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Thursday, February 28, 2019

10 Richest States In Nigeria Based On Internally Generated Revenue

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Internally generated revenues (IGR) are revenues generated by States within the Nigerian federation, independent of their share of revenue from the federation account. ... Most of the States had to depend on bail out funds from the Federal Government to settle payroll costs and other recurrent expenditure WHILE, Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a period of time, often annually.

Nigeria, an African country on the Gulf of Guinea, has many natural landmarks and wildlife reserves. Protected areas such as Cross River, National Park and Yankari National Park have waterfalls, dense rainforest, savanna and rare primate habitats. One of the most recognizable sites is Zuma Rock, a 725m-tall monolith outside the
capital of Abuja that’s pictured on the national currency.

Nigeria is one of the richest countries in the world when it comes to the amount of natural resources within its geographical area.

Unfortunately, the country hasn’t been able to convert these resources into actual wealth as a result; Nigeria is not among the richest countries in the world in terms of GDP.

But this doesn’t mean there are no richest states in the country. In fact, a state like doesn’t depend on the allocation from the Federal Government for its survival as its internally generated revenue is enough to smoothly run the state.

In this post, we have highlighted the top 10 richest states based on their GDP and internally generated revenues.

Richest States in Nigeria (Based on Internally Generated Revenue)

1. Lagos state (GDP: $33,679 billion)
2. Rivers state (GDP: $21,073 billion)
3. Delta state (GDP: $16,749 billion)
4. Oyo state (GDP: $16,121 billion)
5. Imo state (GDP: $14,212 billion)
6. Kano state (GDP: $12,393 billion)
7. Edo state ($11,888 billion)
8. Akwa Ibom state (GDP: $11,179 billion)
9. Ogun state (GDP: $10,470 billion)
10. Kaduna state (GDP: $10,334 billion)

Lagos state
Lagos is unarguably the richest state in the country with a GDP of $33,679. The GDP is the highest in the country. In fact, the GDP of Lagos is higher than that of 42 African nations put together.

The state is the 5th largest economy in Africa with internally generated revenue of 302 billion which is greater than that of 30 states combined.

Currently, Lagos state is said to have a population of over 20 million residents.

Rivers state
Rivers is one of the richest states in Nigeria with a GDP of $21,073 billion. The history of Rivers State dates back to 1967 when it was created out of the old Eastern region.

It would be recalled that oil was first discovered in Nigeria in Oloibiri in Rivers State and the oil sector has grown over the years to become a very important aspect of the country’s economy.The slogan of Rivers state is the Treasure Base of the Nation and this name is quite apt as the state is known for its crude oil deposits and this has led to the

Currently, the sector accounts for over 90% of Nigeria’s foreign exchange earnings and 80% of its budgetary revenues.

The state capital, Port Harcourt is the oil and gas hub and there is a high concentration of oil companies in the country. The internally generated revenue of the entire state is N85 billion per annum.

Delta state
Delta is one of oil-producing states in the country and this status has enabled it become one of the richest states in the country.

The state is known as the big heart and it has two major cities, Warri and Asaba. Warri is the industrial and commercial hub of the state. You will find many multinational oil companies and offshore oil platforms in the country. There is also the annex government house.

On the other hand, Asaba is the political and administrative capital of the state. This is where the government house is located.

The annual IGR of Delta state is N44 billion.

Oyo state
Located in South West Nigeria, Oyo is one of the largest states in the country. In fact, Ibadan which is the capital of the state is said to be the largest city in West Africa.

The agricultural activities in Oyo are responsible for much of its wealth. The state is an agricultural hub with a vast area of land available for mechanized farming.

The climate in the state favours the cultivation of the likes of millet, rice, cashew, cocoa and other cash crops.

The state is also known to have a large population as it shares a boundary with Lagos and there is a spillover of some of the residents from the megacity.

Imo state
Imo is located in the South East and it is also one of the oil-producing states in the country. Currently, there are over 160 oil wells in the state and some of the oil companies located in the state include the likes of Addax Petroleum, Agip and Chevron.

Also, the state is engaged in the production of palm oil as there are several palm plantations in the state.

