Nigeria, Africa’s largest economy, includes several states that are notable for their riches and economic progress, despite the present economic downturn.
Every year, a few states consistently rank as the wealthiest, thanks to businesses such as oil, manufacturing, technology, and agriculture.
In 2024, these top five richest states will play significant roles in business, innovation, and trade, both in Nigeria and globally.
This article explores the success of these states and their impact on Nigeria’s economy.
1. Lagos State ($102.01. Billion)
Lagos State is Nigeria’s richest by GDP. Lagos, located in the southwest, is the most economically active location in the country.
Lagos, Nigeria’s main business hub, with a GDP of approximately ₦41.17 trillion (about $102 billion) and is one of Africa’s fastest-growing cities.
Many enterprises, including multinational corporations and banks, are headquartered here, making it an important economic hub.
Lagos is a vibrant metropolis with a diverse range of sectors, from bustling ports and markets to a thriving technology sector. It is also a hub for both domestic and international trade, and it is well-known for its cultural diversity.
Lagos has a robust entertainment sector, with Nollywood (one of the world’s largest film industries) releasing numerous films annually, contributing to the city’s economy.
2. Rivers States ($19.72 Billion)
Rivers State is one of Nigeria’s wealthiest states, with a GDP of approximately ₦7.96 trillion. Rivers, located in the Niger Delta, is a vital economic hub thanks to its thriving oil and gas industry.
The oil and gas sector, based mostly in Port Harcourt, is the most important portion of Rivers State’s economy and a significant contribution to Nigeria’s overall economy.
In addition to oil, Rivers State’s economic activities include trading, manufacturing, and farming. These sectors, together with the state’s advantageous location, provide Rivers a robust and diverse economy.
3. Akwa Ibom State ($19.25 Billion)
Akwa Ibom State is one of Nigeria’s wealthiest states, with a GDP of approximately ₦7.77 trillion. The state makes a significant contribution to Nigeria’s economy, owing mostly to its involvement in the oil and gas industry.
Along with oil, Akwa Ibom has a robust agricultural industry that contributes to the state’s economic growth. The state is particularly well-known for its magnificent tourist attractions, such as Ibeno Beach and Ibom Plaza, which draw large crowds.
With its combination of industry, agriculture, and tourism, Akwa Ibom is Nigeria’s most important and diverse economic center.
4. Imo State ($19.02 Billion)
Imo State’s GDP exceeds ₦6.19 trillion, making it a significant economic center in southeastern Nigeria.
Manufacturing, trade, and agriculture are among the many industries that contribute to the state’s economy.
Its location has enabled many businesses to prosper, increasing the state’s wealth. Imo is also recognized for its popular tourism destinations, including as Oguta Lake and the Mbari Cultural and Art Center, which attract visitors from all over the world.
Imo State’s combination of industry and tourism makes it both economically and culturally affluent.
5. Delta State ($15.33 Billion)
Delta State in the Niger Delta boasts significant oil reserves, contributing to a GDP of approximately ₦6.19 trillion. Nigeria’s economy heavily relies on oil output.
However, Delta’s economy is not based solely on oil. The state also has strong sectors in manufacturing, agriculture, and other fields.
Delta is committed to growing its economy by expanding agriculture and supporting sectors other than oil.
Delta State is one of Nigeria’s top trade and business hubs, thanks to its abundant natural resources and robust economy.
