Top Lists
Top 10 Richest States in Nigeria [2024]
This compilation sheds light on the regional powerhouses driving Nigeria’s economic narrative forward — The Richest States in Nigeria in 2024.
Nigeria stands as a prominent contender among the wealthiest nations on the African continent. Renowned for its abundant human and natural assets, including fertile agricultural lands and substantial reserves of oil and natural gas, the country’s riches are both diverse and captivating.
However, the distribution of these resources varies across Nigeria’s distinct states. Remarkably, a select few of these states have adeptly harnessed these resources to forge a path of prosperity for their citizens.
In a nation comprised of 36 states, each marked by its unique population, size, and economic vigor, the focal point of this article centers on the apex of affluence within the Nigerian landscape.
To determine the top 10 richest states in Nigeria, we use metrics such as economic vitality and internally generated revenue (IGR). This compilation sheds light on the regional powerhouses driving Nigeria’s economic narrative forward.
1. Lagos State – N651.2 Billion
Nestled in the southwestern expanse of Nigeria, Lagos State emerges as the richest state in Nigeria, having an IGR of N651.2 billion. This status is a direct consequence of the robust ecosystem of commerce and industry that thrives within its borders, constituting a cornerstone of its economic prowess.
Despite its modest territorial dimensions, it boasts a remarkable distinction as the most densely inhabited city in Nigeria and the entire African continent. At the heart of Lagos’ economic ascension is the Lagos Port, Africa’s busiest and largest port, which contributes immensely to the state’s economy.
Lagos’s strategic location along the coastline and its deep-water ports have positioned it as a key gateway for international trade. The Lagos ports handle a significant portion of the country’s imports and exports, making it a hub of economic activity. The state’s modern infrastructure, including road networks, bridges, and airports, further enhances its connectivity and trade potential.
Other activities, from manufacturing and processing to an intricate network of oil refineries, also impact Lagos’ economy. The harmonious interplay of these endeavors has invariably etched an impressive trajectory into the state’s internally generated revenue, resolutely solidifying its stature as the foremost affluent state in Nigeria.
2. Rivers State – N172.8 Billion
Securing second place among the richest States in Nigeria is Rivers State, located within Nigeria’s southern Niger Delta region. With an IGR of N172.8 billion, its prosperity is primarily attributed to its rich oil and gas reserves, making it a cornerstone of Nigeria’s energy industry.
The state’s fortune lies in its geographical advantage, as it hosts over 60% of Nigeria’s crude oil production. These resources not only fuel domestic energy needs but also contribute substantially to the nation’s export revenue. The Bonny River, which flows through Rivers State, serves as a critical channel for exporting oil and gas, positioning the state as a crucial player in Nigeria’s hydrocarbon industry.
Furthermore, Rivers State’s economic canvas extends beyond its oil wealth. The bustling city of Port Harcourt, the state’s capital, is a thriving hub for commerce, trade, and business activities. Its strategic location, coupled with a vibrant population, fosters a robust local economy. The state’s manufacturing sector is also noteworthy, producing a wide range of goods that cater to both domestic and international markets.
3. FCT – N124.4 Billion
With an IGR of N124.4 Billion, FCT is no doubt one of the richest States in Nigeria. The State serves as a beacon of economic growth fueled by its dynamic industries and progressive approach.
The strength of Abuja’s economy is attributed to its diverse economic activities ranging from construction and real estate, tourism and leisure, agriculture, and a dynamic service sector. Its commitment to improving infrastructure, including road networks and electricity supply, has attracted businesses seeking operational efficiency.
The state’s agricultural sector is another key contributor to its prosperity. Thanks to the favorable climate that supports a variety of crops, including yams, millet, Maize, sorghum, and beans.
4. Ogun State – N120.6 Billion
With an IGR of N120.6 Billion, Ogun State joins the list of the richest states in Nigeria. The State is a prime example of how strategic location and well-executed economic policies can lead to substantial growth and prosperity.
One of the key drivers of Ogun State’s economic success is its vibrant industrial sector. The state hosts a multitude of manufacturing companies, ranging from textiles and food processing to cement and automobile manufacturing. This thriving industrial ecosystem has been nurtured by the state’s business-friendly policies and infrastructure.
Agriculture also remains a vital contributor to Ogun State’s economy. The state’s fertile land allows for the successful cultivation of crops like cocoa, maize, cassava, and vegetables. Ogun state has quite several natural resources including limestone, deposits, chalk, clay, etc.
5. Delta State – N85.9 billion
With a formidable IGR of N85.9 billion, Delta State emerges in fifth place among the richest States in Nigeria. The state is renowned for its abundant mineral deposits, including limestone, lignite, and silica. It also has one of Nigeria’s greatest reserves of natural gas and crude oil.
Oil exploration and production have spurred the establishment of numerous oil and gas companies, creating employment opportunities and generating substantial revenue for the state’s coffers.
Notably, a federal court-ordered payment of $1.638 billion contributed significantly to Delta State’s fiscal might. Despite a flourishing GDP and commendable human development, persistent disputes between local communities and oil corporations along with years of systemic corruption have led to hostilities that are often tied to the lack of development in host communities.
