Nigeria is an independent country with 36 states blessed with numerous natural resources. Even though crude oil has been the main source of the country riches, there are some of these wealthy states that produce them.
In this article, we list the top 10 richest states in the federation based on IGR i.e Internally Generated Revenue. Please note that these states can survive on their own without the help of the federal government, as the source of their wealth comes from sectors like tourism, agriculture, sports etc.
List of Top 10 Richest States in Nigeria Currently (2020)
Lagos state ($33,679 million)
Lagos stands first as the current richest state in the country based on internally generated revenue (IGR) of about N268 billion. The highest any oil producing state in Nigeria can boast of.
With a GDP totaling $33.6 million and per capita of $4,333, Lagos state occupies the position as the fifth largest economic centre in Africa at the moment. Even if the National Population Commission rates this state as the second most populous in the country, to many it remains the highest.
Lagos houses many headquarters and organizations. The state relies heavily on taxes. No wonder, its slogan is the centre of excellence but its still one of the smallest states in the country in terms of land mass. The size of Lagos is 3.577 square kilometers.
Not only does Lagos state stand as the richest state in Nigeria, it is also the most developed state in the country boasting of the top infrastructural facilities to validate its claim as a mega city.
Although, it is located in the southwestern geo-political zone of the country, Lagos state was once the capital of Nigeria and its the hub of business for most citizens.
Lagos has a small land mass but still remains the most populous Nigerian State with an estimated population of 18 million inhabitants and is seen as the major centre for commercial activities.
Lagos is one of the few states that can stand on its own without the Federal government allocation as she can survive with her Internally Generated Revenue (IGR).
Rivers state ($21,073 million)
Rivers occupies the position as the second richest state in the country, generating an IGR of over N80 billion in 2016 as seen in a report. According to Wikipedia, the source of wealth of rivers state is crude oil and natural gas. In fact, over 50% of crude oil produced in Nigeria comes from this wealthy state.
Rivers state boost a GDP of $21 million with $3,965 per capita. Since it is one of the major oil producing states in the federation, many oil and gas firms such as NNPC, Shell, Total etc are situated in its capital city, Port Harcourt. The land mass size of rivers state is approximately 11.077 square kilometers and the population is estimated at 5.2 million people.
Delta state ($16,749 million)
Delta State is also another wealthy oil producing state that accounts for Nigeria’s sustainability on crude oil. With an internally generated revenue of N40.8 billion, Delta state is ranked the third richest state in Nigeria 2020.
Apart from being on of the largest depositor of Natural gas and oil in the country, other mineral resources found in delta includes decorative rocks, limestone, tar kaolin, sand, industrial clay, lignite and silica.
According to the IGR report, the GDP of Delta state stands at $16.75 million with a per capita of $3,990. It is also one of the Niger-delta states located at the southern Geo-political area of Nigeria. Population as taken from the last census of the state is estimated at 4 million people living at Delta state in a territory of 17.698 square kilometers.
Oyo State ($16,121 million)
In terms of internally generated revenue, Oyo state boast of generating N16.6 billion in 2016 with a GDP of $16.12 million and a per capita of $2,666.
This is also a Yoruba speaking state with a population of about 12 million people in a territory that covers a land area of 28.454 square kilometers. Agriculture has also being one of the major source of wealth for Oyo state and its people. No wonder most of the working class populace are farmers.
Some of the agricultural produce from this state include: cashew, cocoa, palm oil, plantains, cassava, yam, rice, millet and maize. Most of these products are exported to other countries internationally.
Oyo is ranked as the 4th richest state in the country with an IGR of over ₦29.8 billion and GDP of $16 million. This Yoruba state is located in south-western Nigeria, and had its capital at Ibadan city.
Population wise, Oyo state has over 5.5 million people residing within its territory and is bounded by Kwara to the north, Osun to the east and Ogun state to the south.
Imo state ($14,212 million)
Often tagged the richest state in Igbo land, Imo state is the fifth richest Nigerian state with a GDP of $14 million. This state is among the oil producing states in the South-Eastern region of Nigeria and has a population of over 4.4 million people.
Economic wise, the state generates funds from agriculture, tourism and commerce. Owerri is said to have the largest number of hotels in the southern region due to the influx of investors and foreigners always visiting the state.
Kano state ($12,393 million)
Kano State was rated the most populated state in Nigeria as of 2016 as opposed to Lagos by the Nigerian Bureau of Statistics. This is the only North western state in Nigeria that is ranked as the 10th richest state in the country.
With a population of over 13 million citizens, Kano state generated N13.6 billion as IGR with a GDP of $12.39 billion and a per capita of $1,288.
Edo state ($11,888 million)
Edo state is also ranked the seventh richest state in Nigeria in terms of IGR. It generated up to N19.11 billion in 2016 with a GDP of $11.88 million and per capita of $3.623. The source of wealth of this state is tourism. You can find tourist attractions like Emotan Statue in Benin City, the River Niger Beach and the Ise Lake in Aghenebode in Edo state.
Edo state is also one of the oil producing states in the country located in the southern area of Nigeria. The state is rich in terms of culture and tradition. Edo states also has over 3 million people living within itself in terms of its population and covers a territory over 17.802 square kilometers.
Akwa Ibom state ($11,179 million)
Akwa Ibom State is another wealthy state in the country. It is also listed among the oil producing states located in the southern part of Nigeria. It generated N14.79 billion as IGR in 2016 with a GDP of $11.17 billion and per capita of $2,779.
Located in the southern part of Nigeria, Akwa Ibom state has a territory of 7.081 square kilometers with a total population of 5.5 million people of various ethnic groups such as Ibibio, Oron, Annang, Eket and Obolo respectively.
Ogun state ($10,470 million)
Ogun state is also one of the richest states based on IGR. You might be surprised but it would shock you to know that the state generated an estimated N34.59 billion in 2016 with a current GDP of $10.47 million plus a per capita of $2,744.
Ogun State has over 4 million residents and a land area of 16.980 square kilometres and it is located in the south western area of Nigeria just like Lagos. It is also a Yoruba speaking state.
You can find top manufacturing companies and plants in Ogun state such as Dangote Cement in Ibese, Procter and Gamble in Agbara, Lafarage Cement in Ewekoro, and Coleman Cables in Arepo.
Anambra state ($6,764 million)
Formerly the wealthiest state in the southeast region of Nigeria, Anambra state houses most of the richest Igbo people in the country. These men are billionaires, millionaires and have been dully ranked by Forbes.
Anambra state generated N14.79 billion in 2016 making it one of the richest state in the country in terms of IGR.
Enugu state ($4,396 million)
Carved out from Anambra state in the year 1991, Enugu is the among the richest Igbo states in Nigeria currently. It generated about N18 billion as seen in the IGR report.
The major language of this state is Igbo and it is located in the Southeastern area of the country. The GDP of Enugu state is $4.3 million currently.