Market News

by Alausa-Issa Zainab

As you know, Nigeria has many natural resources in abundance. Each state has been able to generate income for development and economic growth through these resources. However, the richest states in Nigeria contribute significantly to the nation’s overall wealth. 

The list below is based on GDP (Gross Domestic Product) and ranked by BudgIT.

1. Lagos

Lagos state is in Southwest Nigeria and is the most populous in Africa. It was actually the capital of Nigeria before it was moved to Abuja. Lagos has been the major financial hub of the country and one of the foremost in Africa. With over twenty million people, Lagos is one of the fastest-growing cities in Africa and the center for commerce, entertainment, education, technology, tourism, art, and fashion. The GDP of Lagos is over 41 trillion Naira. 

2. Rivers

Rivers State is in the Southern part of Nigeria. It shares borders with Akwa Ibom, Abia, Bayelsa, and Delta. The state’s capital, Port Harcourt, is the commercial center of the Nigerian oil industry. Rivers, as the name implies, has several rivers and is also one of the fastest-growing states in urbanisation and infrastructure. As one of the richest in Nigeria, it has seaports, silica refineries, clay, glass sand, and natural gas apart from crude oil. The GDP of Rivers State is over 7 trillion Naira.

3. Akwa Ibom

The name “Akwa Ibom” is derived from “Qua Iboe river”. It is close to Rivers, Cross River, and Abia state. The economy of the state thrives with the production of natural gas,  crude oil and farm produce such as fishing, plantain, yam, and cocoyam. Also, tourism is a sector that is very beneficial to the state economically as it attracts investors. The current GDP of this state is about 7 trillion Naira.  

4. Imo

 Imo state is in the southeastern part of Nigeria. It shares borders with the states of Rivers, Anambra, and Abia. “Imo” originates from “Imo River,” which flows along the state’s eastern border. Imo is blessed with many natural resources, including crude oil, natural gas, zinc, lead, rubber, mahogany, bamboo, limestone, and palm oil. It has over one hundred fifty oil wells dispersed in different locations within the state. Imo state’s GDP is over 7 trillion Naira. 

5. Delta

Delta State is in the south-south geopolitical zone of Nigeria. One of the most essential features of the state is the “River Niger” that flows through the borders of the state. Delta is one of Nigeria’s richest and most developed states, with low extreme poverty. The state is blessed with solid minerals such as kaolin, silica, rocks, and limestone — they are all used as raw materials for ceramics, bottles, glass, brick, and chalk production. Not only these, but Delta state is also one of the largest producers of petroleum products in Nigeria. Its GDP is about 6 trillion Naira. 

Read Also: Top 8 cleanest states in Nigeria 2024

6. Anambra 

Anambra State is located in the southeastern part of Nigeria. Onitsha and Nnewi are the state’s commercial hubs. The latter is known to be one of the automobile centers in Nigeria. As mentioned earlier, these cities boost the state’s internal revenue. Constant innovations by inventing new things added to the economic growth of Anambra. Agriculture is also a significant contributor; maize, yam, rice, palm oil, and cassava are grown in the state. Communities in the river areas engage in fishing. The GDP of this state is over 5 trillion Naira.

7. Ondo

Ondo state is in southwest Nigeria. It is a Yoruba land rich in cocoa, tobacco, cotton, timber, kernels, and rubber. Even though Ondo is an oil producing state, agriculture is still the backbone of its economy; cocoa is one of the major exports. Others are cassava, oil palm, runner, and mango. Ondo state has abundant limestone, silica, clay, bitumen, and granite. The GDP of the state is over 5 trillion Naira.

8. Ogun 

Ogun is one of the most industrialised states after Lagos and one of the richest in southwest Nigeria. Apart from mining, agriculture is the most important in the economic sector. The state is a producer of kola nuts, palm kernels, palm oil, rubber, cocoa, cassava, yam, rice, banana, and maize. Others are phosphate, gravel, timber, and limestone. The GDP of Ogun state is about 5 trillion Naira.

9. Bayelsa

Bayelsa state is located in the south-south region of Nigeria. It was created out of Rivers State. The state has natural gas, crude oil, silica sand, and clay. The location where the first oil was discovered in Nigeria is called “Oloibiri,” which is currently Bayelsa. The state also has the largest gas reservoir. Its GDP is over 4 trillion Naira.

10. Niger

Niger State is in North-central Nigeria. It is named after “River Niger.” Nigeria’s major power stations are the Shiroro Dam and Kainji Dam, which are in this state. The state is rich in mineral resources, power, and agriculture, which are the bedrock of the economy. Niger’s GDP is also over 4 trillion Naira.