10 Richest States In Nigeria By GDP (2024)

Nigeria, despite boasting Africa’s largest economy, still struggles with income inequality across its states. While some states leverage natural resources, others thrive on industry and commerce.

This guide, informed by credible sources like economic publications and reports from established financial institutions, provides you with the most up-to-date ranking of Nigeria’s top 10 richest states in 2024 based on their Gross Domestic Product (GDP). However, this ranking offers helpful insights for investors, businesses, and anyone interested in Nigeria’s economic scene.

What Are The Top 10 Richest States In Nigeria

Rank	State	GDP (Est. ₦ trillion)
1	Lagos	41.17
2	Rivers	7.96
3	Akwa Ibom	7.77
4	Imo	7.68
5	Delta	6.19
6	Anambra	5.14
7	Ondo	5.10
8	Ogun	5.03
9	Bayelsa	4.63
10	Niger	4.58

Please Note: GDP figures are estimated based on available data from the National Bureau of Statistics Nigeria.

1. Lagos: ₦41.17 trillion

Lagos State is the richest state in Nigeria. Its economic power is large, with a Gross Domestic Product (GDP) estimated at ₦41.17 trillion. Lagos state is ranked as the fifth-largest economy in Africa.

The state serves as Nigeria’s economic heart, hosting the headquarters of numerous conglomerates and commercial banks. Despite its prosperity, Lagos faces significant challenges.

While the incidence of extreme poverty is low, around 1.3% compared to the national average of 31%, poverty and slums remain pervasive issues. However, the state government has been actively working to address these challenges.

In 2017, Lagos State generated approximately ₦334 billion in revenue, a figure that rose by 10.43% compared to the previous year.

By the first half of 2021, the state’s internally generated revenue (IGR) alone had surpassed ₦267 billion which indicates sustained economic growth and fiscal stability.

One of Lagos State’s notable economic initiatives is the Lekki Free Trade Zone (Lekki FTZ), covering an expansive area of about 155 square kilometers.

This zone aims to promote industrial, commercial, and residential development, with plans to accommodate a considerable resident population and integrate various sectors like real estate, warehousing, logistics, tourism, and entertainment.

Moreover, Lagos State is endowed with abundant mineral resources, including clay, bitumen, glass sand, and crude oil, which contribute to its economic prosperity and potential for further development.

2. Rivers: ₦7.96 trillion

River state is one of the richest In Nigeria, with a whopping ₦7.96 trillion in wealth. This state has been a key contributor to Nigeria’s economy for centuries.

In 2021, it ranked second nationwide in terms of gross domestic product (GDP), boasting $51.529 billion and a per capita income of $5,949 (PPP).

One of the main reasons behind Rivers State’s wealth is its quantity of natural resources, particularly crude oil and natural gas. More than 60% of Nigeria’s crude oil output comes from this state.

Additionally, Rivers State is home to two major oil refineries, two major seaports, airports, and various industrial estates. Before the discovery of oil, agriculture was the primary source of income for the people of Rivers State.

The area was known as the Oil Rivers Protectorate due to its vast palm oil and kernel reserves. Even today, agriculture remains significant, with the state being a major producer of yam, cassava, cocoyam, maize, rice, beans, and various cash crops like oil palm products, rubber, coconut, and raffia palm.

The fishing industry also thrives in Rivers State, with an array of seafood like crabs, oysters, shrimps, and sea snails being harvested. Also, the state boasts diverse wildlife, including birds, mammals, and reptiles.

3. Akwa Ibom: ₦7.77 trillion

Akwa Ibom state, Nigeria is also rich with a whopping ₦7.77 trillion economy. The main reason for this fortune is its production of crude oil and natural gas.

Akwa Ibom churns out more oil than any other state in Nigeria. It’s like the oil capital. However, it’s not just oil that makes Akwa Ibom rich. There’s also a bunch of other things like agriculture, they grow cocoyam, yam, and plantain.

Plus, they’re great at fishing and heliciculture, which is fancy talk for snail farming. So, they’re not just sitting around counting oil barrels; they’re also working the land and the waters.

