In this post, Platinum Times Nigeria explores the top 10 Richest States in Nigeria.
Nigeria, the richest country in Africa, has several affluent cities that struggle to secure the top position in terms of economic wealth.
The richest state in Nigeria is determined by the revenue that it generates not by factors like federal allocation, as is the case with our ranking of Nigerian wealth.
These states are determined exclusively by internal revenue and capital income data from the National Bureau of Statistics.
Below is a breakdown of the top 10 richest states in Nigeria as of 2024 based on their Gross Domestic Product (GDP) and economic activities.
Summary of top 10 richest states in Nigeria
- Lagos State
- Rivers State
- Akwa-Ibom State
- Delta State
- Ogun State
- Oyo State
- Edo State
- Kano State
- Kaduna State
- Anambra State
Lagos State
Lagos is the wealthiest state in Nigeria, it is known as the commercial hub of the country due to its thriving business environment, financial services, and entertainment industry.
It is located in the Southwestern part of the country and accounts for two-fifths of the nation’s domestic income.
It is a hub of economic opportunities that welcomes 20,000 newcomers every day who go in search of greener pastures.
It is the third most populous city in the world and it houses a huge retail market that supports manufacturing sector activities.
With industrial zones of Ikeja, Ikorodu, and Surulere, as well as ports like Apapa and TinCan Terminals, Lagos state ranks as the fifth richest city in Africa and first in Nigeria.
Lagos State serves as a center for creative industries and a rich environment for cultural events, all of which contribute to its stature as the wealthiest state in Nigeria.
Rivers State
Rivers State is rich in oil and gas resources, making it a significant contributor to Nigeria’s economy.
Computer technology and agriculture put together also accounts for the state’s GDP alongside the Nigeria Liquified Natural Gas Limited headquarters which is located in Rivers State.
The Bonny Island, which is the site of numerous refineries and gas processing facilities is a major economic hub located in the state.
The state continues to secure it’s spot as the richest states in Nigeria through its oil and gas as well as fishing, agriculture, silica sand, and clay.
Akwa-Ibom State
Akwa Ibom is an oil-producing state with significant revenue generated from oil exploration and production.
It is the third-largest producer of oil and gas in the country compared to agriculture, which makes up 15% of the GDP, the oil and gas industry accounts for 59% of Akwa-Ibom State’s GDP, making the state one of the richest in Nigeria.
The main agricultural products of Akwa-Ibom State are palm oil, rubber, rice, cassava, yams, and maize; however, since the state is on the coast, fishing is also important.
Industry, information and communications technology (ICT) also contributes to the state’s economy.
Due to its proximity to the Niger River, the state is also rich in Sea foods and and evergreen forest which encourages lumbering.
Delta State
Delta State is another oil-rich state in Nigeria, with a strong agricultural sector contributing to its economic prosperity.
In addition to oil and gas, the natural resources of Delta State also include silica, lignite, kaolin, tar sand, gemstones, and limestone.
The main industries in the state are textile, glass, chemical, chalk, plastic, and rubber plants, in addition to farming and fishing.
Delta State’s reputation as one of the richest states in Nigeria is further enhanced by the Ethiope River, a tourist destination and rumored to be the only clean body of water in the country.
Ogbe-Ogonogo Modern Market is one of Nigeria’s largest marketplaces in terms of infrastructure and it is found in Delta State.
Ogun State
Ogun State has a growing industrial sector, with many manufacturing companies and industrial estates located within the state
It is found in southwestern Nigeria and sits as the fifth richest state in Nigeria due to the high concentration of industrial districts there.
It is known as “the Gateway State” and it houses large factories such as the Coleman Cables in Sagamu and Arepo, Procter & Gamble in Agbara, Memmcol in Orimerunmu, Nestlé, Lafarge Cement Factory in Ewekoro, and Dangote Cement in Ibese.
The main industries that contribute to it’s vibrant economy are the cement mills, particularly those at Sagamu food processing facilities where Unilever and Nestlé are present, breweries and plants that manufacture plastic, rubber, aluminum, and paint.
Agricultural products that contribute to Ogun State’s GDP are rice, maize, cassava, yam, plantains, cocoa, palm oil, tobacco, and cotton.
The capital of Ogun State, Abeokuta, is a significant economic hub since it serves as the rail and road link between Lagos and the rest of the country.
