10 Nigerian states with the best financial performance for 2022

2023 is here, but it is time to review 2022. Here is MakeMoney.ng list of best-performing states financially.

As a Nigerian, it’s always exciting to see which states perform financially well. Aside from the bragging rights the full understanding of states leading the way in economic development and potentially offering more opportunities for businesses and individuals cannot be overemphasized. 

That’s why we’ve compiled a list of the top 10 Nigerian states ranked by financial performance for 2022. These rankings are based on various indicators, including GDP, per capita income, and the debt burden of states. 

10 best states in Nigeria according to financial performances

1. Lagos state

Lagos is the best Nigerian state by financial performance for 2022 with the highest gross domestic product (GDP) than any state in Nigeria. Lagos has a GDP of US$33 billion and is a major economic powerhouse in the country, contributing significantly to Nigeria’s overall economy. 

With a significantly large population, Lagos state leverages its human capital to drive economic growth and development. Overall, the combination of a high GDP and a large population make Lagos state the top performer in terms of financial performance in Nigeria for 2022.

2. Rivers state

Rivers state is the second-best Nigerian state by financial performance for 2022 due to its impressive GDP of US$30 billion. With a substantial and diversified economy, Rivers state has consistently performed well financially, making it a key contributor to the country’s overall prosperity.

The state’s large population, actively engaged in various sectors of the economy, has also helped to drive economic growth and development. Overall, Rivers state’s strong financial performance has solidified its position as one of the top-performing states in Nigeria for 2022.

3. Delta state

Located in the heart of the Niger Delta region, Delta is home to a rich array of oil and natural gas reserves that have driven economic growth and development. The state’s GDP of US$25, billion is a testament to its strong financial foundation, which is built on the back of these abundant natural resources.

Additionally, Delta state’s strategic location at the crossroads of several major transportation routes has helped to boost its economic growth potential further. Delta’s strong financial performance can be attributed to its advantageous location and natural resource endowment.

4. Oyo state

Oyo state is a top performer in terms of financial performance in Nigeria for 2022 due to its diverse and dynamic economy. With a GDP of US$20 billion, Oyo state has a well-established industrial sector that includes manufacturing, construction, and transportation.

The state is also home to a thriving agricultural industry, with crops such as cassava, yam, and major maize contributors to the state’s economy. Additionally, Oyo state’s vibrant service sector, which includes tourism and finance, has helped to drive economic growth and development. Oyo state’s strong and diverse economy has contributed to its financial success in 2022.

5. Enugu state

Enugu state is a top performer in terms of financial performance in Nigeria for 2022 due to its strong focus on education and human capital development. With a GDP of US$15 billion, Enugu state has prioritized investing in its people through developing quality education and training programs.

This emphasis on education has helped to create a skilled and knowledgeable workforce that can drive economic growth and development in the state. Additionally, Enugu state’s strategic location and excellent transportation infrastructure have helped to boost its economic potential further.

6. Akwa Ibom state

Akwa Ibom state is a state in Nigeria with a substantial and diversified economy, as reflected in its GDP of US$10 billion. The state’s industrial sector is thriving, with manufacturing, construction, and transportation all making significant economic contributions. Akwa Ibom state is also home to a robust agricultural industry, with crops such as cassava, yam, and maize major financial contributors.

Additionally, the state’s strong service sector, which includes tourism, finance, and healthcare, has helped to drive economic growth and development. Overall, the combination of a diverse and dynamic economy has contributed to Akwa Ibom state’s financial success in 2022.

7. Kano state

Kano state, located in the northern region of Nigeria, is a state that has consistently demonstrated strong financial performance. With a GDP of US$5 billion, the state’s economy is driven by a diverse range of sectors, including agriculture, manufacturing, and trade.

Kano state is particularly well-known for its agricultural production, with crops such as wheat, cotton, and groundnuts being significant economic contributors. The state’s industrial sector is also well-developed, with a range of manufacturing and processing industries producing goods for local and international markets.

8. Anambra state

Anambra state, located in southeastern Nigeria, has a strong and growing economy, with a GDP of US$5 billion. The state’s industrial sector is thriving, with manufacturing, construction, and transportation all making significant economic contributions.

Anambra state is also home to a robust agricultural industry, with crops such as cassava, yam, and maize as major financial contributors. Additionally, the state’s service sector, which includes tourism, finance, and healthcare, has helped to drive economic growth and development.

9. Ogun state

Ogun state is a state in Nigeria that is often thought to prosper due to its proximity to Lagos. Still, it contains several industries that contribute to its economic success. With a GDP of US$5 billion, Ogun state has a thriving industrial sector that includes manufacturing, construction, and transportation.

10. Kaduna state

In recent years, Kaduna has seen steady economic growth due in part to the government’s efforts to improve infrastructure and promote foreign investment. The state has attracted several multinational companies, which has helped to create jobs and boost economic activity.

Looking ahead, Kaduna’s GDP is expected to grow at a moderate pace. The government is working on several initiatives to stimulate further economic growth, including developing new industrial parks and expanding existing ones. 

Conclusion

Some states in Nigeria have consistently outperformed others regarding economic growth and development. These states, such as Lagos and Rivers, have strong economies driven by various factors, including diverse industries, a skilled workforce, and favourable business climates.

However, it is essential to note that other states, such as Kaduna and Kano, are also making significant progress and have the potential to catch up with the top performers.

The key to driving economic growth and development is a commitment to creating a favourable business environment, investing in infrastructure and education, and fostering a culture of innovation and entrepreneurship.

By focusing on these critical areas, all states in Nigeria have the potential to become top performers and drive the country’s overall economic growth.