Richest

Top 10 Richest States In Nigeria And Their GDP Currently

Top 10 Richest States In Nigeria And Their GDP Currently. This list contains The Richest States In Nigeria, Their GDP, Year Of Creation, Annual Budget And Main Economic Activity.

In this article, we list the top 10 richest states in the federation based on GDP i.e Gross domestic product. Please note that these states can survive on their own without the help of the federal government, as the source of their wealth comes from sectors like tourism, agriculture, sports etc.

Nigeria is an independent country with 36 states blessed with numerous natural resources. Even though crude oil has been the main source of the country riches, there are some of these wealthy states that produce them.

See Also: Top 10 Richest Countries In Africa

List of Top 10 Richest States in Nigeria Currently

10. Kaduna

Year of creation: 1967
GDP: $10.33 billion
Annual budget: $672 million
Main economic activity: Textile manufacturing

Kaduna is home to the largest textile-manufacturing industry in Nigeria, making it one of the top ten richest states in Nigeria. Additionally, the state has significant oil refining, tobacco, and cottonseed processing industries. Traditional crafts, especially cotton weaving and dyeing, leather processing, raffia weaving, and pottery designing, also retain considerable economic importance in Kaduna

9. Ogun

Year of creation: 1976
GDP: $11 billion
Annual budget: $845 million
Main economic activity: Mining and manufacturing

Ogun was created in 1976 and is well known for the Aro granite quarries near Abeokuta, the state capital. The quarry provides building material for much of southern Nigeria. The state’s natural resources include huge limestone deposits, chalk, phosphates, and clay.

Ogun’s industries produce canned foods, foam, tires, rubber, paints, plastics, and aluminium products. The state’s capital is an important transport hub and serves as a convergence point for roads and railways coming from Lagos and other major cities and states near Ogun.

8. Akwa Ibom

Year of creation: 1987
GDP: $11.09 billion
Annual budget: $1.4 billion
Main economic activity: Mining and agriculture

Akwa Ibom was formed in 1987 from the Cross River State. Its population consists mainly of Ibibio people, renowned for their proficiency in farming yams, rice, cowpeas, corn, cassava, oil palms and cocoa. The state’s residents also rear pigs, sheep, goats, and rabbits on a large scale.

Deep-sea fishing, lignite mining, and offshore oil extraction are also essential economic activities in Akwa Ibom. The numerous economic activities in Akwa Ibom make it one of the top 10 richest states in Nigeria.

7. Edo

Year of creation: 1991
GDP: $11.89 billion
Annual budget: $537 million
Main economic activity: Agriculture

Edo state was formed in 1991 from the northern portion of Bendel state. Agriculture is the mainstay of the economy, with yams, cassava, palm, rice, and corn being the major subsistence crops. The state’s main cash crops include rubber, timber, palm oil and kernels.

Besides the vibrant agricultural sector, Edo State also has vast mineral deposits, including limestone and lignite. Various industries produce pharmaceuticals, rubber, plywood, beer, sawn wood, and furniture.

See Also: Top 10 Richest Politicians In Nigeria

6. Kano

Year of creation: 1967
GDP: $12.39 billion
Annual budget: $532 million
Main economic activity: Manufacturing

Kano State was formed in 1967 from the former Kano province. In 1991, its northeastern portion was split off to form the current Jigawa State. Kano city, the capital, is a manufacturing and processing centre for canned foods, textiles, furniture, cement, rolled steel, and light trucks.

Most of the state’s inhabitants are Hausa or Fulani, but there are also Nigerians from other parts of the country, Arab traders, and Europeans

5. Imo

Year of creation: 1976
GDP: $14.77 billion
Annual budget: $917 million
Main economic activity: Oil refinery

Imo is the wealthiest state in Southeastern Nigeria. The state’s economy is fueled by vibrant infrastructural development, numerous manufacturing companies, and huge deposits of zinc, crude oil, natural gas, limestone, sand, and white clay.

Imo is currently home to several large oil companies, including Royal Dutch Shell, Agip, Chevron, and Addax Petroleum.

4. Oyo

Year of creation: 1991
GDP: $16.12 billion
Annual budget: $711 million
Main economic activity: Agriculture

Oyo State measures 28,454 square kilometres and is among Nigeria’s top states when it comes to food production. The state is home to numerous farms dealing with the farming, processing, and packaging of wide-ranging food crops, including cocoa, rice, millet, cassava, yams, and maize.

3. Delta

Year of creation: 1991
GDP: $16.75 billion
Annual budget: $1.12 billion
Main economic activity: Mining

Delta State is home to about 4 million people and 17,689 square kilometres. The state has one of the largest deposits of minerals and other natural resources such as industrial clay, silica, limestone, lignite, kaolin, and tar sand.

2. Rivers

Year of creation: 1967
GDP: $21.15 billion
Annual budget: $1.13 billion
Main economic activity: Crude oil extraction

Rivers State is situated in Southern Nigeria and is the second-richest state in the country in terms of GDP. The state is home to slightly over 5 million people. Economy-wise, Rivers State has more than 60% of Nigeria’s oil reserves, making it a strategic area for the entire country’s economy.

1. Lagos

Year of creation: 1967
GDP: $33.68 Billion
Annual budget: $4.2 billion
Main economic activity: Ports, oil refineries, automotive assembly, manufacturing, and processing

What is the richest state in Nigeria? the answer is Lagos, home to the Port of Lagos, one of Africa’s largest and busiest ports. The port handles numerous vessels, including oil/chemical tankers, container ships, bulk carriers, and fishing vessels. The state is also among the oldest in Nigeria, having been established in 1967.

Besides the ultra-busy port, Lagos’ economy is also widely supported by vibrant manufacturing, processing, and oil refining industries.

Which is The Poorest State in Nigeria?

Sokoto State is widely considered the poorest state in Nigeria, with a poverty level of about 87.73%. The state has barely any investments from foreign entities or individuals. Additionally, Sokoto has numerous abandoned road projects, resulting in challenges transporting the agricultural produce grown in the region.

The Top 20 Richest States in Nigeria

Here is a recap of the wealthiest Nigerian states and their respective GDPs in 2023.

Lagos: $33.68 Billion
Rivers: $21.15 billion
Delta: $16.75 billion
Oyo: $16.12 billion
Imo: $14.77 billion
Kano: $12.39 billion
Edo: $11.89 billion
Akwa Ibom: $11.09 billion
Ogun: $11 billion
Kaduna: $10.33 billion
Cross River: $9.29 billion
Abia: $8.68 billion
Ondo: $8.41 billion
Osun: $7.28 billion
Benue: $6.86 billion
Anambra: $6.76 billion
Katsina: $6.08 billion
Niger: $6 billion
Borno: $5.18 billion
Plateau: $5.20 billion

The richest states in Nigeria have reached their status by leveraging the natural resources, human capital, infrastructure, and climate conditions prevalent in their borders. These states are essential to the Nigerian economy and significantly contribute to the country’s GDP.

See Also: List Of 774 Local Governments In Nigeria

Conclusion

Nigeria is remarkably endowed with minerals, fertile agricultural lands, and huge oil and natural gas deposits. The states vary in size, population, and wealth. Which are the richest states in Nigeria, their GDPs and their main economic activities.

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