Despite having piles of cash from oil, Akwa Ibom doesn’t rank high in terms of people living their best lives. In fact, it’s only seventeenth on the Human Development Index among Nigerian states.

4. Imo: ₦7.68 trillion

One of the richest states In Nigeria is Imo State, with a GDP of ₦7.68 trillion. This wealth mainly comes from agriculture, especially palm oil production, which is essential for cooking for most people.

The state also benefits from crude oil and natural gas extraction, particularly in the northern and western regions. Despite challenges like the 1996 Otokoto Riots and ongoing separatist violence, Imo State has a relatively high Human Development Index.

Imo State is great in natural resources like crude oil, natural gas, lead, calcium carbonate, solar and wind power, zinc, and profitable flora such as iroko, mahogany, and rubber trees.

The state hosts over 163 oil wells operated by companies like Addax Petroleum, Chevron Corporation, Shell, and Agip. Investment opportunities abound in Imo State, including oil and gas exploration, chemical plants, breweries, hydroelectric plants, and more.

Heineken, through its subsidiary Nigerian Breweries, has significant investments in the state. However, the state’s agricultural sector faces challenges like soil degradation due to over-farming and inefficient production techniques.

To address this, the government and private companies need to intervene by modernizing agriculture and providing support to farmers.

In addition, Imo State boasts tourist attractions like Oguta Lake and Palm Beach Holiday Resort, presenting opportunities for tourism development.

5. Delta: ₦6.19 trillion

Delta State is also one of the most wealthy states In Nigeria, with an estimated worth of ₦6.19 trillion. The economy of Delta State mainly revolves around the production of crude oil and natural gas.

It is one of the main oil-producing states in the country. Besides oil, the state also has important agricultural activities. Delta State produces oil palm, yam, and cassava, and engages in fishing and heliciculture.

Despite its wealth, Delta State faces challenges like the disputes between oil companies and local communities, along with years of corruption, which have led to hostilities.

These tensions often derive from the lack of development in the communities where oil is extracted. Delta State boasts the fourth-highest Human Development Index in Nigeria.

However, its wealth has not translated into general prosperity for its people. According to World Bank data from 2018, only around 3% of the population lives in extreme poverty, compared to the national average of 31%.

Apart from oil, Delta State possesses different solid mineral deposits, including industrial clay, silica, lignite, kaolin, tar sand, and decorative rocks.

These minerals are raw materials for industries such as brickmaking, ceramics, glass manufacturing, and chemical production. However, these resources are under-utilized, representing an untapped potential for economic growth.

6. Anambra: ₦5.14 trillion

Anambra State is undeniably one of the wealthiest states in Nigeria, boasting a ₦5.14 trillion economy. Agriculture is a cornerstone of its wealth, with crops like oil palms, maize, rice, yams, and cassava thriving in its fertile lands.

Fishing, especially in riverine areas, contributes significantly to the state’s economic backbone. Innovations and entrepreneurship also thrive in Anambra.

Notably, it’s home to Innoson, Nigeria’s premier vehicle manufacturer, located in Nnewi. The bustling commercial hub of Onitsha draws traders from across West Africa, strengthening the state’s revenue.

Awka, the capital, is renowned for its metalwork and carving industries. In 2018, brothers Atikpo Chukwuebuka and Ubaka Chukwuebuka invented a groundbreaking machine capable of removing bitterness from bitter leafs.

This innovation promises to revolutionize vegetable farming, also enhancing the state’s GDP. In addition, the state also possesses substantial oil and gas reserves. The Anambra Basin alone holds an estimated 1000 trillion cubic feet of gas reserves.

With over 13 oil wells and indigenous companies like Orient Petroleum and Sterling Oil Exploration and Production Co. LTD (SEEPCO) leading the charge, Anambra has the potential to produce over 100,000 barrels of crude oil daily.

7. Ondo: ₦5.10 trillion

Ondo State stands out as Nigeria’s richest state due to its vast economic resources, primarily driven by the petroleum industry. With a ₦5.10 trillion in GDP, it leads the nation in economics.

The state’s economy flourishes in various sectors, including cocoa production, asphalt mining, and activities associated with its extensive coastline.

