A report by Economic Confidential, a subsidiary of PR Nigeria, has identified seven Nigerian states – Lagos, Ogun, Rivers, Kaduna, Kwara, Oyo, and Edo – as the most economically viable in 2022. The report, based on data from the Nigerian Bureau of Statistics and the Federal Account Allocation Committee, reveals that the Internally Generated Revenue (IGR) of these states totaled N1.5 trillion, almost twice the total IGR of 29 other states combined.
Lagos, with an IGR of N651 billion, outpaced the combined IGR of 30 states. The report highlights the economic strength of these states, showcasing their ability to generate revenue independently. However, it also notes that six states, including Bayelsa, Akwa Ibom, and Katsina, are facing insolvency, failing to generate up to 10% of their total allocations from the Federal Government in 2022.
The report recommends aggressive diversification of the economy for states to enhance IGR through investment attraction, emphasizing the impact of socio-political and economic crises on states’ ability to stay afloat without relying on monthly allocations.
