What are the top 5 wealthiest local governments in Nigeria?

Nigeria currently has 774 local governments spread across its 36 states. Some of them are very rich, while others depend wholly on the federal government for funds. This article will tell you all you need to know about the richest local governments in Nigeria.

What are the factors that determine how wealthy a region could be? Generally, regions that have one or more resources or can come up with additional ways of raising money, tend to flourish and grow richer.

The financial status of different regions is also influenced by how much tax they can gather from the enterprises operating on their land. Another contributing factor is the establishment and proper management of certain infrastructures like parks, markets, etc; if a local government area has what it takes to guarantee a comfortable life for the people who live there, they automatically stand a better chance of attracting investors and raking in good income.

We also can't ignore some other factors like births, marriages and deaths officially registered by residents.

The wealth of a region can also be determined by the recommendations of the state’s economic authorities. Promising areas are provided with more material resources to stimulate their development because the local government can get a lot of money from them to develop businesses and profitable projects in its territory.

Another source of income for states is the licensing of various vehicles that move along roads; this applies to both commercial and private vehicles. The improvement of roads and other infrastructure facilities also play an important role in bringing in income because they result in higher profits for businesses in the area.

The ratings given in this article are based on several important factors available to the mentioned areas and their inhabitants. The wealth of each LG is assessed by the following parameters:

Profit. LGs are assessed based on how much money they are able to get from their resources and companies working on their territory. By taking into account the minerals and investors involved in the development of a region, we can judge its stability and reliability. However, this isn’t the only criterion that should be considered.
Pension Fund. Caring for the elderly is also an important indicator of well-being. This parameter differs in Nigerian regions, so it is quite simple to draw conclusions about which of them is the richest based on it. It is important to take into account the living conditions of old people and the opportunities that are open to them.
Level of education. It is logical to assume that prestigious universities get built in wealthy regions, while most inhabitants of the poor parts of Nigeria usually remain uneducated. Accessibility of quality education depends on where you were born. Hence, in rich regions, it is easier to get a degree, prestigious job positions, career growth and wealth.
Level of employment. If there are many unemployed people in a region, its financial status gets directly affected negatively.
Public services. Their quantity and quality directly affects the wellbeing of people and their standards of living. This applies to healthcare facilities, transport, electricity, gas, water, reliability and modernity of housing. There are regions where people live in absolute comfort, but there are also areas where people die of hunger and do not even have fresh water.
Resources. Even though this parameter comes last on this list, it is the most important factor that determines the wealth of an area. Each region has its own resources, but some of them possess more resources than the others. Rare resources also have more demand than the common ones, so areas that possess them tend to become richer than the rest.

Here are the top 5 richest local government areas in Nigeria:

1. Obio Akpor

This is the wealthiest region in the country; the local government is situated in Rivers state (Port Harcourt is its capital). Most of the riches of Nigeria flow from this region, which happens to be one of the main places in Niger Delta.

The total area of Obio Akpor is 250 square kilometers; it is divided into 7 parts and is occupied by 880,000 people. Its main resources are oil and natural gas. In addition, its local population is successfully engaged in agriculture.

2. Ikeja

This next LG on our list is located in Lagos state, and also happens to be the state’s capital. Ikeja is one of the busiest areas in Lagos, it is a rich commercial city, with residents who are exposed to wide opportunities. There are many department stores in the area that highly contribute to the wellbeing of its citizens. In addition, there is a modern international airport in Ikeja, which makes it extremely important. There is also a very huge shopping mall in Ikeja, which ensure active trade in the region. Other sources of wealth in this Lg are coal, water, natural gas and wood.

Ikeja local government

3. Kurmi

The 3rd wealthiest local government in Nigeria is situated in Taraba State (its capital is Jalingo). This LG makes a lot of money from its fertile harvests, the agricultural industry in this area thrives beautifully.

The local residents of Kurmi are engaged in rice, bananas, oranges and cocoa farming. Most of the locals here are involved in agriculture. This territory produces the largest number of food products in Nigeria. In addition, the area exports a large amount of goods, thereby raking in foreign currency for the country.

4. Esan Central

Esan Central is located in Edo state, the capital of this territory is Benin. The main source of income for this LG is agricultural activities. In addition, its locals are involved in many other types of business. There are a lot of factories, hospitals and hotels in this area that brings in income.

5. Etinan

Etinan local government is located in Akwa Ibom state (the capital of this state is Uyo). This local government is the richest when it comes to the production of oil. In addition, several industries, handicrafts and agricultural products are present in the area.

This territory is also considered the most peaceful in the east of Nigeria. It is a great place for tourists to visit, a lot of friendly and hardworking people live there.

As you can see, some areas of Nigeria are incredibly fruitful and rich. The federal government's task is to develop them and support the other territories in maintaining a high standard of living, that way, no region in the country will feel neglected. We hope this information was useful to you.