11 Richest States In Nigeria With Their GDP

Richest States In Nigeria

Numerous nations with abundant natural resources may be found in Nigeria, sometimes hailed as Africa’s economic superpower. 

A few states have emerged as major GDP producers within Nigeria’s ever-changing economic environment. 

These states, which range from thriving business centers to oil-rich areas, are crucial in determining Nigeria’s economic future. 

This article examines Nigeria’s top 11 richest states by Gross Domestic Product (GDP), highlighting the elements contributing to each state’s distinct contributions to its fiscal landscape and the economic conditions supporting its prosperity. 

You can also read about the poorest states in Nigeria

Overview of Nigeria’s Gross Domestic Product 

According to the National Bureau of Statistics, in real terms, the GDP increased by 2.31% (year over year) in the first quarter of 2023. This growth rate decreased from 3.11% in 2022’s first quarter to 3.52% in the following quarter. 

The quarter-long cash crunch’s negative consequences are blamed for the decline in growth.

The services sector, which grew by 4.35% and made up 57.29% of the GDP overall in the first quarter of 2023, was the primary driver of the GDP’s development. 

In the first quarter of 2022, the agriculture industry expanded by 3.16%, less than the -0.90% growth reported. 

Agriculture and the industry sectors contributed less to the overall GDP in the quarter under review than in the first quarter of 2022, despite the industry sector’s growth improving to 0.31% from – 6.81%. 

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What Is the Most Richest State in Nigeria?

According to Wikipedia, Lagos State is Nigeria’s most prosperous state. Lagos makes up a large portion of Nigeria’s GDP, being the commercial capital and the center of the nation’s economy.

Multinational corporations, a bustling real estate market, Lagos State’s role as a significant financial hub, and other factors contribute to the state’s economic significance. 

It is significant to remember that economic conditions are subject to change, and rankings are subject to fluctuations throughout time as a result of things like governmental regulations, business ventures, and development programs. 

It is advised to refer to contemporary sources or official government publications on the economic standing of the states in Nigeria for the most updated information.

11 Richest States in Nigeria with their GDP

Here are the 11 richest states in Nigeria according to Gross Domestic Product (GDP)

1. Lagos State ($102.01. Billion)

GDP in Naira: ₦41.17 tril.

Lagos state is first on our list of the richest states in Nigeria according to GDP. Located southwest of Nigeria, Lagos State is the nation’s wealthiest and most economically active state. 

Lagos is a central economic hub in Nigeria and among the fastest-growing in Africa, with a GDP of over ₦41.17 trillion and 102.01 billion US dollars. 

As Nigeria’s commercial capital, the state draws a wide range of enterprises, multinational corporations, and financial institutions, contributing to its economic significance.

Lagos is a vibrant city with many business activities, from busy ports and markets to a booming technology sector. 

The city is a crucial nexus for local and international trade and a melting pot of cultures. Lagos is also well-known for its thriving entertainment sector, which includes Nollywood, the second-largest film industry in the world based on the quantity of films produced there each year.

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2. Rivers States ($19.72 Billion)

GDP in Naira: ₦7.96

Next on the list is Rivers States. With an estimated ₦7.96 trillion in GDP, Rivers State, another economic powerhouse in Nigeria, is situated in the Niger Delta. 

The state’s oil and gas sector, essential to Nigeria’s economy as a whole, is the primary source of the state’s economic importance. 

The state’s economy is significantly boosted by the oil and gas industry, which has its central hub in Port Harcourt, the capital city.

Rivers State engages in various economic pursuits outside the oil industry, such as trade, manufacturing, and agriculture. 

The state’s overall economic strength results from its advantageous location and varied economic base.

3. Akwa Ibom State ($19.25 Billion)

GDP in Naira: ₦7.77 Trillion

Akwa Ibom state is next on our list of the richest states in Nigeria according to GDP. The state has a substantial GDP of approximately ₦7.77 Trillion. 

The state has been acknowledged for making significant contributions to Nigeria’s oil and gas industry, which has propelled the country’s economic expansion. 

Engaging in agricultural activities further enhances Akwa Ibom State’s economic vibrancy. Beyond its economic might, the state is attractive due to its stunning beaches, such as Ibeno Beach, and well-known tourist destinations like the Ibom Plaza.

