• Lagos leads 35 Nigerian states with the highest internally generated revenue in 2023
• Data from the National Bureau of Statistics shows that Lagos’ IGR exceeds 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 during the review period

Legit.ng’s Pascal Oparada has reported on technology, energy, stocks, investments and economy for over a decade.

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

The Internally Generated Revenue (IGR) in 2023 is 26.03% higher than the N1.93 trillion recorded last year.

Lagos is top, Taraba comes last

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

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

Geopolitical zones and their IGR

The data also indicated that Lagos’ 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 of N1.12 trillion during 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 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

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Nigerian states without foreign investors

An earlier report by Legit.ng revealed that foreign investors are avoided 26 Nigerian states as Nigeria’s imported capital reached $2.60 billion in the second quarter of 2024, representing a solid increase of 152.82% annually compared to the $1.03 billion recorded in the same period in 2023.

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

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

Lagos leads Nigerian states with highest FDI

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

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

The Nigerian government disclosed that a consortium of South Korean investors has finalized plans to build four refineries with a capacity of 100,000 bpd at different locations in Nigeria.

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

Investors approved the construction of four new oil facilities

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

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

He noted that 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 barrel model in four locations in Nigeria.

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

Lagos, Abuja, Abia lead 6 Nigerian states with the most foreign direct investment

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

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The NBS report on capital imports for the second quarter of 2024, which was released by the NBS on Tuesday, October 8, 2024, revealed that the total capital imports for the review period were about $8.75 billion.

The report said foreign direct investment (FDI) during the same period stood at a whopping $478.78 million.

Proofread by Kola Muhammed, journalist and copy editor at Legit.ng

Source: Legit.ng