Nigeria is often referred to as the “Giant of Africa” due to its rich diversity, culture, and potential for economic growth. The country owes much of its success to the support of its states, of which there are 36, in addition to the federal capital territory.
Each state contributes to Nigeria’s unique tapestry in its own way. Certain states, however, have emerged as centers of prosperity and financial influence. In this article, we will delve into the top 10 wealthiest states in Nigeria, using their economic potential as the criteria.
Top 10 Richest States in Nigeria
- Lagos State
- Rivers State
- Ogun State
- Delta State
- Oyo State
- Kaduna State
- Edo State
- Kano State
- Akwa-Ibom State
- Anambra State
Top Wealthiest States in Nigeria
These are the richest states in Nigeria
Lagos State is widely recognized as the economic powerhouse of Nigeria and tops our list as the richest state in the country. Located on the southwestern coast, this bustling metropolis is known for its economic vibrancy, cultural diversity, and entrepreneurial dynamism.
As of 2023, Lagos remains one of the most developed states in Nigeria with a land area of 3,577 square kilometers. It serves as the commercial capital of the country, hosting numerous financial institutions, multinational corporations, and thriving small and medium enterprises.
Thanks to its strategic location and well-developed infrastructure, Lagos is a preferred destination for local and international investors, making significant contributions to its economic prosperity.
Rivers State is a small state located in the Niger Delta Region of southern Nigeria, covering an area of 11,077 square kilometers.
The state is rich in natural resources, particularly oil and gas reserves. As a major player in Nigeria’s petroleum industry, the exploration, production, and export of crude oil contribute significantly to the state’s revenue and economic wealth.
More than 60% of Nigeria’s crude oil production comes from Rivers State. The state capital, Port Harcourt, is a crucial center for import and export activities, thanks to its ports that facilitate trade and commerce.
Aside from its oil and gas industry, Rivers State is also known for its growing agriculture sector and manufacturing industries
Located in the South Western region of Nigeria is Ogun State, which shares a border with Lagos State, Nigeria’s commercial and economic hub. With a population of approximately 4 million people, Ogun State’s proximity to Lagos has made it an extension of Lagos’s economic activities.
Many industries are located in Ogun State, including cement production, steel manufacturing, and food processing, with Dangote Cement, Lafarge Cement, Coleman Cables, Ga, ble, and Procter being among the famous industries. The primary sectors contributing to Ogun State’s status as one of the richest states in Nigeria are cement mills, food processing facilities, breweries, and plastic, rubber, aluminum, and paint manufacturing plants, particularly at Sagamu.
Ogun State is renowned for its agro-allied activities, with a particular focus on crops such as cassava, cocoa, and oil palm. In addition, the state is blessed with mineral resources such as limestone, chalk, phosphate, and clay. The Aro granite quarry provides most of southern Nigeria with construction materials.
Delta State is another south-southern state that is renowned for its abundance of oil and gas reserves, which have played an instrumental role in the country’s petroleum industry.
With a population of 4.1 million people, Delta State constitutes a significant portion of Nigeria’s overall population. Moreover, it is home to a plethora of natural resources such as industrial clay, silica, limestone, lignite, kaolin, tar sand, and many others, making it the largest depositary of such resources in the country.
Oyo State is home to historic and culturally significant cities such as Ibadan. Ibadan has a rich history and is home to Nigeria’s premier higher education institution, the University of Ibadan.
The state’s economy is predominantly agricultural, with Shaki, a western city, being the “breadbasket.” Cassava, cocoa, and tobacco are crucial crops for the state’s economy. Oyo State is blessed with solid mineral resources, such as granite and limestone. The extraction and processing of these minerals contribute to the state’s revenue.
Kaduna State is a hub for agriculture with a wide range of crops including maize, millet, sorghum, rice, cassava, and ginger being grown in the state. The state also serves as a major contributor to the livestock farming industry, especially in cattle rearing, which significantly boosts the state’s agricultural output.
In addition to agriculture, Kaduna State is home to a variety of manufacturing firms, with the majority being small and medium-sized enterprises in the industrial sector. The state’s industrial sector is dominated by textiles, food, and cattle. Kaduna State is also blessed with abundant natural resources such as clay, serpentine, asbestos, amethyst, kyanite, gold, graphite, and sillimanite graphite.
Edo State is situated in the southwestern region of Nigeria, close to the heart of the ancient Benin Kingdom. The state is involved in various industrial activities such as manufacturing and processing, producing a range of products including rubber-based goods, furniture, and beverages.
Despite producing less than 10 percent of its revenue, the state is one of the wealthiest in Nigeria, thanks to its crude oil production.
Edo State is known for its rich cultural heritage and boasts numerous historical sites, including the National Museum and the famous Benin City Walls.
Kano is one of the most industrialized cities in the country. It is a major commercial hub in northern Nigeria that transacts billions of naira daily, playing a significant role in regional trade and contributing to its economic prosperity.
A large number of its inhabitants engage in subsistence farming of peanuts, rice, wheat, soybeans, sesame, cotton, and peppers.
Akwa Ibom State
Akwa Ibom is another wealthy state in Nigeria. The state is a major oil-producing region in Nigeria, with a substantial share of the country’s oil reserves.
In addition to oil, the state has invested in other sectors such as agriculture, tourism, and services. The fertile soil in Akwa Ibom supports agricultural activities, contributing to food production and economic diversification.
The state’s primary products include palm oil, rubber, maize, cassava, yams, and rice, but, being a coastline state, fishing is also significant.
Anambra is one of the richest states which is located in southeastern Nigeria. Numerous successful entrepreneurs who actively participate in various sectors are based in Anambra.
The state has a thriving commercial and trading industry, with cities like Onitsha serving as major commercial hubs. Onitsha Main Market, one of the largest markets in West Africa, plays a vital role in facilitating trade and commerce in the region.