Have you ever thought about how wealthy your state is? During the last decade, Nigeria’s economy has experienced a series of highs and lows, with some states faring better than others. We picked the states with the most wealth based on a few parameters before adding them to our list of the top 10 richest states. It isn’t as difficult as it may appear to determine which state has the most wealth.
In case you didn’t know what GDP (Gross Domestic Product) is, it serves as the most common measurement of an economy’s size. GDP can be calculated for a single country, a region, or a collection of countries (such as the European Union) (EU). The GDP is the sum of all value-added in a given economy. The “value-added” is the difference between the value of the goods and services produced and the value of the goods and services required to produce them, also known as “intermediate consumption.”
Nigeria, as we all know, is a rich country. Nigeria is one of the wealthiest countries in Africa in terms of natural resources, particularly crude oil, and according to the World Population Review, Nigeria is the second richest country in Africa in terms of GDP. Apart from crude oil, Nigeria has Africa’s largest population, which is a hopeful sign for the country; numerous deals are going on in and outside of Nigeria, and it is a desirable investment destination. So you shouldn’t be surprised by Nigeria’s achievement because it has everything it needs to become one of the richest countries on the planet. Some Nigerian states produce more GDP per year than some African countries, and this must be recognized. So let’s get into the list of states.
- Lagos State: It comes as no surprise that Lagos State is Nigeria’s most developed and richest state. After all, it is the “Center of Excellence.” According to the International Monetary Fund (IMF), the state’s economy may grow by 4% to more than $140 billion. As it stands, Lagos state is fit to be a country in its own right because it will prosper and remain one of Africa’s wealthiest countries, if not the fifth richest. Lagos State is Nigeria’s most populous state, and commercial activities thrive there, making it the country’s busiest state. Crude oil, industries, agriculture, and a variety of other sources generate revenue.
- Rivers State: Rivers State is another up-and-running commercial sanctuary in Nigeria, as anyone who has traveled around the country knows. Its capital, Port Harcourt, is the most economically significant, as it is the headquarters of Nigeria’s oil companies. The state earns more than 70% of its GDP from crude oil, valued at $20 billion, as well as good income from agriculture and fishing. Because the state is bounded by the Atlantic Ocean, it is water-locked, making foreign trades, exchanges, and investments simple. Through its vast ports, the ocean also serves as a means of transportation for exports and imports in the state, particularly for oil and gas products.
- Delta state: Delta state has a population of over 3 million people and is one of Nigeria’s most oil-rich regions; you’ve probably heard of cities like Sapele, Warri, and Asaba, which are all located in this state. You can imagine the impact of taking oil out of Nigeria; Delta State, which is located in the Niger Delta region, makes a significant contribution to the country’s economy, with a GDP of $16.75 billion. Delta, like other Nigerian states, has rich mineral wealth, including industrial clay, silica, lignite, kaolin, tar sand, highly decorative rocks, limestone, and so on. These minerals are used as raw materials in the production of bricks, ceramics, bottles, and glass by large corporations.
- Imo State: Imo State is located in Nigeria’s south-eastern region and is the fifth-richest state in the country, as well as the richest in the entire eastern region, with a GDP of around $14.2 billion. Owerri, the state capital, is a commercial city with a large population; the state is also oil-producing and is ranked among Nigeria’s most developed states. Calcium, Iroko, bamboo, mahogany, Obeche, oil palm, rubber, limestone, fine sand, white clay, and natural gas are among the state’s natural resources. Besides that, a lot of wealthy Nigerians and politicians live in Imo state.
- Oyo state: Due to its poor road conditions, the presence of old buildings, and other factors, Oyo state may be overlooked. The Yoruba-dominated state, on the other hand, has a lot more to offer. Oyo state, located in the country’s south-western region, is an ancient state with numerous historical facts. Oyo state is also rich in crude oil and is one of Nigeria’s wealthiest states, with a GDP of $16.121 billion. Given the agricultural practices in the state, Oyo state is wealthier than most oil-producing states in Nigeria. Millet, maize, cocoa, cashews, palm fruit, cassava, and a lot of other agricultural products are made by the state.
- Kano State: You might know political figures like Sanusi Lamido, the former governor of Nigeria’s central bank, as well as a slew of other notable Kano residents. Kano state is the most well-known in Nigeria’s northern region and has served as a commercial hub for the region. With a GDP of $12.393 billion, Kano is one of the country’s most important states. The state is culturally rich and financially prosperous among Nigeria’s northern states. Not only that, but Kano is also one of Nigeria’s most populous states. Kano state, after Lagos, is Nigeria’s second-largest industrial city and the largest in the Northern region.
- Edo State: Benin City, the capital, has a rich history of being one of the most important destinations for Europeans during their many centuries of exploration of the African continent. For the state, some of the battlegrounds have remained tourist attractions. Edo joins a slew of other states whose economies are largely based on agricultural products. The main crops are yams, cassava (manioc), oil palm, rice, and corn (maize), while cash crops include rubber, timber, palm oil, and kernels. Its GDP stands at $11.12 billion.
- Akwa-Ibom state: The state of Akwa-Ibom is a beautiful place with a lot of crude oil and natural gas reserves. Akwa Ibom is a state in Nigeria’s south-central region, with Uyo as its commercial and capital city. Uyo is one of Nigeria’s largest cities. It has a GDP of $11.179 billion. This is a very important state in Nigeria; The state is populated by hardworking Nigerians who are not solely reliant on crude oil since they also enjoy agriculture. It also has an international airport and a state-owned airline, Ibom Airlines. Godswill Akpabio, the former governor of the state, is a well-known public figure.
- Ogun State: Because Ogun State is so close to Lagos, it’s no surprise that it’s one of Nigeria’s wealthiest states. Agriculture is the state’s primary source of revenue. Rice, corn (maize), cassava (manioc), yams, plantains, and bananas are all grown there. The main cash crops are cocoa, kola nuts, rubber, palm oil, palm kernels, tobacco, cotton, and timber. Limestone, chalk, phosphates, and clay are some of the other natural deposits. Cement, canned foods, foam rubber, paint, tires, carpets, and aluminum products are all manufactured in industries. The quarries in Abeokuta, the state capital, produce construction materials for much of southern Nigeria. Its GDP stands at $10. 5 billion annually.
- Kaduna state: The last state on our list of Nigeria’s wealthiest is none other than Kaduna, which has a GDP of $10.4 billion. Kaduna has been a mechanical, business, and money-related location for Nigeria’s northern states since the late 1950s. The Nigerian Stock Exchange owns a piece of it. The majority of industries are concentrated south of the Kaduna River, near the main railway intersection. Kaduna has cotton textile turning and weaving mills, as well as knit fabric manufacturing.
The first thing that most people think of when determining the wealthiest states is to look at how much cash people make. Nevertheless, no single number can fully explain why a state is regarded as one of the richest. There are simply too many other ways to express how wealthy or poor a state is than through GDP. So, don’t take too much to heart if your favorite state isn’t in this lineup.