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Top 5 Richest States In Nigeria

Nigeria is Africa’s giant not just in population size but it is also the country with the biggest economy on the continent. It is a West African nation with huge potentials if it’s human and natural resources are well managed. Nigeria is also one of the biggest producers of crude oil in the continent with over 2.2 million barrels of crude oil produced each day (an estimated figure.)

Nigeria’s oil wealth is almost equally distributed to the 36 States in the federation which is usually pinpointed in most public discussions as the major cause for the low level of industrialization in many of the thirty-six states. The sharing of these oil proceeds to states however, didn’t stop some of the states from owing salaries with some even demanding that the minimum wage which is currently at N18, 000 shouldn’t be increased because they cannot afford it.

Some states however are financially buoyant enough to pay their own workers and take on developmental programs for the benefit of the citizens in the state. In this publication we bring to you a very accurate list of the top 5 among the richest states in Nigeria.

Lagos State

Lagos is the smallest in land area among the 36 states of the federation, but arguably the most important with a population size of 17.5 million people (2012 estimate). This figure came about after the Lagos state government rejected the 2006 population census figure of the state and conducted its own people counting exercise.

Lagos witnesses a huge influx of people from all over the country trying to work and live in its economically sound and socially refreshing society. Lagos is structurally located close to the Atlantic Ocean, so it is necessary that it has the biggest sea port in the country. Lagos is one of Africa’s most popular cities and is buzzing with a nightlife that is common amongst the mega cities of the world.

Lagos State is the richest and most financially independent state in the country. It is located in the South Western geopolitical zone in Nigeria. It is the commercial nerve center of the country with a lot of commercial activities going on in the state, attracting tourists from all over Africa and globally too. Lagos has a GDP of $91 billion and per capita of $4,333 according to 2014 calculations. This means that if Lagos was a country on its own, it would be the 5th largest economy on the continent. Lagos state shares boundary with Ogun state on the north and east side, on the west it shares boundary with Republic of Benin, while down south lies the Atlantic Ocean.

There are a lot of landmark infrastructure projects going on in Lagos state in addition to the one already existing which will likely ensure that the state is moving in the right direction, and will no doubt keep its place at the top of this list for a very long time to come.

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The Eko Atlantic project is one of such projects that will totally transform the economy of Lagos. The project which started with the reclamation of land from the Atlantic Ocean is currently in progress and when completed, will have the same look as Manhattan in New York City.

Lagos is Nigeria’s only mega city and as such has the responsibility to live up to that reputation by providing quality infrastructure to meet up with the mega cities of developed countries. According to the current governor of the state Akinwunmi Ambode, that is the vision of the state going forward.

Rivers State

The second richest state in the country is the oil producing Rivers State which is located in the south-south geopolitical zone of the country. Rivers state which is also known as “Rivers” is one of Nigeria’s oil producing state with its capital and biggest city Port Harcourt the centre of the economic activities of oil production in the state. The State is also one of the most populated states in the country with the 2006 population census pegging the figure at 5,198,716 people.

Rivers State, which was named after the many rivers that borders its territory, was a part and parcel of the then Oil Rivers Protectorate from 1885 to 1893, becoming part of the Niger Coast Protectorate. A merging occurred between the territories of the Royal Niger Company to form the colony of southern Nigeria in 1900. The split of the Eastern Region of Nigeria lead to the forming of the state in 1967. The state lost part of its territory to the breakaway Bayelsa State in 1996.

Rivers state is a very important player in the politics and economy of the country. It has been a supplier of wealth (crude oil production) to the nation for centuries. The state is ranked nationwide as the second richest with a gross domestic product (GDP) of $21.07 billion and a per capita income of $3,965.

Rivers state is influential for its crude oil and natural gas reserves. Which is probably the most important African zone of the British Empire? In the state there are two major oil refineries, seaports, airports and a huge amount of industrial estate spread across the land. More than 65% of Nigeria’s crude oil output is produced in this state. Some other natural resources that are gotten from Rivers state is silica sand, glass sand and clay.

Rivers state is bounded to the south by the Atlantic Ocean, to the north by IMO state, Abia and Anambra states, to the east by Akwa Ibom state, and to the west by Bayelsa and Delta states. Rivers is home to many indigenous groups including; Ogoni, Abua, Ikwere, Abani, Opobo, Eleme, Okrika, Kalabari, Egbema and others. People who come from the state of Rivers are known as “Riverians.” Rivers is one of those states in the country trying to fast track infrastructural development, while there is also the frequent issue of breakdown in law and order resulting to insecurity in some quarters which the state government has to put more effort in resolving.

