There are 36 states in Nigeria, each having its unique population, area, and level of wealth. Using GDP and economic activity as benchmarks, this article evaluates the top 5 wealthiest states in Nigeria out of a total of 36.
What You Should Know About Nigeria’s Economy
Nigeria is a nation with abundant natural resources and human capital, which should help it rise to the top of the global power rankings. Of course, we are aware that the same nation is having problems with leadership due to poor management.
But there are still wealthy regions of Nigeria that can essentially survive without help from the federal government. Nigeria currently has 36 states, and by national law, all mineral resources are under the federal government’s authority.
As a result, the federal government became the exclusive source of financing for the states. However, a few governments in Nigeria have been successful in setting up organizations that enable the state government to amass enormous quantities of money.
Top Ten Richest States in Nigeria
Below is the list of top five (5) richest states in Nigeria:
1. Lagos – $33.68 Billion
The list of Nigeria’s 10 richest states is headed by Lagos State. It is also the most developed state in Nigeria. The southwest is where it is located. 3,577 square kilometers of its land are covered by water, and its GDP is $33.68 billion.
The most economically significant state in the nation is probably Lagos State, which includes Lagos, the largest urban area in the country. If it were a country, it would have the fifth-largest economy in Africa and be a key financial hub. It is the richest state in Nigeria.
One of the main factors in Lagos’ ability to generate income is the fact that its main seaports are the busiest in the nation.
It is impossible to dispute that Nigeria is endowed with a wealth of natural resources after reviewing the Top Ten Richest States in Nigeria listed above. Nigeria also has numerous states with various resources. These resources include things like minerals, lands suitable for farming, vast oil and gas supplies, and so forth.
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2. Rivers State (Nigeria) – $21.17 billion
The second-richest state in Nigeria is Rivers State. It is situated in southern Nigeria, in the Niger Delta region. As the state capital, Port Harcourt is thought of as the center of the oil business in Nigeria.
It is one of the richest states in Nigeria. It covers 11,077 square kilometers in total. The population of Rivers is 5.2 million, and its GDP is $ 21.17 billion. Natural gas and crude oil resources are abundant in the region.
Rivers State obtained the third-highest FAAC grant in 2018 thanks to its FAAC allocation of 172 billion Naira.
about 60% of Nigeria’s crude oil output. Port Harcourt is also located in Rivers.
It is currently the sixth most populous state in Nigeria. With a $21.17 billion GDP, it is also the second-richest state in all of Nigeria.
3. Delta State – $16.75 billion
Delta is situated in southern Nigeria. There are 4.1 million people living in the region as a whole. It has a 16.75 billion dollar GDP. There are many different kinds of natural resources, such as limestone, decorative rocks, tar sands, kaolin, lignite, silica, and industrial clay. One of Nigeria’s largest reserves of natural gas and crude oil can be found in Delta. It is the third-richest state in Nigeria.
A federal high court in Abuja also mandated that the federal government reimburse the state for accumulated income of $1.638 billion in 2021.
Meanwhile, the largest concentrations of minerals and other natural resources, like as limestone, lignite, kaolin, and silica, are found in Delta State.
4. Oyo State – $16.12 Billion
The fourth wealthiest state in Nigeria is Oyo. It is a state in the interior of southwest Nigeria. It is also the sixth-most populous state in Nigeria.
When it comes to producing food, Oyo State is one of Nigeria’s most prolific states. The state’s three main industries are packaging, processing, and agriculture. And this is mostly where it gets its funding.
The city of Oyo is situated in southwest Nigeria. It is one of the top 20 wealthiest states in Nigeria. There are almost six million people living in Oyo.
It has a 16.12 billion dollar GDP. The majority of people who are employed in the economy work in agriculture.
Oyo is a producer of cashews, palm oil, cocoa, plantains, rice, millet, cassava, yams, and corn. It is the fourth-richest state in Nigeria.
5. Imo State – $14.77 Billion
Nigeria’s fifth-richest state is Imo State. It is situated in the southeast geopolitical region of Nigeria. It is not only the richest state in South-Eastern Nigeria, but also one of the richest states in all of Nigeria.
The state’s economy is also significantly impacted by the presence of several industrial companies, infrastructural initiatives, and reserves of natural resources including crude oil, natural gas, sand, and so on.
Summary of The Richest States in Nigeria
The Federal Capital Territory (FCT), which does not qualify as a state and is home to Abuja, is not included in the list of states ranked by wealth. The FCT is not counted in this ranking even though it would normally be the second-richest state in Nigeria.
The states that generate the most money from oil extraction and other industries are the richest in Nigeria. Due to their abundant natural resources, advantageous location, and well-developed infrastructure, Lagos, Rivers, Delta, Akwa Ibom, and Oyo are some of the top states that are economically affluent.
But it’s crucial to remember that not everyone in these states is equally affluent, and that income distribution differs within each state. The government must also expand the country’s economy beyond oil in order to raise everyone’s level of living in Nigeria, regardless of where they live or their social standing.
This can be accomplished by equal resource allocation across the nation’s regions, sustainable development, and efficient governance.