One of the key contributors to Ondo’s economic success is its plentiful mineral resources. These resources play an important part in shaping the state’s economic landscape.

Some of the notable minerals found in Ondo State include bitumen, coal, oil & gas, dimension stones, feldspar, gemstones, glass, granite, gypsum, kaolin, and limestone.

The presence of bitumen and oil & gas reserves underscores the state’s importance in Nigeria’s energy sector. These resources not only contribute to the state’s revenue but also drive employment opportunities and industrial growth.

Additionally, the abundance of dimension stones, feldspar, and granite provides opportunities for the construction and building materials industries.

Also, Ondo State’s rich agricultural sector, particularly its cocoa production, adds to its economic strength. Cocoa remains a major cash crop, sustaining livelihoods and generating income for many residents.

8. Ogun: ₦5.03 trillion

Ogun state is one of the richest In Nigeria, with an estimated economy worth ₦5.03 trillion. It’s recognized as one of the wealthiest and most developed regions in the country.

Ogun boasts one of the lowest rates of extreme poverty nationwide, with only about 5% of its population affected, compared to the national average of 31%, as per World Bank data from 2018.

Ogun earned the nickname “Gateway to Nigeria” due to its strategic location and vibrant economy. The state is renowned for its numerous industrial estates and serves as a major manufacturing hub in Nigeria.

Notable factories in Ogun include the Dangote Cement factory in Ibese, Nestle, Lafarge Cement factory in Ewekoro, and Procter & Gamble in Agbara, among others.

Economically, Ogun thrives in both the primary and secondary sectors. Mining and agriculture play key roles, with the state being the largest producer of kolanut in Nigeria.

Besides, Ogun is a major player in metalworking, earning it the association with Ogún, the Yoruba god of metalworking. For instance, Proforce manufactures armored vehicles in Ode-Remo and also produces drones for security purposes.

Furthermore, the Kajola wagon assembly plant is West Africa’s only facility for manufacturing, maintaining, and repairing railway vehicles.

Aside from these sectors, Ogun is also involved in the production of timber, ceramic products, bicycle tires, and various other goods.

9. Bayelsa: ₦4.63 trillion

Bayelsa State is considered one of the richest states in Nigeria with a total GDP of ₦4.63 trillion. This is largely due to its abundant reserves of crude oil and natural gas, making it one of the primary producers of petroleum in the country.

However, despite its natural resources, Bayelsa State faces challenges in reaping the full benefits of its wealth. The state boasts major deposits of mineral raw materials, natural gas, crude oil, salt, and different agricultural products like cassava, plantain, maize, rice, and oil palm.

These resources provide a strong foundation for economic development and growth. Yet, Bayelsa State struggles to fully capitalize on its wealth due to structural issues in Nigeria’s revenue allocation system and fiscal federalism.

This means that even though the state contributes substantially to the national economy through its oil and gas production, it receives minimal dividends in return.

Moreover, the state’s economy faces challenges in diversification beyond oil and gas. While agriculture holds potential, it requires heavy investment and infrastructure development to be fully used.

10. Niger: ₦4.58 trillion

Niger State is one of the wealthiest states in Nigeria, boasting a powerful economic presence largely due to its natural resources and thriving tourism sector. With a GDP of ₦4.58 trillion, it is ranked 10th Nigeria’s richest state.

One of the essential contributors to Niger State’s economy is its diverse range of natural resources. From uranium and coal to gold and iron ore, the state is blessed with a collection of valuable minerals.

Additionally, it is rich in tin, phosphate, crude oil, molybdenum, salt, gypsum, and lithium. This vast array of resources not only contributes to the state’s wealth but also presents great opportunities for economic development and investment.

Also, Niger State’s tourism sector plays a major role in its economic growth. The state has beautiful tourist attractions, drawing visitors from far and wide.

Iconic landmarks such as Zuma Rock, Gurara Falls, Baro Empire Hill, and the Lord Lugard Colonial Ruins at Zungeru offer tourists a glimpse into the state’s rich cultural heritage and natural beauty.

Attractions like Nagwamatse Well and Kainji Lake National Park also enrich the tourism landscape, providing opportunities for recreation and exploration.

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