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Delta State

Delta state is the third richest state in the country. It is currently governed by Dr. Ifeanyi Okowa of the People’s Democratic Party (PDP). Delta state is an economic powerhouse on its own due to the availability of natural resources like industrial clay, limestone, silica, lignite, kaolin, tar sand, and lot’s more. It also has one of the largest crude oil and natural gas deposits in the country. Delta state is certainly one of Nigeria’s states that can do well on its own with a gross domestic product (GDP) of $16.7 billion and a per capita income of $3,990.

Delta State is another important state of the Federal Republic of Nigeria. It is an oil and agricultural producing state which is situated in the south-south geopolitical zone of the country with a 2006 census population figure of 4,112,445 people. The state has two very important cities, Asaba which is the capital located at the northern end of the state and Warri, which is the commercial nerve center of the state. The state is covered by a total land area of 16,842 square kilometers.

Delta state was created due to agitations for the creation of a breakaway state by people of the old delta province which is made of groups from ethnic divides such as the Urhobos, Ijaws, Itshekiri, Isoko and Ukuani. Delta state was carved out from Bendel State on 27 August 1991. There were strong plans to further divide the state with another movement planning to breakaway and call it Niger State. But these plans were put off following the creation of Niger State in the northern part of the country by Murtala Mohammed in the north-western part of the country. They later settled as the “Anioma” people.

Delta state has some tourist attractions that usually attract people from around the globe and will make for a good visit. Such place include; The Nana’s palace which was built by the 19th century powerful entrepreneur who traded with the British. The River Ethiope is another of such tourist attractions in the state. The River is the deepest inland waterway in Africa. It is a place of worship for those who practice the Olokun traditional religion and also a prominent site for the Igbe religious movement faithful.

Oyo State

Oyo state is Nigeria’s fourth richest state in term of GDP size. It is located in south-western Nigeria with the capital located in Ibadan. On its boundaries lies Kwara state to the north, Osun state in the east, Ogun state in the south and by the west, it shares boundary partly with Ogun state and the Republic of Benin.

Oyo state was formed in 1976 after the breakup of the then Western State, which Osun was a part of but was carved out in 1991. Oyo State is inhabited mainly by the Yoruba ethnic group. The indigenes dwelling in the state comprises of the Oyos, the Oke-oguns, the Ibadans, and the Ibarapas, which all belong to the Yoruba family in Nigeria.

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According to the 2006 census Oyo has a population of 5.9 million people and a total land area of 28,454 square kilometers. With an arable land for farming, and a climate that favours the planting of so many food and cash crops, Agriculture is the main occupation for people in the state. Oyo state is Nigeria’s fourth richest state with a gross domestic product GDP of $29.8 billion and a per capita income of $2,666.

Oyo state has a lot of landmark achievements when it comes to being the first to attain certain milestones. It has the first university it Nigeria which is the University of Ibadan. Some other firsts include; the first teaching hospital in the country; the University College Hospital is located in Oyo state, the first skyscraper built in the country (cocoa house) is situated in Oyo state. The state is also home to the first television station in the country (NTA Ibadan), and the Obafemi Awolowo stadium which you guessed right is the first standard stadium built in the country.

Oyo state is not all about historical events and achievements, it is also nice place to visit and see some of its attractive tourist locations like the trans-wonderland amusement park, the old Oyo national park which is located in the site of the old Oyo Empire. Other fascinating places to visit include the Agbele hill in Igbeti and the cultural centre in Mokola.

Imo State

Apart from the fact that Imo state has some of the beautiful girls in the country, it is also one of the richest states in the country. Imo has a population of 3.9 million people according to the 2006 population census and a total area of 5,530 square kilometers.

Imo state which is located in the southeast geopolitical zone of Nigeria is the fifth richest state in the country. It lies in the area between the lower Niger River and the upper and middle Imo River.

The state was created in 1976 by the late Murtala Mohammed who was the military ruler at that time. It shares borders with Abia state on the east, to the west is River Niger and Delta state, to the north is Anambra state and Rivers state to the south.

Imo state has a total gross domestic product GDP of $14.21 billion and a per capita of $3,527 which helps it to solidify its spot in the ranking. The economy of the state largely depends on agriculture and commerce, spearheaded by the several natural resources which can be gotten from the state including crude oil.

These are Nigeria’s top five richest states; I hope you guys enjoyed it. If there is a particular state which you think is missing, feel free to let us know in the comment section.


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