Kano state
Kano is one of the major commercial centres in the North. The state is an economic powerhouse and also has a large population which is only superseded by Lagos State.

The annual internally generated revenue by the state is put at 30 billion and the GDP of Kano is estimated at $12,393 billion.

The state is involved in textile, leathered and cotton production. Also, there are modern infrastructure, malls and markets in this state.

Edo state
With a GDP of $11,888 billion, Edo is placed seventh on our list of richest states in the country. Edo is a historical city with the Benin empire being an influential settlement in Africa.

Currently, Benin remains an economic and commercial hub and the city is quite congested with an ever-growing population.

The state generates an annual IGR of N23 billion.

Akwa Ibom state
Akwa Ibom is located along the coast of the Niger Delta and this state is also an oil-producing state. In fact, one of the prominent oil companies in the world, Exxon Mobil is located in this state.

The capital of Akwa Ibom is Uyo, a bustling town that has evolved from being low-class town to a city of national relevant with several unique landmarks.

Ogun state
Known for its high concentration of manufacturing companies, Ogun state makes our list as one of the richest states in the country. Also, the state has a high number of universities.

The current GDP of the state is $10,470 billion and the state has the likes of Lafarge, Procter and Gamble, Dangote, Nestle Nig. Plc.

Also, the state has an estimated IGR of N77 billion.

Kaduna State
Kaduna is the last state in our list of richest states with a GDP of $10,334 billion. The state was created in 1967 and it has since risen to become a significant metropolis within the north.

Agriculture is the major sectors in the state and this has contributed largely to the economy and wealth of the state. These agro-products are cultivated, harvested and distributed across the country from its myriad of mechanized farms.

Kaduna is also known for having the largest university in sub-Saharan Africa which is the Ahmadu Bello University, Zaria.

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FACEBOOK COMMENTS

Chibuzo O. Anozie

Akwaibom is a good idea to knw.Lagos should be a country on its own
2

Akintoye Adebareh Abdul Akeem

Our brothers won't give credit To tinubu dynasty for a good job. They just want to bring down the empire.

Dan Comodore

ogun state is the safest to dwell..
1

Niyeck Nandack

Endy, this is absolute crap. I would have used stronger words if you were not our friend. In economics, you don't measure the wealth of a state by the internal generated revenue and Gross Domestic Product.
It is the following parameters that can be used to measure the wealth of a state.
1. The size of its budget
2. The percentage of execution of such budget.
3. The size of its population
4. The budget/ population ratio
5. The debt profile of the state
6.The human development index.
Based on these variables, it is indisputable that AKWA IBOM is the richest State in Nigeria.
This is not the kind of subject where all kinds of illiterates will come and start fighting over based on sentiments. Anybody who is arguing should show his credentials. I am a development economist.
Endy, whoever prepare that document for is a motor park economist . How can someone be talking about the wealth of a state without talking about the DEBT of such state?
They should discuss Buhari/ Atiku.
Edited2

Niyeck Nandack

You wrote: Nigeria is one of the richest countries in the world....". It is incorrect and very misleading. It is a lie from the pit of hell. You could say:" Nigeria is one of the potentially rich country... " and nobody will quarel with that.In reality, Nigeria is one of the poorest countries in the world. In terms of geographical area as you said, just Google the map of Africa and look at the land mass of DRC, Libya, Niger, Mali, Chad, etc. In terms of mineral resources, we don't have one over ten of what Congo Dr, Angola, South Africa have.
When you delve into this kind of topics, be extra careful not to display lack of intelligence.
2

Niyeck Nandack

There are lots of lies in your post. Give us the list of the 42 Africa countries whose GDP put together will not equate the GDP of Lagos.
1

Niyeck Nandack

Endy, Google the GDP of China. It is the second biggest in the world after that of USA. But China is not among the G7, the group of the 7 richest countries in the world. Abeg, tell your economics lecturer to go back to school and complete his course.
1

Larahover Chi Ogbuka

No bayelsa, enugu and abia?
1

Ayes Azazi

Oloibiri is in Bayelsa state not in Rivers state

Philip Valen

so Obiano has finally drunk Anambra into nothin.
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