The Top 10 Richest States in Nigeria is bringing to your knowledge and perusal the richest states in Nigeria, according to the most recent statistics.
We will be dwelling in Lagos because she is not just the richest state in Nigeria but also one of the richest cities in the world.
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The economic development of a given country or state is regarded as a non-negotiable core value. Every nation or state thrives to grow its economy at all costs, irrespective of the challenges that arise.
Against all odds, Nigeria has recently been declared the best economy in Africa. She is believed to have had a fair share of nature as she is blessed with diverse natural resources (like crude oil, iron ore, tin ore, etc.) and favorable climatic conditions for agricultural production.
Nigeria is made of thirty-six states and six geopolitical zones. And each zone is distinct from the other in terms of culture, religion, lifestyle, terrain, security, and GDP. Some of these states can survive without depending on federal government allocations.
The 10 Richest States in Nigeria are as follows:
- Lagos state (GDP: $33,679 billion)
- Rivers State (GDP: $21,073 billion)
- Delta State (GDP: $16,749 billion)
- Oyo State (GDP: $16,121 billion)
- Imo State (GDP: $14,212 billion)
- Kano State (GDP: $12,393 billion)
- Edo State (GDP: $11,888 billion)
- Akwa Ibom State(GDP: $11,179 billion)
- Ogun State (GDP: $10,470 billion)
- Kaduna State(GDP: $10,334 billion)
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It is no surprise that Lagos is the richest state and leads the list of the top 10 richest states in Nigeria. From time immemorial, Lagos has been the center of commerce, it is the corporate, entertainment, financial, and business capital of Nigeria.
Lagos State is the nation’s economic and financial stronghold and it harbors over 65 percent of Nigeria’s businesses, 200 financial institutions, a presence of over 2,000 manufacturing companies, and the largest collection of small and medium enterprises in Africa.
Lagos with an estimated population of 21 Million is the city with the highest population as well as the seventh fastest-growing city in the world.
It is in fact, the largest economic city in Africa and if it were to be a country, Lagos will be ranked 5th largest economy in Africa.
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The internally generated revenue of Lagos per month is put at 302 billion. Thus, Lagos does not need federal government allocation to survive, she can survive on her own.
In 2015, Lagos state’s internally generated revenue from the tax was at $1.3 billion (three times more than the second state with most IGR).
When it comes to Information Communications and Telecommunications (ICT), Lagos is the biggest ICT hub of West Africa and potentially, the biggest ICT market in the continent.
Lagos is developing a 24-hour economy and in some years to come, Lagos will become a world-class megacity. Two of the nation’s largest seaports -Apapa and Tin-Can Ports are situated in Lagos State.
With the recent confirmation of oil production, targeted investment is expected to follow Lagos state’s oil production activities under the terms of Nigeria’s resource control, as an oil-producing state, Lagos will be receiving 13% of revenues generated from Nigeria’s government via its oil and potentially earning millions of dollars.
We hope this was helpful!