4. Imo State ($​​19.02 Billion)

GDP in Naira: ₦6.19 Trillion

With a GDP of over ₦6.19 Trillion, Imo State, in southeast Nigeria, is a significant economic force. 

The state’s economic landscape is notable for its remarkable diversity, covering important industries like manufacturing, commerce, and agriculture. 

Because of Imo State’s advantageous geographic location, many industries have prospered and greatly boosted the state’s economy.

Beyond its economic might, Imo State is known for its many alluring tourist destinations, which draw tourists from all over the world. These include the picturesque Oguta Lake and the culturally significant Mbari Cultural and Art Center.

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5. Delta State ($15.33 Billion)

GDP in Naira: ₦6.19 Trillion

Another state in the Niger Delta, Delta State is well-known for having large oil reserves, which support its roughly ₦6.19 Trillion GDP. 

Nigeria’s oil and gas industry greatly benefits from the state’s substantial exploration and production efforts. 

The economy of Delta State is not limited to the oil industry; it also includes manufacturing, agriculture, and other important industries.

The state’s efforts to broaden its agricultural base and support non-oil sectors demonstrate its commitment to economic diversification. 

Because of its natural resources and strong economy, Delta State is one of Nigeria’s most important states in terms of commerce.

6. Anambra State ($12.73 Billion)

GDP in Naira: ₦5.14 Trillion.

Located in southeast Nigeria, Anambra State is widely recognized as one of the nation’s most prosperous and advanced industrial states. Many elements contributing to its general success are the source of its economic strength.

Anambra State is known for being a booming business and commercial center with lively marketplaces. Particularly noteworthy as a significant commercial hub and home to one of the biggest marketplaces in West Africa is the city of Onitsha. 

A major participant in trade, the Onitsha Main Market offers a wide variety of products and services.

Anambra State residents are well known for having an entrepreneurial mentality. Many prosperous businesspeople and entrepreneurs who have significantly impacted different facets of the Nigerian economy reside in this state. 

The entrepreneurial spirit has stimulated economic activity and produced an atmosphere favorable to business expansion.

Anambra State is home to prominent educational institutions, including Nnamdi Azikiwe University in Awka. The existence of these institutions supports the state’s intellectual and educational advancement and produces well-versed and competent workers.

7. Ogun State ($12.46 Billion)

GDP in Naira: ₦5.03 trillion

Located in southwest Nigeria, Ogun State has a ₦5.03 trillion GDP, considered substantial. 

The state stands out for its thriving industrial sector, home to several manufacturing enterprises that greatly bolster its economy. 

Thanks to its industrial strength, Ogun State is now a major actor in Nigeria’s economy. The famous Olumo Rock, a geological wonder and well-liked tourist destination that attests to Ogun State’s rich natural and cultural legacy, adds to the state’s charm.

8. Bayelsa State ($11.47 Billion)

GDP in Naira: ₦4.63 Trillion

Nigeria’s Bayelsa State, which is located in the Niger Delta, is well-known for its abundant natural gas and oil resources, distinctive ecological features, and blend of cultural variety. 

Having been split off from Rivers State in 1996, Bayelsa is one of the newest states in Nigeria and has achieved progress in infrastructure and economic development.

An important participant in Nigeria’s oil and gas industry is Bayelsa State. The Niger Delta’s oil fields and exploration efforts make a significant financial contribution to both the state’s GDP and the country’s oil production. 

The economic importance of the oil and gas industry has ramifications for both local development and national success.

Ecological and Natural Beauty: Bayelsa State has distinct ecological features, including lush mangrove swamps, water bodies, and a broad range of flora and wildlife. 

The Niger Delta wetlands are located in the state, and because of its scenic splendor, it may draw eco-tourists and scientists who are interested in the conservation of biodiversity.

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9. Niger State ($11.34 Billion)

GDP in Naira: ₦4.58 trillion

The central Nigerian state of Niger is well-known for its varied topography, agricultural pursuits, and substantial power generation contributions. Niger State, one of the nation’s major states, is essential to the agricultural and energy industries.

The production of a wide range of crops is supported by fertile soil, the main driver of the state’s economy. Crops like rice, cassava, sorghum, and millet are produced in Niger State. 

