Lagos Leads Nigerian States with Highest Internally Generated Revenue in 2023

• Lagos leads 35 Nigerian states with the highest internally generated revenue in 2023
• Data from the National Bureau of Statistics shows that Lagos IGR dwarfs those of three regions in the year under review
• The Federal Capital Territory (FCT) follows with the second-highest IGR, while Taraba recorded the least in the review period

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Data from the National Bureau of Statistics (NBS) disclosed that the 36 states of Nigeria and the Federal Capital Territory (FCT) generated N2.43 trillion in 2023.

The internally generated revenue (IGR) 2023 is 26.03% higher than the N1.93 trillion recorded last year.

Lagos is top, Taraba comes last

According to the NBS data, Lagos remained the top Nigerian state with the highest internally generated revenue in the review period, followed by the FCT and Rivers.

Taraba recorded the least IGR in 2023, followed by Yobe and Kebbi states.

Geopolitical zones and their IGR

The data also indicated that Lagos’s revenue in 2023 stood at N815.86 billion, higher than 18 combined and more than the total amount generated in three regions: South East, North West, and North East.

South West generated the highest IGR at N1.12 trillion in the review period, followed by South South at N468.74 billion, North Central at N387.65 billion, North West at N206.22 billion, South East at N142.95 billion, and North East at N104.35 billion.

10 Nigerian states and their IGR in 2023

• Lagos: 815.26 billion
• FCT: N211.1 billion
• Rivers: N195.41 billion
• Ogun: N146.88 billion
• Delta: N114.09 billion
• Edo: N68.69 billion
• Kaduna: N62.49 billion
• Kwara: N59.64 billion
• Oyo: N52.75 billion
• Akwa Ibom: 43.18 billion

Nigerian states without foreign investors

A previous report by Legit.ng disclosed that foreign investors shunned 26 Nigerian states as Nigeria’s capital imported hit $2.60 billion in the second quarter of 2024, representing a solid increase of 152.82% yearly relative to the $1.03 billion recorded in the same period in 2023.

The National Bureau of Statistics (NBS) disclosed this in its latest capital importation report for Q2 2024.

The report said that the number of Nigerian states without investments declined from 27 in the second quarter of 2023 to the same period this year.

Lagos leads Nigerian states with highest FDI

NBS lists Lagos as leading the state with the most investment, attracting $1.37 billion, or 52.52% of total inflows.

Abuja followed Lagos with $1.24 billion, accounting for 47.48% of total inflows.

The Nigerian government disclosed that a consortium of South Korean investors has completed plans to build four 100,000bpd-capacity refineries in various places in Nigeria.

The Nigerian government disclosed this on Tuesday, October 8, 2024.

Investors cleared to build four new oil plants

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this at the first edition of a summit by the Crude Oil Refineries Owners Association of Nigeria (CORAN) in Lagos.

The minister said the Nigerian government encourages investors to build refineries by providing a fair environment.

He noted that the approval was recently given to invite the consortium.

He disclosed that Nigeria recently approved a consortium of investors from South Korea, which plans to establish four refineries of the 100,000 barrels model in four locations in Nigeria.

Lokpobiri disclosed that the government adopted a public-private partnership model to encourage investment in the oil and gas sector’s midstream and downstream segments.

Lagos, Abuja, Abia Lead 6 Nigerian states with most FDI

Legit.ng earlier reported that a new report by NBS said that about six Nigerian states and Abuja attracted foreign investments between June 2023 and June 2024.

The NBS report on capital importation for the second quarter of 2024, released by the NBS on Tuesday, October 8, 2024, disclosed that Total Capital Importation for the review period was about $8.75 billion.

The report said that foreign direct investment (FDI) in the same period amounted to an abysmal $478.78 million.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng