10 Richest States in Nigeria in 2023 (by IGR)

Out of the 36 states in Nigeria and the Federal Capital Territory (FCT), which ones are the richest, and how much do they generate internally? We will answer these questions as we take a panoramic view of the top richest states in Nigeria in 2023 by Internally Generated Revenue (IGR).

This report is evidence-based and sourced from the most recent information (Half Year 2021) published by the National Bureau of Statistics.

List of Richest States in Nigeria in 2023 by IGR

Before we examine each state one after the other, here’s a glance at the 10 richest states in Nigeria in 2023. They are ranked from the highest to the lowest by the revenue they generated, and they include:

1. Lagos State

2. FCT

3. Rivers State

4. Ogun State

5. Delta State

6. Kaduna State

7. Oyo State

8. Akwa Ibom State

9. Ondo State

10. Edo State

1. Lagos State

IGR: N267,429,424,219.47 (Over N267 billion)

As expected, Lagos State tops the list of the richest state in Nigeria. Lagos State is the economic hub of Nigeria, and for years, it’s been thriving as the commercial hotspot of the country. It houses not less than 18 million people from different parts of the country, Africa, and beyond the continent.

It’s a megacity with a commendable rate of infrastructural development.

Lagos State, the former administrative capital of Nigeria, is one of the few states in Nigeria that can survive without the federal government’s intervention.

In addition, Lagos State GDP, valued at N33.6 billion, shows the level of production of goods and services compared to other states in Nigeria.

Also, Lagos State hosts small-scale, middle scale and large-scale businesses from diverse industries. From manufacturing products to exporting many items, Lagos State is a busy domain serving the economic needs of other states in Nigeria.

Many organizations’ headquarters are in Lagos. Lagos states generate tax from different establishments and individuals, which is the state’s primary revenue source.

2. Federal Capital Territory (FCT)

IGR: N69,072,879,664.43 (Over N69 billion)

Although not adjudged a state in Nigeria because it hosts the capital of the country – Abuja, it has an organized administration that is, in a way, similar to that of a state.

FCT is within the Northcentral region of Nigeria. It is where Abuja, the capital of Nigeria, is located. 

Unlike other states headed by a state governor, FCT administration is coordinated by the FCT minister, appointed by the President of the country. 

FCT was created out of necessity to find an alternative to Lagos, the country’s capital. Lagos congestion was already at its prime, and expansion within Lagos seemed impossible.

Before that location was chosen to house the seat of government, the population there was about 120,000 people, but now FCT has a population close to 4 million. 

Aside from the presence of federal administrative functions, the teeming population indicates increased economic activity. Many companies have already sprung up in this location, and new ones are added regularly. 

3. Rivers State

IGR: N57,324,672,372.42 (Over N57 billion)

Rivers State, created out of the old eastern region in 1967, is the third on the list of the richest states in Nigeria.

But why is Rivers State on this list?

Nigeria is a force to reckon with regarding oil production and reserve worldwide. But not all the states and regions in Nigeria have the oil deposit.

Crude oil is mainly found in large quantities in the Niger-Delta region of Nigeria, and Rivers State is one of the states in the area. Hence, the reason for their wealth.

Notable oil firms operate within the territory of Rivers State, and some of them include Shell, BP, Chevron, Total, Mobil, etc.

4. Ogun State

IGR: N54,823,454,372.03 (Over N54 billion)

Ogun State is one of the southwestern states in Nigeria. Lagos State, Oyo State, Osun State, Ondo State, and Benin Republic border the states. The state’s population is over 4 million people, mostly Yoruba.

Notable in Ogun State is the heavy presence of industries, which has obviously boosted the state’s economy over the years. Aside from that, Ogun State is home to many privately owned and government-owned tertiary institutions in Nigeria.

5. Delta State

IGR: N41,934,182,750.80 (Over N41 billion)

It was also included in this list of the richest States in Nigeria in Delta State. This is one of the states found in the South-South geopolitical zone of Nigeria. It is bordered by Edo State, Anambra State, Bayelsa State, and Bight of Benin. 

In Delta State, Asaba is the state’s capital while Warri is the economic center, but different locations within the states have contributed to the financial viability of the state. 

In addition, Delta State, like Rivers State, is home to crude oil and natural gas. It is one of the central oil-producing states in Nigeria. The presence of oil, its exploitation, and the sales of petroleum products have contributed significantly to the economy of Delta State. 

