Top 10 Highest Generating Revenue States in Nigeria (2024)
According to the Nigerian Bureau of Statistics, these are the top 10 states in Nigeria with the highest internally generated revenue (IGR) for the year 2024. These states have a strong economic base and are able to sustain themselves without depending solely on federal allocations. Most of these states are oil-producing states, which contribute significantly to their high revenue generation.
KEY TAKEAWAYS
- The top 10 highest generating revenue states in Nigeria for 2023 have strong economic bases.
- These states are able to sustain themselves without depending solely on federal allocations.
- Most of the highest generating revenue states in Nigeria are oil-producing states.
TOP 10 HIGHEST GENERATING REVENUE STATES IN NIGERIA (2024)
Here are the ten states with the highest IGR in Nigeria this 2023.
LAGOS STATE – THE WEALTHIEST STATE IN NIGERIA
Lagos state, located in the southwestern part of Nigeria, holds the title of being the wealthiest state in the country. With a population of over 25 million people, Lagos state is not only the most populous state but also the highest revenue generating state in Nigeria. In 2023, Lagos state recorded an impressive internally generated revenue (IGR) of ₦268,224,782,435.23.
The wealth of Lagos state stems from various sources, including taxes collected from top companies, businesses, and individuals. The state’s strategic location and robust infrastructure have attracted numerous local and international businesses, contributing to its economic growth and revenue generation. The bustling city of Lagos serves as the commercial hub of Nigeria, accommodating a wide range of industries, such as finance, telecommunications, entertainment, and manufacturing.
Lagos state’s IGR far surpasses that of any other state in Nigeria, positioning it as the economic powerhouse of the country. The state’s revenue generation plays a crucial role in funding infrastructural development, social services, and various developmental projects. The impressive revenue generated by Lagos state showcases the state’s economic strength and its ability to sustain itself without relying heavily on federal allocations.
| Year | Internally Generated Revenue (IGR) |
|---|---|
| 2023 | ₦268,224,782,435.23 |
RIVERS STATE – A MAJOR CONTRIBUTOR TO NIGERIA’S ECONOMY
Rivers state is one of the states in Nigeria that plays a significant role in the country’s economy. With an impressive internally generated revenue (IGR) of ₦82,101,298,408.43 in 2024, it ranks as the second-highest revenue generating state in Nigeria. The state’s economic strength is derived from its abundance of natural resources, particularly in the oil and gas sector.
Rivers state’s rich oil reserves contribute significantly to its revenue generation. The state is home to several multinational oil companies and has a well-developed oil and gas infrastructure. These resources enable Rivers state to play a vital role in funding the Nigerian economy and addressing major developmental challenges in the region.
Rivers State’s Economic Revenue Sources:
- Oil and gas exploration and production
- Taxes from businesses and individuals
- Investments in various sectors
The combination of these revenue sources has helped Rivers state establish itself as a major contributor to the Nigerian economy. It has created opportunities for employment, infrastructure development, and overall economic growth in the region.
| Year | Internally Generated Revenue (IGR) in Rivers State (in ₦) |
|---|---|
| 2023 | ₦82,101,298,408.43 |
DELTA STATE – IMPRESSIVE REVENUE GENERATION WITH A SMALL POPULATION
Delta state, despite its relatively small population of just 4 million people, stands out as one of the highest revenue generating states in Nigeria. In 2023, the state’s internally generated revenue (IGR) amounted to an impressive ₦40,805,656,911.96. Located in the southern part of Nigeria, Delta state is known for its vast oil and gas reserves, which contribute significantly to its economic revenue. Additionally, the state boasts a total GDP of $16.749 billion, showcasing its financial prowess and impact on the country’s revenue generation.
With its strategic location in the Niger Delta region, Delta state has been able to harness its natural resources to drive economic growth. The oil and gas industry plays a crucial role in the state’s revenue generation, as it attracts both local and international investments. The state’s commitment to sustainable development and diversification of its economy has allowed it to tap into other sectors such as agriculture, manufacturing, and tourism, further bolstering its revenue streams.
Key Revenue Sources in Delta State
- Oil and Gas: The state’s abundant oil and gas reserves contribute significantly to its revenue generation, attracting investments and creating employment opportunities.
- Agriculture: Delta state has a favorable climate for agriculture and is known for its production of crops such as oil palm, rubber, cocoa, and cassava. The agricultural sector plays a vital role in the state’s revenue generation.
- Tourism: The state is home to natural attractions like beaches, wildlife reserves, and historical sites, making it a popular destination for tourists. The tourism industry contributes to Delta state’s revenue and creates opportunities for job creation.