6. Oyo State – N62.2 Billion
Oyo State grabs the fourth spot among the richest states in Nigeria. situated in Nigeria’s southwestern expanse.
Historically, Oyo was once the biggest commercial hub in Africa. However, agriculture forms the backbone of Oyo State’s economic success. The state’s diverse climate and fertile soil make it ideal for cultivating a range of crops, with cocoa, cassava, maize, and yams being some of the primary agricultural products.
The state has attracted investments in manufacturing, particularly in sectors such as food processing, textiles, and construction materials. Oyo state ranks as Nigeria’s top state for food production, processing, and packaging. As of 2024, Oyo’s IGR stands at a commendable N62.2bn resonating with its storied past and vibrant present.
7. Kaduna State – N58.1 Billion
Kaduna State boasts a well-rounded portfolio that spans agriculture, manufacturing, and services. The State with an Internally generated revenue of N58.1 Billion joins the league of the richest State in Nigeria
The state hosts various industries, such as textiles, food processing, and automobile manufacturing. Notably, Kaduna is the largest textile manufacturing industry in Nigeria. Its fertile land also supports various agricultural endeavors, including crops like maize, millet, and sorghum.
Kaduna’s agricultural strength not only provides sustenance for the population but also contributes significantly to the state’s IGR. The state also serves as a Centre of Learning” because it is home to several prestigious institutions such as The Nigerian Defense Academy (NDA), and Ahmadu Bello University (ABU), among many others.
8. Edo State – N47.5 Billion
In recent years, Edo state has emerged as a vibrant economic force and one of the richest states in Nigeria. Its prosperity is built upon a diverse economic landscape that encompasses agricultural productivity and trade location.
The state’s fertile land and favorable climate contribute to a robust agricultural sector, producing crops like oil palm, rubber, cocoa, and cassava. Edo state also has mineral deposits including limestone and lignite. Its strategic location along key transportation routes, such as major highways and the Benin River, has also historically facilitated trade.
This advantage persists today, as the state remains a vital link in Nigeria’s trade network. The bustling markets and commercial activities in the capital city, Benin City, further underline Edo State’s economic significance. The state also generates a little of its wealth from tourist attractions, as its borders encompass regions that were formerly the site of various empires and kingdoms formed in the 11th century AD, the Benin Empire.
9. Kano State – N42.5 Billion
Kano is Nigeria’s most populous state, and also one of the list of the richest states in Nigeria. Its economic prowess is intricately tied to its strategic location and its historical role as a trading hub dating back centuries.
Kano State’s bustling markets, such as the renowned Kano City Wall, have been crucial in facilitating trade routes across the Sahara Desert, making it a vital link between North Africa and sub-Saharan Africa. This trading legacy continues to influence the state’s economy today, as it remains a key player in commerce and trade. The state’s central location also enables it to connect various regions, fostering a network of economic interactions.
Moreover, Kano State boasts a thriving manufacturing sector. Industries like textiles, food processing, and leather goods contribute significantly to the state’s IGR. Not to mention, the state’s agricultural sector which serves as a backbone not only to the local population but also contributes to the national food supply. Kano state is a major producer of cotton, grains, and livestock.
10. Akwa Ibom – N35.8 Billion
The south-south State of Akwa Ibom rounds off the list of the richest states in Nigeria, with an internally generated revenue of N35.8 Billion
The cornerstone of Akwa Ibom’s economic strength lies in its substantial oil and gas production, which contributes significantly to its IGR. The state’s access to the Atlantic Ocean enhances its capabilities for exporting these resources. However, what sets Akwa Ibom apart is its commitment to expanding beyond its traditional strengths.
In recent years, Akwa Ibom has made strides in diversifying its economy by investing in key sectors such as agriculture, tourism, and hospitality. The state’s lush landscapes and favorable climate provide fertile ground for agriculture, allowing for the successful cultivation of crops like cassava, cocoa, and palm produce.
Top 10 Richest States in Nigeria by IGR in 2024
The table below contains the list of the richest states in Nigeria, their main economic activities, and IGR as of 2024.
| # | State | Main Economic Activities | IGR |
| 1. | Lagos | Oil Refineries, and Manufacturing, | ₦651.2 Billion |
| 2. | Rivers | Crude Oil Extraction | ₦172.8 Billion |
| 3. | FCT | Construction and Agriculture | ₦124.4 Billion |
| 4. | Ogun | Mining & Manufacturing | ₦120.6 Billion |
| 5. | Delta State | Mining and Agriculture | ₦85.9 billion |
| 6. | Oyo | Manufacturing and Agriculture | ₦62.2 Billion |
| 7. | Kaduna | Manufacturing and Agriculture | ₦58.1 Billion |
| 8. | Edo | Agriculture | ₦47.5 Billion |
| 9. | Kano | Manufacturing & Trade | ₦42.5 Billion |
| 10. | Akwa Ibom | Oil and Gas | ₦35.8 Billion |