Among Nigeria’s 36 states, some are considered to be the wealthiest. Simply because they have set up structures that can generate enormous funds for them.
These structures belt has made the internal revenue of these States to be higher than others.
Without any federal government funding, these wealthy states can survive by themselves. Perhaps you’re wondering who those wealthy states are?
And why do these states have more money than others?
Whatever question you have in mind, your responses are right underneath. This write-up has offered a list of Nigeria’s wealthiest regions with the total amount of their GDP along with their IGR.
Wealthiest States of Nigeria
Below are the wealthiest regions in Nigeria.
These regions are chosen in relation to the amount gotten from Gross Domestic Product (GDP) As well as Internally Generated Revenue (IGR).
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Lagos State
Lagos is among the smallest regions in Nigeria in terms of landmass.
It has also accommodated more than 14.3m people. This has also made Lagos State one of Nigeria’s most populated regions. Because Lagos holds a lot of people, it has greatly improved the state GDP.
Lagos has always been first on the list, as far as the wealthiest region in Nigeria is concerned. In Africa, it is the 5th state with the greatest economy.
This is because a lot of businesses thrive in Lagos, due to its advantageous location at the sea.
So there are a lot of investors going to Lagos to take advantage of its business opportunities. As a result of all these business activities, Lagos generates huge revenue. Plus other revenues they get from other sectors.
In a year, Lagos state can generate over $33,679 billion in terms of GDP, and a total of ₦399 billion from IGR. No other state in Nigeria can generate such an amount.
For this reason, Lagos state is Nigeria’s first wealthiest state.
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Rivers State
Rivers State is located in the southern part of Nigeria. It is one of Nigeria’s oil producers.
Nigeria gets its natural gas from this region. With natural oil in Rivers State, a lot of gas industries and other investors are coming to the province for industrialization.
There are also numerous import and export activities in Rivers State. The reason is that the state is constrained by the Atlantic Ocean. Foreigners find this port suitable for the exercise of different kinds of trades.
With the presence of all these business activities and its rich natural gas, it has increased the IGR of Rivers to ₦ 140 billion and approximately $21,073 billion in GDP.
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Delta State
The Delta State is another petroleum-producing region. This region is situated in the southern part of Nigeria as well. Because of its plentiful natural oil, it attracted a lot of industries into the province.
Nigeria collects most of its crude oil in Delta State. The region also has many oil reserves, which generate a tremendous amount of money.
In addition to the income generated by the Delta State in crude oil, the region also generates some income in agriculture. Plus the money they pull out of other mineral resources like limestone, kaolin, silica, tar sand, et cetera.
Delta State GDP amounts to approximately $16.75 billion and also generates ₦31 billion on IGR.
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Oyo State
This historical empire ranks among Nigeria’s wealthiest regions. Oyo state government is making money mainly on agriculture. Since the majority of the people in the state are farmers.
These people venture into commercial farming and cultivate various farm products, such as corn, cocoa, cotton, plantains, kola nuts, tobacco, and so on.
With the availability of agricultural commodities in Oyo state, it accommodated many factories. Some of these factories include cotton factories, tobacco processing factories, and so on.
Outside of agriculture, Oyo State also derives massive income from handicrafts. The locals also devote themselves to weaving, leather goods, dyeing, wood carving, etc.
Oyo state derives 15 billion dollars from its GDP and generates ₦32.4 billion on IGR.
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Imo State
Agriculture is the main source of income within Imo State.
Residents of Imo State venture into a large oil palm plantation, which generates an enormous sum of money for the government. Other farm commodities include yam, cassava, tara, corn, and so forth.
Imo State also produces and benefits from natural oil.
Imo State’s natural gas is not being maximized, which is why the state is not well known as an oil-producing state. Nevertheless, it drew certain industries to the state.
Imo state generates about 14.1 billion dollars in GDP and ₦10 billion in IGR.
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Kano State
Not only is Kano State one of Nigeria’s wealthiest regions, but it is also Nigeria’s wealthiest northern region. The province has many business activities in comparison to Lagos.
Kano state government benefits a great deal from all the business activities in Kano. Some of these businesses include selling farm produce, handicrafts, manufacturing industries, and so forth.
The revenues generated from these businesses are what greatly increases the GDP of Kano State. Kano generates $12.4 billion in GDP and ₦18.3 billion in IGRs.
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Edo state
Edo state also depends on agriculture as a major source of revenue.
The residents of this region are mostly farmers. They venture into farming a variety of crops and livestock. These agricultural products are a staple of most industries.
As a result, the state attracts a number of producing industries.
In addition to agriculture, Edo state is blessed with numerous natural resources. Some of these natural resources include limestone and lignite. So, it’s from all these resources Edo state makes her money.
Edo State GDP is about 11.89 billion dollars and the RIG is about ₦ 15 billion.
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Akwa Ibom State
In Akwa Ibom, natural gas is in abundance which benefits the region. In fact, Akwa Ibom is among the biggest oil-producing states in Nigeria.
A number of oil and gas companies have established themselves within the region because of their natural gas. Consequently, it has increased Akwa Ibom’s GDP by far.
Apart from its oil and gas, the indigenous residents of Akwa Ibom venture into fishing. It’s because the region is bordered by water. Not only that, but other commodities also generate a lot of money for the state of Akwa Ibom.
Akwa Ibom’s GDP is roughly $11.18 billion and makes ₦ 20 billion in IGR.
These are essentially the richest states in Nigeria. They are considered the wealthiest because they generate more GDP and IGR than others in Nigeria.
Despite their spending, their balance remains tangible.