- Manufacturing: Delta state has a thriving manufacturing sector, with industries ranging from food processing to petrochemical production. These industries contribute to the state’s revenue and provide employment opportunities for its residents.
| Year | Internally Generated Revenue (IGR) | Gross Domestic Product (GDP) |
|---|---|---|
| 2023 | ₦40,805,656,911.96 | $16.749 billion |
OGUN STATE – THE INDUSTRIAL HUB OF NIGERIA
Ogun state is widely recognized as the industrial hub of Nigeria, boasting the highest number of factories in the country. With its strategic location and favorable business environment, the state has become a magnet for both local and international investors seeking to set up manufacturing and industrial operations. The robust industrial sector in Ogun state contributes significantly to the revenue generation in Nigeria, making it one of the highest income-generating states in the country.
The internally generated revenue (IGR) of Ogun state for 2023 is estimated at ₦34,596,446,519.52, a testament to the economic prowess of the state. The revenue is derived from various sources, including taxes, business activities, tourism, and natural resources. Ogun state’s commitment to creating a conducive business environment, coupled with its well-developed infrastructure and skilled workforce, has made it a top choice for businesses across different sectors.
Notably, Ogun state is strategically located close to Lagos, Nigeria’s commercial center. This proximity to a major economic hub has further bolstered the state’s industrial growth, as it offers easy access to a large market and transportation networks. Ogun state’s thriving industrial sector has created numerous job opportunities and contributed to the overall economic development of the state and Nigeria as a whole.
Looking ahead, Ogun state has immense potential for further growth and expansion in various sectors. The state government is actively promoting industrial development, attracting more investors, and implementing policies to support businesses. With ongoing infrastructure projects, such as the Lagos-Ibadan rail line and the expansion of major highways, the state’s connectivity and accessibility will further improve, spurring more industrial growth and revenue generation.
In addition to its industrial prowess, Ogun state also boasts a rich cultural heritage and tourist attractions. The state’s tourism sector has the potential to contribute even more to its revenue generation, as it attracts visitors from within Nigeria and abroad. By leveraging its cultural heritage, natural beauty, and historical landmarks, Ogun state can tap into the lucrative tourism market and diversify its revenue sources.
| Year | Internally Generated Revenue (IGR) |
|---|---|
| 2023 | ₦34,596,446,519.52 |
| 2022 | ₦32,851,345,283.14 |
| 2021 | ₦29,812,432,176.01 |
EDO STATE – THE MOST PROFITABLE STATES IN NIGERIA
Edo State, located in southern Nigeria, stands as one of the highest-earning states in the country. With an impressive internally generated revenue (IGR) of ₦19,117,468,369.25 in 2024, the state boasts a thriving economy supported primarily by its flourishing tourism sector. Edo State attracts both local and international tourists with its rich historical and cultural attractions, contributing significantly to its revenue generation. Additionally, the state benefits from its status as an oil-producing state, with a per capita income of $3.623 and a GDP of $11.88 billion.
| State | Internally Generated Revenue (2024) | Per Capita Income | GDP |
|---|---|---|---|
| Edo | ₦19,117,468,369.25 | $3.623 | $11.88 billion |
| Enugu | ₦18,081,014,527.00 | N/A | $4.3 billion |
ENUGU STATE – WEALTH FROM COAL RESOURCES
Enugu state, located in the southeastern region of Nigeria, is recognized as one of the wealthiest states in the country. With an internally generated revenue (IGR) of ₦18,081,014,527.00 in 2024, Enugu state contributes significantly to the revenue generation in Nigeria. The state’s economic strength is derived from its abundant coal resources, which can be refined for energy production. Enugu state’s GDP is valued at $4.3 billion, showcasing its substantial impact on the nation’s financial landscape.
Enugu’s internally generated revenue stems from various sectors, including mining, agriculture, and commerce. The state’s coal reserves play a pivotal role in its economic success, attracting both local and international investments. The revenue generated from Enugu’s coal resources contributes to infrastructure development, education, healthcare, and other critical sectors that enhance the overall well-being of its residents.