Aside from crude oil and natural gas, there’s the presence of solid mineral deposits within the state. Some include silica, industrial clay, lignite, kaolin, and limestone.

6. Kaduna State 

IGR: N26,429,424,219.47 (Over N26 billion)

Kaduna State is notable in the northern part of Nigeria, which has its state capital also named Kaduna. 

Also, Kaduna State is home to many government educational institutions, such as one of Nigeria’s reputable pilot training centers, the Nigerian College of Aviation Technology, Zaria. In addition, other notable ones are Ahmadu Bello University, Airforce Institute of Technology, and Nigerian Defence Academy. 

The economy mainly depends on agriculture, especially the production of groundnut and cotton. 

7. Oyo State 

IGR: N25,191,713,455.75 (Over N25 billion)

This is one of the 5 states in the southwestern part of Nigeria. Ogun State, Osun State, Kwara State, and Benin Republic border the states. 

The state capital is Ibadan, the third most populous city in Nigeria after Lagos and Kano. Also, Ibadan is the largest city in Nigeria by geographical area. According to the United Nations (2022), Ibadan is currently the second fastest growing city in Africa and the third in West Africa in the tech startups index. 

The main economic activities in Oyo State are agriculture, trade, factory work, and public service employment. And the state favors the cultivation of different crops such as maize, cassava, yam, cashew, cocoa, plantains, rice, millet, palm produce, etc. 

In addition, some minerals are also found in Oyo State. For example, they have an abundance of kaolin and clay. 

8. Akwa Ibom State 

IGR: N18,094,550,401.76 (Over N18 billion)

This list of the richest States in Nigeria will not be complete without a mention of Akwa Ibom State. This state is also found in the South-South geopolitical zone of Nigeria, bordered by Rives State, Cross River State, Abia State, and the Atlantic Ocean to its south.

Akwa Ibom State was formerly a part of the Cross River State before being created as a separate state in 1987. And of all the 36 states in Nigeria, Akwa Ibom is the 30th largest by area. 

Additionally, the state’s economy, like other earlier mentioned south southern states, is dependent on petroleum production. 

In fact, Akwa Ibom State is currently the highest producer of crude oil and natural gas in Nigeria.

Aside from producing crude oil and natural gas, the state is also involved in cultivating cocoyam, yam, plantain, and fish. 

9. Ondo State 

IGR: N17,908,118,155.96 (Over N17 billion)

This is another state in the southwestern part of Nigeria. It was created in 1976 from the old western state. Ekiti State, Kogi State, Edo State, Delta State, Ogun State, Osun State, and the Atlantic Ocean border the state. 

The state is the 25th largest state in Nigeria by landmass, and the capital is Akure. 

Just like some South-South states, the economy of the state is also dominated by the petroleum industry. This is not surprising due to the state’s proximity to the South-South geopolitical zone of Nigeria. 

Also in Ondo State are other notable economic activities which include cocoa production and asphalt mining. 

Some mineral resources found in Ondo State are natural gas, crude oil, limestone, coal, bitumen, feldspar, gemstones, kaolin, granite, and gypsum. 

10. Edo State 

IGR: N17,644,442,655.28 (Over N17 billion)

Lastly on our list of the richest states in Nigeria is another South-South state, Edo State. This state is the 22nd largest state in Nigeria by landmass, and its capital, the famous Benin City, is the 4th largest city in Nigeria. Also, Benin City is known for its large rubber production in Nigeria. 

The states bordering Edo State include Anambra State, Delta State, Kogi State, and Ondo State. And this state was created out of the old Bendel State on August 27, 1991. 

Regarding the state’s economy, there’s dependence on crude oil production and quarry activities. 

Additionally, this state possesses mineral resources such as oil/gas, limestone, lignite, iron ore, marble, gold, bitumen, clay, etc. 

Also, there are tourist attractions in the state. Amongst them is Emotan Statue in Benin City, the Somorika hills in Àkókó Edo, and Ise Lake and River Niger Beach in Agenebode. 

Conclusion: The Richest States in Nigeria in 2023

According to traceable facts, here we have the list of the richest states in Nigeria in 2023 by Internally Generated Revenue (IGR). Specifically, we have 10 states that generated more income than other states in Nigeria. 

Aside from their names, we have other information about each state, such as their geopolitical zone, the states bordering them, and the economic activities responsible for their revenue.