The Kainji Dam, a significant hydroelectric power plant on the Niger River, is located in Niger State. The dam, serviced in the 1960s, substantially contributes to Nigeria’s electricity production. 

Notable mineral resources in the state include gold, gypsum, and limestone.  It also has tourist-attracting natural features. 

Visitors are drawn to the Gurara Falls, a picturesque cascade beside the Gurara River. The state is also recognized for the Zugurma Game Reserve, which provides opportunities for wildlife enthusiasts to enjoy the region’s biodiversity.

10. Kaduna State ($10.67 billion)

GDP in Naira: ₦4.31 Trillion

With a GDP of around ₦ 4.31 trillion, Kaduna State is a large state in northern Nigeria. The economy of the state is remarkably diverse, with industries including manufacturing, services, and agriculture being crucial to its expansion. 

The famed Nigerian Defense Academy is located in Kaduna State, which enhances the state’s economic vitality and strategic importance for the defense and security of the country.

10. Kano State ($10.40 Billion)

GDP in Naira: ₦4.20 trillion

With a GDP of over ₦4.20 trillion, Kano State is a powerful state in northern Nigeria. The state’s thriving textile industry has garnered recognition for its role as a primary driver of economic growth. 

Kano State, a major and powerful state in northern Nigeria, has a rich cultural legacy, a varied history, and a varied economic environment.

The State is well known for its diverse economy, with several industries boosting its GDP. Its thriving textile sector, which has been a significant source of economic activity, is one of its most notable qualities. 

The state capital, Kano, is a historical and culturally diverse metropolis. Within the walls of the old Kano city, the Gidan Makama Museum conserves and displays relics, manuscripts, and cultural objects that tell the area’s story. The state’s cultural legacy is demonstrated by the Emir’s Palace, a famous representation of traditional authority.

An important part of Kano State’s economy is agriculture. Grains like millet, sorghum, maize, and groundnuts can all be grown in the rich soil. 

Notable academic institutions, including Bayero University Kano, which advances academic and research development, are located in Kano State. 

11. Edo State ($9.88 Billion)

GDP in Naira: ₦3.99 Trillion

With a GDP of over ₦3.99 trillion, Edo State, located in southern Nigeria, is a major factor in the nation’s economic landscape. 

The state is well known for its vigorous involvement in the oil and gas sector, which has been essential in determining the nature of its economy. 

The ancient city of Benin symbolizes the state’s rich cultural legacy, and Edo State’s economy is based on agriculture and tourism.

 Quick Overview of 11 Top Richest States in Nigeria

RankStateGDP(tril. ₦)GDP(bil. US$)GDP PPP(bil. int$)GDP per capita(US$)GDP per capita PPP(int$)
1Lagos State₦41.17102.01266.556,61417,282
2Rivers State₦7.9619.7251.522,2775,949
3Akwa Ibom State₦7.7719.2550.302,9627,739
4Imo State₦7.6819.0249.692,9967,828
5Delta State₦6.1915.3340.052,3066,025
6Anambra State₦5.1412.7333.262,0025,231
7Ogun State₦5.0312.4632.552,0245,288
8Bayelsa State₦4.6311.4729.974,35511,379
9Niger State₦4.5811.3429.631,7214,496
10Kaduna State₦4.3110.6727.881,1122,905
11Kano State₦4.2010.4027.176741,761
12Edo State₦3.999.8825.812,0385,325
Note: This report is according to Wikipedia

FAQs

What is the current GDP of Lagos State in Nigeria?

Lagos State’s current GDP is $136 billion.

Which state in Nigeria has the highest GDP?

Rivers State has the highest GDP in Nigeria.

How does GDP contribute to a state’s economic strength?

Rivers State has the highest GDP in Nigeria.

What sectors contribute most to the GDP of these states?

The oil, gas, manufacturing, and service sectors significantly contribute to these states’ GDP.

Conclusion

The economic prosperity of states in Nigeria varies significantly, with some states standing out as the clear leaders in terms of GDP. The data presented in this article highlights the regions that have demonstrated impressive economic growth and development.

Understanding the economic landscape of each state is crucial for investors, policymakers, and businesses seeking to capitalize on opportunities within the country. As Nigeria strives for economic diversification and sustainable development, these wealthy states serve as examples of what can be achieved through effective governance and strategic investment.

References

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