10 Richest Local Government Areas In Nigeria By GDP

10 Richest Local Government Areas In Nigeria By GDP

Nigeria is a land of rich resources and diverse economies. But where are the wealthiest regions within the country? This guide will be ranking the top 10 richest Local Government Areas (LGAs) In Nigeria based on their Gross Domestic Product (GDP). Plus, you will learn about some of the factors driving their wealth.

Who Are The Top 10 Richest LGAs In Nigeria By GDP?

Here’s a table of the richest local government areas In Nigeria by GDP, Including their population, and land mass:

Rank	LGA	State	GDP ($ billion)	Population	Land Area (Square/Km)
1	Lagos Island	Lagos	$30	315,000	9.26
2	Ikeja	Lagos	$19	470,000	49.92
3	Abuja Municipal Area Council	FC T	$12	1,693,000	1,476
4	Eti-Osa	Lagos	$10	420,000	174.9
5	Uyo	Akwa Ibom	$8	598,000	362
6	Obio-Akpor	Rivers	$8	880,000	260
7	Bonny Island	Rivers	$7	309,000	1,045
8	Ibadan Northwest	Oyo	$6	220,000	3,080
9	Calabar Municipal	Cross River	$5	372,000	142
10	Apapa	Lagos	$5	330,000	40.4

1. Lagos Island: $30 billion

According to recent data, Lagos state is the richest local government area by Gross Domestic Product (GDP) with an impressive GDP of $30 billion.

Lagos Island, known locally as Ìsàlẹ̀ Èkó, is the principal and central LGA in Lagos, Nigeria. Historically, it was the capital of Lagos State until 1957.

This island was originally home to the Yoruba fishing village of Eko, which evolved into the bustling metropolis of Lagos we see today.

Connected to the mainland by three large bridges, Lagos Island is an important hub for commerce and government activities.

It houses government buildings, commercial centers, and major financial institutions, including the headquarters of several Nigerian banks.

Lagos Island is not only a center of economic activity but also a cultural and historical hub. It features landmarks such as the Tom Jones Memorial Hall and Library.

Freedom Park, once a colonial-era prison yard, now serves as a national memorial commemorating Nigeria’s struggle for independence.

Also, Lagos Island is renowned for its cultural festivities, including the famous Eyo festival, which is believed to be exclusive to this part of Lagos. Despite its economic prosperity, the island struggles with challenges like overcrowding and traffic congestion.

2. Ikeja: $19 billion

The second richest local government area In Nigeria based on Gross Domestic Product (GDP) is Ikeja with a GDP of $19 billion. Ikeja is a bustling center known for different industries.

Airlines play a part in Ikeja’s economy, with several major airlines having their head offices in the area. Arik Air, Aero Contractors, Overland Airways, Air Peace, Associated Aviation, and Dana Air are among the prominent airlines based in Ikeja.

Also, Virgin Atlantic has its Nigerian office in Ikeja. Ikeja is also home to Nigeria’s important television studios like Channels TV and African Independent TV, along with associated advertising agencies.

Computer Village is another notable feature of Ikeja, known as a large computer market where vendors offer sales and repair services for electronic devices.

The market has grown substantially since its inception in 1997, now housing over 3,000 shops. The Guinness brewery in Ikeja produces famous beer to contribute to the area’s economic wealth.

Besides, Ikeja hosts a major portion of West Africa’s pharmaceutical production, with major manufacturers like May & Baker having their main production sites there.

Ikeja also boasts cultural and recreational attractions such as the Kalakuta Museum, Jhalobia Recreation Park and Gardens, and the New Afrika Shrine, a music bar preserving the legacy of Fela Kuti.

3. Abuja Municipal Area Council: $12 billion

AMAC’s biggest advantage is its location, it houses Nigeria’s capital city, Abuja. This area attracts a concentration of government institutions, embassies, and businesses that cater to their needs.

This turns to economic strength in a few ways: Ministries, agencies, and embassies generate significant economic activity. Imagine the jobs they create, the goods and services they purchase, and the infrastructure projects they initiate.

All this fuels the local economy. The presence of the government attracts businesses of all kinds. Companies providing services like finance, hospitality, and professional services find a perfect fit in Abuja.

Diplomats, government officials, and executives of major companies residing in Abuja contribute to a strong consumer base.

This means a higher demand for goods and services, leading to a thriving marketplace. As the capital city, Abuja requires a robust service sector to function smoothly.

AMAC benefits from this by having a well-developed network of efficient airports, railways, and a well-maintained road network to ensure the movement of people and goods.

This not only keeps the city running but also creates jobs and attracts businesses. A bustling hospitality sector caters to residents, businesses, and tourists.

Hotels, restaurants, and entertainment venues provide employment opportunities and contribute to the overall economic vibrancy.

4. Eti-Osa: $10 billion

Eti-Osa is one of the wealthiest Local Government Areas (LGAs) in Nigeria, having a GDP of $10 billion. This area, administered by the Lagos State Government under Ikoyi-Obalende LCDA, Eti-Osa East, and Iru Victoria Island LCDA, contains important regions like Lagos’ Victoria Island.

