Nigeria, one of Africa’s wealthiest nations, owes much of its wealth to abundant natural resources such as coal, tin, and iron ore. The richest states in Nigeria are pivotal to this wealth, significantly contributing to various sectors including tourism, cultural heritage, education, and intellectualism.
These states, with their robust economies and developed infrastructure, play a crucial role in the nation’s economic strength. Their rankings are based on major industries, contributions to the national GDP, and the abundance of natural resources.
According to a 2022 report by BudgIT, here are the top 10 richest states in Nigeria ranked by GDP:
1. Lagos State — GDP: ₦41.17 trillion
Lagos State is the commercial hub of Nigeria and the wealthiest state by GDP. It is a center for finance, commerce, and industry, housing the country’s busiest seaports and airports. Its entertainment and technology sectors also significantly contribute to its economic dominance.
2. Rivers State — GDP: ₦7.96 trillion
Rivers State is renowned for its oil and gas industry. With substantial oil reserves and robust industrial activity, including petrochemicals and manufacturing, it is a key player in Nigeria’s energy sector, contributing greatly to the national GDP.
3. Akwa Ibom State — GDP: ₦7.77 trillion
Akwa Ibom State, rich in oil, has a thriving petroleum industry. In addition to oil extraction, the state benefits from agriculture, tourism, and a growing services sector. Its strategic Atlantic coast location enhances its economic potential, attracting investments.
4. Imo State — GDP: ₦7.68 trillion
– Imo State boasts a diverse economy with strong agriculture, commerce, and manufacturing sectors. The state’s strategic location and government initiatives promoting investment and entrepreneurship have fueled its economic growth.
5. Delta State — GDP: ₦6.19 trillion
Delta State, an oil-producing region in the Niger Delta, is central to oil exploration and refining. Agriculture, trade, and services also play significant roles in the state’s economic prosperity.
6. Anambra State — GDP: ₦5.14 trillion
Anambra State is known for its vibrant commercial activities and entrepreneurial culture. Its economy thrives on trade, manufacturing, and agriculture, with significant contributions from banking, real estate, and education.
7. Ondo State — GDP: ₦5.10 trillion
Ondo State, rich in natural resources like bitumen and cocoa, has a diverse economy driven by agriculture, mining, and manufacturing. Strategic investments in infrastructure and human capital development bolster its economic resilience.
8. Ogun State — GDP: ₦5.03 trillion
Ogun State, an industrial hub in southwestern Nigeria, has a strong manufacturing sector. Its proximity to Lagos, along with a favorable business environment and infrastructure, attracts investments in various industries including agribusiness, construction, and logistics.
9. Bayelsa State — GDP: ₦4.63 trillion
Bayelsa State, primarily an oil-producing region, relies heavily on the petroleum industry. Despite its oil wealth, the state faces developmental challenges such as infrastructure deficits and environmental concerns. Efforts to diversify the economy through agriculture and tourism are ongoing.
10. Niger State — GDP: ₦4.58 trillion
Niger State, in north-central Nigeria, has a rich agricultural heritage with vast arable land and mineral resources. Agriculture, mining, and hydroelectric power generation are key economic pillars. Government initiatives to improve infrastructure and attract private investments are crucial for driving its economic growth.