The main mineral resources in Ogun State are chalk, phosphate, clay, and limestone, the Aro granite quarry supplies building materials to most of southern Nigeria.
Oyo State
Oyo State benefits from its agricultural activities, particularly in the production of cash crops like cocoa and cassava.
The state was established on February 3rd, 1976 and is located in the southwestern part of the country.
Nigeria’s best university, the University of Ibadan, was founded as the country’s first and is renowned for being situated in Oyo State.
Oyo State’s capital, Ibadan, is among the wealthiest states in Nigeria. It is encircled by multiple agricultural zones and a tropical forest.
The three most important crops for Oyo State’s economy are tobacco, cocoa, and cassava.
The state is also well-known for its cottage industries, which include leather dyeing, cotton spinning, weaving, and wood carving.
Ibadan is home to a large number of research institutes, including the International Institute of Nigeria and the Federal Cocoa Research Institute.
Edo State
Edo State is known for its oil and gas resources, as well as a growing agricultural sector.
Situated close to the center of the former Benin kingdom, in southwest Nigeria, Edo State was established on August 27, 1991.
The state produces crude oil, which accounts for less than 10% of its total income but makes it the richest state in Nigeria.
The main sources of income and subsistence in Edo State are still lumber, palm oil, rubber, and rice, with yams, cassava, oil palm, maize, and rice remaining the foundation of the state’s economy.
Rubber, plywood, beer, wood, and furniture are all produced in this wealthy state in Nigeria.
Kano State
Kano State is a commercial center in northern Nigeria, with a diverse economy that includes agriculture, trade, and manufacturing.
It is the second most industrialized city in the country and a commercial hub which contributes to the state’s GDP.
Kano State, the second most populous state in Nigeria, is closely related to the former Emirate of Kano, which ruled the region prior to British colonization.
Roughly two thirds of the state’s GDP come from the food processing, textiles (African Textile Manufacturers Ltd.), automotive assembly (National Truck Manufacturers Ltd.), pharmaceutical, stationery, shoe, and other industries.
Peanuts, rice, wheat, soybeans, sesame, cotton, and peppers are among the crops grown for subsistence by more than 60% of Kano State’s population.
The largest grain market in the subregion is found in Kano State.
Kaduna State
Kaduna State has a strong manufacturing base and is a major transportation hub in Nigeria.
Being the ninth richest state in Nigeria, Kaduna State leads the nation in cotton production, making up 80% of the nation’s GDP.
Potatoes, rice, cassava, millet, ginger, beans, tobacco, and yams are additional crops.
The state is home to more than 350 manufacturing businesses, the bulk of which are small and medium-sized establishments operating in an industry primarily focused on food, cattle, and fabrics.
With over 25% of its GDP coming from commerce and services, Kaduna State is listed as one of the wealthiest state in Northern Nigeria.
The rearing of animals, such as pigs, sheep, goats, and chickens, is also very important to the economy.
The natural resources of the state include sillimanite graphite, kyanite, gold, amethyst, serpentine, clay, and graphite.
With more federal universities than any other state in Nigeria, Kaduna State is a significant player in the education industry.
Anambra State
Anambra State, which is located in southeast Nigeria, is primarily known for its commercial city of Onitsha and its capital city of Awka.
It is the tenth richest state in Nigeria and is well known for having the lowest rate of poverty in the country.
Despite being the second smallest state in the nation, the state known as “Light of the Nation” has the eighth-highest population in Nigeria.
Anambra is rich in natural gas, crude oil, bauxite, ceramics, and other resources for agro-industrial activities like farming and fishing.
With the opening of Nigeria’s first private refinery, Orient Petroleum Refinery (OPR), in 2006, Anambra State started to rise to the top of the list of richest states in Nigeria.
One of the richest states in Nigeria is Anambra State, which has about 13 oil wells and can produce over 100,000 barrels of crude oil per day.
The state is home to Innoson, Nigeria’s leading car manufacturer, which is based in Nnewi and the International Breweries PLC, which was founded in Onitsha in 2012, producing over 2.7 million hectoliters of beer annually under the brands Hero Lager, Castle Milk Stout, Grand Malt, and Beta Malt.
One of the most significant marketplaces and commercial hubs in West Africa, Onitsha contributes to the state’s increased internal revenue.
Anambra State is thought to be among the wealthiest states in Nigeria since it is the location of the majority of financial institutions, including the Nigerian Stock Exchange.