Emmanuel OchayiNigeria, a country endowed with abundant natural resources and a vast human workforce, should ideally be one of the world’s most powerful nations. Unfortunately, this potential has been hindered by leadership issues and mismanagement.
Nevertheless, Nigeria still has states that thrive economically and can almost sustain themselves without relying heavily on the federal government. In this article, we will explore the top 10 richest states in Nigeria, ranked by their Gross Domestic Product (GDP).
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Lagos – $33.68 Billion
Lagos State tops the list of Nigeria’s richest states with a staggering GDP of $33.68 billion. It is not only the wealthiest state in Nigeria but also the most developed. Located in the southwest region, Lagos State spans 3,577 square kilometers and boasts a thriving economy. In fact, if Lagos were a country, it would be Africa’s fifth-largest economy. One of the primary drivers of its economic prosperity is the presence of major seaports, making it a significant financial center.
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Rivers – $21.17 Billion
Rivers State secures the second position in our list with a GDP of $21.17 billion. Covering an area of 11,077 square kilometers and home to 5.2 million people, this state is rich in natural resources, including vast reserves of natural gas and crude oil. In 2018, Rivers State received a substantial FAAC allocation of 172 billion Naira, making it the third-highest recipient that year. With over 60% of Nigeria’s crude oil production, Rivers is a vital player in the nation’s economy.
Delta – $16.75 Billion
Delta State, located in the southern region of Nigeria, takes the third spot with a GDP of $16.75 billion. With a population of 4.1 million, this state is abundant in natural resources, including crude oil, natural gas, and various minerals. In 2021, a federal high court in Abuja ordered the federal government to pay the state an accrued revenue of $1.638 billion, further boosting its financial standing.
Oyo – $16.12 Billion
Oyo State, situated in the southwestern region, ranks fourth on our list with a GDP of $16.12 billion. Home to approximately six million people, Oyo is primarily an agricultural state, producing a wide range of crops, including cashews, palm oil, cocoa, and more.
Imo – $14.21 Billion
Imo State, located in the southeast, takes the fifth spot with a GDP of $14.21 billion. The state is rich in natural resources such as zinc, natural gas, crude oil, and limestone. With over 163 oil wells and the presence of major oil companies, Imo significantly contributes to Nigeria’s economy.
Kano – $12.39 Billion
With an estimated population of around 11 million people and a GDP of $12.39 billion, Kano State is the sixth richest in Nigeria. It is a major producer of hides and skins and various agricultural products.
Edo – $11.89 Billion
Edo State, with a GDP of $11.89 billion, secures the seventh position. This state is known for its tourist attractions, including the Emotan Statue and the Niger River.
Akwa Ibom – $11 Billion
Akwa Ibom, located in the south of Nigeria, ranks eighth on our list with a GDP of $11 billion. The state is home to the world-class Ibom Library and a diverse range of ethnic groups.
Ogun – $11 Billion
Ogun State, in the southwest, also boasts a GDP of $11 billion. Known for its concentration of factories and industries, Ogun plays a pivotal role in Nigeria’s manufacturing sector.
Kaduna – $10.33 Billion
Kaduna State, located in the north-central part of Nigeria, takes the tenth spot with a GDP of $10.33 billion. It is a culturally diverse state with over sixty different ethnic groups and a strong presence in the agricultural sector.
While Nigeria faces its share of challenges, these 10 states have shown remarkable economic resilience and potential. With their diverse resources and vibrant economic activities, they continue to play a crucial role in Nigeria’s growth and development, proving that wealth and prosperity can be found even in the face of adversity.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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