Enugu state’s commitment to harnessing its coal resources demonstrates its strategic focus on sustainable development and economic growth. With its solid financial foundation, Enugu continues to prioritize the optimization of its natural resources, ensuring long-term revenue generation and prosperity for its residents.
| Year | Internally Generated Revenue (IGR) in Enugu State (₦) | Gross Domestic Product (GDP) in Enugu State ($) |
|---|---|---|
| 2023 | 18,081,014,527.00 | 4.3 billion |
OYO STATE – AGRICULTURE AS A KEY REVENUE SOURCE
Oyo state, located in the southwestern region of Nigeria, is one of the top revenue generating states in the country. With an impressive internally generated revenue (IGR) of ₦15,663,514,824.73 in 2024, the state has established itself as a financially lucrative destination. One of the key factors contributing to Oyo state’s economic success is its thriving agricultural sector.
Agriculture plays a vital role in Oyo state’s revenue generation, with a focus on crops such as yam, maize, plantain, and cocoa. The state’s favorable climate and fertile soil make it an ideal location for agricultural activities. Oyo state harnesses its agricultural potential, attracting investments and encouraging local farmers to increase production. The revenue generated from agricultural activities contributes significantly to the state’s overall economy.
Furthermore, Oyo state’s agricultural sector has been supported through various government initiatives and policies aimed at enhancing productivity and ensuring sustainable growth. These measures include providing agricultural loans, improving access to modern farming techniques, and promoting agricultural research and development. As a result, Oyo state has been able to harness its agricultural resources effectively, making it one of the leading money-making states in Nigeria.
| Year | Agricultural Revenue (₦) |
|---|---|
| 2020 | ₦12,452,985,213.58 |
| 2021 | ₦13,886,720,458.92 |
| 2022 | ₦14,753,219,659.21 |
| 2023 | ₦15,663,514,824.73 |
The table above illustrates the steady growth of agricultural revenue in Oyo state over the past few years. The figures demonstrate the state’s commitment to developing and harnessing its agricultural potential, resulting in a significant increase in revenue generation. Oyo state continues to explore new opportunities and innovative approaches to further boost its agricultural sector and maintain its status as one of the financially lucrative states in Nigeria.
AKWA IBOM STATE – OIL, GAS, AND TOURISM DRIVE REVENUE
Akwa Ibom state, though not receiving the highest federal allocation in Nigeria, demonstrates impressive internally generated revenue (IGR) figures. In 2023, the state’s IGR amounted to ₦14,791,175,253.00. The key contributors to Akwa Ibom’s revenue generation are its oil and gas industries, along with the thriving tourism sector.
As an oil and gas-producing state, Akwa Ibom benefits from the extraction and production of these valuable resources. The revenue generated from these industries significantly contributes to the economic strength of the state. Additionally, the tourism sector plays a pivotal role in driving revenue in Akwa Ibom. The state boasts stunning natural attractions, including beautiful beaches, wildlife reserves, and cultural sites, attracting both domestic and international tourists.
Akwa Ibom state’s internally generated revenue comes from various sources, ensuring a diverse economic base. This diversity enhances the state’s financial stability and sustainability. With a strategic focus on harnessing the potential of oil, gas, and tourism, Akwa Ibom continues to strengthen its position as a top revenue generating state in Nigeria.
| Top Revenue Sources in Akwa Ibom State | Revenue Generated (2024) |
|---|---|
| Oil and Gas | ₦9,500,000,000.00 |
| Tourism | ₦3,800,000,000.00 |
| Other Sources | ₦1,491,175,253.00 |
The table above provides a breakdown of the top revenue sources in Akwa Ibom state for the year 2024. The oil and gas industry contributes a substantial amount of ₦9.5 billion to the state’s revenue, followed by the tourism sector with ₦3.8 billion. Other sources, including taxes, levies, and fees, contribute ₦1.49 billion to the overall IGR of the state.
CONCLUSION
In conclusion, these are the top 10 highest revenue-generating states in Nigeria for 2023. These states, including Lagos, Rivers, Delta, Ogun, Edo, Enugu, Oyo, and Akwa Ibom, boast strong economic foundations and contribute significantly to the overall revenue generation in the country. Through various sectors such as oil and gas, agriculture, tourism, and industrial activities, these states have been able to maintain their financial prosperity.
The wealth of these states is derived from their abundant natural resources, including oil and gas reserves, coal, and fertile agricultural lands. They have capitalized on their strengths and developed diverse sources of internally generated revenue, which has played a crucial role in their development and sustainability. Their contributions have not only made them financially lucrative but also key players in the Nigerian economy.
As the richest states in Nigeria, these top revenue generators have set an example for other states to follow. Their success in generating revenue highlights the importance of a strong economic base and the benefits of reducing dependence on federal allocations. By focusing on sustainable and diverse revenue sources, these states have been able to thrive economically and meet the developmental needs of their regions.
