The Richest Oil Making States in Nigeria
Nigeria is Africa’s biggest producer of oil with over 2 million barrels being produced each day.
Currently, there are 9 oil producing states in the country and 4 out of these states are responsible for over 80% of the crude oil production.
Some of these oil producing states have been able to use their asset to boost their revenue hence making them one of the richest states in the country However, some have not been able to do that.
RICHEST OIL STATES IN NIGERIA
In this post, we will learn about the 5 oil producing states that also rank highly in terms of internally generated revenue each year.
#1 LAGOS STATE
In terms of oil production, Lagos state is ranked 6th with daily production estimated at 40,000 barrels. However, the state currently has the highest internally generated revenue of N268 billion as of 2016
Interestingly, Lagos state is the most recent addition to the list of oil producing states as it was just in 2016 that the Federal Government approved four of the five oil-producing Aje wells in the state.
Crude oil production in Lagos is just a small fraction of the revenue generated by the state each year. Lagos is one of the few states in the country that has been able to generate revenue from other sources apart from crude oil.
Currently, Lagos state is the fifth largest economic centre in the whole of Africa. It is also the largest city in Africa in terms of population. Interestingly, the land area of 3.577 square kilometres is one of the smallest in the country.
Lagos is home to several multinationals and top financial institutions with these companies having their headquarters in the state.
The Lagos State Government claims there are over 20 million people liing in the state, although the UN estimates puts the figure around 14 million.
#2 RIVERS STATE
Rivers state produces an estimated 344,000 barrels per day. The state has a GDP of $21.073 and a per capita of $3,965 while its internally generated revenue is over N80 billion.
Several multinational and indigenous oil companies are located in Port Harcourt, the administrative capital of Rivers state. These include the likes of Shell Petroleum Development Company, Chevron, Total Nigeria, Oando etc.
Rivers is one of the most developed states in the country. The state has the highest literacy rate in the South-South.
The population in Rivers is about 4% of the entire population of Nigeria. There are over 10 million people living in the state.
The state is home to several ethnic groups. These include Ikwerre, Ibani, Opobo, Eleme, Okrika, Kalabari, Etche, Ogba, Ogoni, Engenni, Obolo and many others.
#3 DELTA STATE
The oil rich Delta state has an internally generated revenue of over N40 billion yearly. This makes the state the third richest state in the country after Lagos and Rivers.
Delta is also the second major producer of oil and gas in the country with a daily output of 346,000 barrels. Also, the state has one of the largest deposits of crude oil and natural gas in the country.
Delta state has one of the highest numbers of tertiary institutions in the country. Some of these include:
- Federal University of Petroleum Resources, Effurun
- Delta State University (Abraka Campus, Oleh Campus, Asaba Campus)
- Delta State Polytechnic, Ogwashi-Uku
- Delta State Polytechnic, Otefe-Oghara
- Delta State Polytechnic, Ozoro
With a GDP of $16.749 billion and a per capita of $3,990, Delta state is the third richest state in the country.
The state is located at the Southern part of the country and covers a land area of 17.698 square kilometres. Currently, there are over 4 million people living in Delta State
Apart from its crude oil deposits, Delta state is also rich in natural resources like limestone, decorative rocks, tar sand, kaolin, lignite, silica and industrial clay.
#4 EDO STATE
Edo state is the seventh largest producer of oil and gas in the country with a daily output of 33, 000 barrels.
Apart from crude oil production, the state is also a centre of tourism. Some of the tourist attractions include the Emotan Statue in Benin City, the River Niger Beach and the Ise Lake in Agenebode.
The state also produces mineral resources like limestone and quarry. In 2016, Edo state generated N19.1 billion in 2016 making it the 4th richest among the oil producing state and the 6th richest state in the country.
Edo state has a GDP of $11.88 billion and a per capita of $3.623 and there are over 3 million people living in this state.
#5 AKWA IBOM
Akwa Ibom is also located in the Southern part of the country. The state is known as the Land of Promise. Akwa Ibom was created in 1987 from Cross River State. The state is the highest oil and gas producing state in the country with over 500,000 barrels produced daily. Akwa Ibom has a GDP of $11.17 billion with a per capita is $2,779. The estimated IGR of Akwa Ibom in 2016 was N15 billion
Some of its prominent landmarks include the Ibom E-library, Godswill Akpabio International Stadium, Ibeno Beach, Ibom Plaza and the National Museum in Uyo.
Also, Akwa Ibom has several prominent educational institutes in the state. These include:
- Akwa Ibom State Polytechnic
- Akwa Ibom State University
- Maritime Academy of Nigeria, Oron
- Obong University, Obong Ntak Inyang
- University of Uyo
There are three major ethnic groups in the country. These include the Ibibios, the Annangs and the Orons.
Apart from these 5 states, there are 4 other oil producing states in the country which are Bayelsa, Imo, Abia and Edo.
As a matter of fact, Bayelsa is the 4th largest producer of oil and gas in the country with an estimated daily output of 290, 000 barrels. But most Bayelsans are poor due to lack of development in the state. Nonetheless, the Federal and State Governments have made efforts to empower Bayelsans through foreign scholarship schemes but this has led to massive brain drain from the state.