animal husbandry, including poultry, sheep, goats, and pigs, also plays a significant role in the economy.


Clay, serpentine, asbestos, amethyst, kyanite, gold, graphite, and sillimanite graphite are the state's natural resources.




6.Oyo

Revenue: 52.1 billion NGN

The sixth-richest state in Nigeria is Oyo, which has a capital that is the third most populous city in the nation and was previously the second most populous metropolis in Africa. The southwestern state was founded on February 3, 1976.




7.Edo

Revenue: 42.4 billion NGN

Edo was founded on August 27, 1991, in southwestern Nigeria, near the centre of the ancient kingdom of Benin. The state is a producer of crude oil, which generates less than 10 per cent of its revenue yet helps it rank as the seventh-richest state in Nigeria.



Nonetheless, agriculture remains the backbone of Edo State's economy, with yams, cassava, oil palm, rice, and maize as the primary subsistence crops and rubber, lumber, and palm oil as the primary income crops.


In the prosperous Nigerian state, medicines, rubber, plywood, beer, timber, and furniture are manufactured.



8.Kano

Revenue: 40.4 billion NGN

The city of Kano, the second most industrialised in the nation, is a commercial centre that transacts more than 20 billion NGN daily, making it the eighth-richest state in Nigeria.


Nigeria's second-most populous state, Kano, closely correlates to the old Emirate of Kano, which controlled the area before British colonisation.


Food processing, textiles (African Textile Manufacturers Ltd.), vehicle assembly (National Truck Manufacturers Ltd.), pharmaceutical industries, stationery, shoes, etc., account for roughly two-thirds of the state's GDP.



More than sixty per cent of Kano's population engages in subsistence farming of peanuts, rice, wheat, soybeans, sesame, cotton, and peppers.



9.Akwa Ibom

Revenue: 31.4 billion NGN

As the country's third-largest oil and gas producer, Akwa-Ibom is Nigeria's ninth-richest state.


The oil and gas sector provides 59% of Akwa-Ibom's GDP, exceeding agriculture, which contributes 15% to the state's standing as one of the wealthiest in Nigeria.


Akwa-Ibom's primary products include palm oil, rubber, maize, cassava, yams, and rice, but, being a coastline state, fishing is also significant.



Information and communications technology (ICT) and industry contribute a relatively modest 6% and 4% of GDP, respectively.


A few small and medium-sized contemporary technology enterprises have established themselves, mostly in the nation's capital, Uyo.


Akwa Ibom, located in the Niger Strait, has an abundance of water and a substantial forest. Akwa Ibom ranks as one of the richest states in Nigeria due to the abundance of readily irrigated crops and fish in its rivers.



10.Anambra

Revenue: 30.9 billion NGN

Of southeastern Nigerian extraction, Anambra has its capital, Awka, and port city, Onitsha, as its two most important economic centres. It is renowned for having the lowest poverty rate in the nation, making it the tenth-richest state in Nigeria.


Anambra, nicknamed "Light of the Nation," is the eighth most populous Nigerian state despite being the second smallest in the region.



At the same time, Onitsha is one of the most populated cities in Nigeria.



Anambra is rich in natural gas, crude oil, bauxite, and ceramics, but also has many other resources for agro-industrial activities, such as fishing and farming, with over 100 per cent arable land, resulting in a vast area of cultivated land for grazing and agriculture.


Anambra started its ascent to the richest states in Nigeria's rankings in 2006 when it debuted Orient Petroleum Refinery (OPR), Nigeria's first private refinery .



Anambra State became an oil-producing state in 2012 due to the efforts of Governor Peter Obi and other Orient Petroleum players, certifying it as one of the richest states in Nigeria.


The indigenous firm found oil in the Anambra River Basin, which has undiscovered gas deposits with a potential of one quadrillion cubic feet.


Anambra State, which has around 13 oil wells, has the ability to generate over 100,000 barrels of crude oil per day and is thus one of the richest states in Nigeria.

Being the richest state in southeastern Nigeria, Anambra is home to Innoson, the top automotive manufacturer in Nigeria, which is based in Nnewi.



In addition, the city of Onitsha is home to the 2012-established International Breweries PLC, which has an annual production capacity of 2.7 million hectoliters via the brands: Hero Lager, Castle Milk Stout, Grand Malt, and Beta Malt.Onitsha is one of the most important commercial and market centres in West Africa and helps improve the state's internal income.Anambra is home to the majority of financial institutions, including the Nigerian Stock Exchange, which has contributed to its image as one of Nigeria's richest states.



11.Ondo

Revenue: 30.8 billion NGN

Ondo, founded on February 3, 1976, is a state in southern Nigeria with a 15% oil-based economy.



As the state that produces the most cocoa in the nation, Ondo is the eleventh-richest in Nigeria.


In addition, asphalt mining and enterprises using the state's expansive coastline are other significant economic drivers that place Ondo among the richest states in Nigeria.


The state cultivates palm oil and cereals for export, while its traditional industries include pottery manufacturing, textile weaving, tailoring, carpentry, and blacksmithing.


Agriculture is essential to Ondo's economy, with the primary crops being cotton, tobacco, cocoa, rubber, and lumber. Fish are also abundant in its many water bodies.




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