It used to be considered one of the poorest neighborhoods in Lagos State, Eti-Osa underwent major development, transforming into a hub where some of Nigeria’s wealthiest individuals reside.

This LGA once served as one of the locations for Nigeria’s national capital before the shift to Abuja. Demographically, Eti-Osa is predominantly inhabited by the Awori Yoruba people.

However, similar to the broader demographics of Lagos State, it accommodates a diverse array of ethnicities, including individuals from the Hausa, Igbo, and other tribes.

In terms of business and industry, while Eti-Osa hosts fewer industries, its economy thrives on fishing, farming, and trading.

Its historical value as a former capital location has attracted numerous large domestic and international businesses, making it a commercial area.

The area is documented with banks, hotels, clubs, and modern markets facilitating the exchange of goods and services.

5. Uyo: $8 billion

Uyo is one of Nigeria’s most economically vibrant local government areas, with a Gross Domestic Product (GDP) of $8 billion.

Established as the capital of Akwa Ibom on September 23, 1987, Uyo has rapidly developed into a bustling metropolis since its inception.

Its location and conducive business environment have attracted both local and international investors to promote a thriving economy. The city’s economic landscape is mixed, with sectors such as oil and gas, agriculture, commerce, and education.

Uyo hosts the main campus of the University of Uyo, which has contributed significantly to the educational sector and encouraging a knowledge-based economy.

Also, Uyo has modern infrastructure, including the Victor Attah International Airport, that has facilitated easy connectivity and trade relations with other parts of Nigeria and beyond.

The presence of Ibom Air also improves accessibility, promoting tourism and business activities. Uyo’s economic success can be attributed to the industrious nature of its residents and the visionary leadership of figures like Dr. Uwemedimo Udo, who has played a key role in driving the city towards prosperity.

6. Obio-Akpor: $8 billion

One of the richest Local Government Areas (LGA) in Nigeria by Gross Domestic Product (GDP) is Obio-Akpor, with an estimated GDP of $8 billion. Located within Rivers State, Nigeria, Obio-Akpor is a major center of economic activity in the country.

With a land area of approximately 311.71 square kilometers and a population of 464,789 according to the 2006 Census, Obio-Akpor is a metropolis situated in the Niger Delta region.

Obio-Akpor has a various economic landscape, hosting various industries and companies, including Pabod Breweries, Coca-Cola Company, Indomie Company, and Port Harcourt Electricity Distribution Company.

These establishments contribute greatly to the area’s economic prosperity, making it a strong center for commerce and trade.

More so, Obio-Akpor is well-known for its fisheries and aquaculture sectors which also enhance its economic standing.

The area’s strategic location, bordered by Port Harcourt to the south, Oyigbo and Eleme to the east, Ikwerre and Etche to the north, and Emohua to the west, positions it as a gateway city accessible by road, sea, and air transportation.

7. Bonny Island: $7 billion

The Local Government Area (LGA) of Bonny Island, situated in Rivers State, Nigeria, has a GDP of $7 billion, making it one of the most moneyed LGAs in the country.

Bonny Island is recognized for its important contribution to Nigeria’s economy, particularly through the production of Bonny Light crude oil, a highly sought-after commodity in the global market.

And, the LGA hosts Nigeria’s largest LNG Gas Plant, comprising six trains, with plans underway for the construction of a seventh train to improve gas production.

This development aligns with the Federal Government of Nigeria’s vision to strengthen gas production and firm its position as a key player in the African market.

Infrastructure projects are also shaping the future of Bonny Island, including the ongoing construction of a bridge connecting Bodo in Gokana LGA, easing land transportation, and a deep seaport project initiated by CCECC as part of its corporate social responsibility endeavors.

Bonny Island Is the capital of the Kingdom of Bonny, a sovereign state in the Niger Delta region. The kingdom’s rich heritage dates back to the 15th century, drawn by robust trade relations with European powers, particularly during the Atlantic slave trade era.

Despite facing challenges, including pressure from the British to end the slave trade, Bonny Island has retained its cultural identity and aristocratic structure, with different segments such as the mainland and hinterland.

The mainland contains Bonny Island’s urban center, including Okoloama and Finima, alongside various village communities scattered across the hinterland. These communities, like Kuruma, Fibiri, and Oloma, contribute to Bonny Island’s socio-cultural scene.

8. Ibadan Northwest: $6 billion

Ibadan North-West is one of the wealthiest Local Government Areas (LGAs) in Nigeria, with a Gross Domestic Product (GDP) of $6 billion.

Located in Oyo State, Nigeria, Ibadan North-West covers an area of 26 square kilometers and is home to approximately 152,834 residents as per the 2006 census.

Established in 1991, Ibadan North-West has seen notable economic growth over the years, due to its strategic location and thriving industries.

The LGA’s headquarters, located at Dugbe/Onireke, serves as a hub for commerce and trade. The economy of Ibadan North-West blossoms in different sectors, with a special emphasis on trade.

The Agbeni and Eleyele markets are important contributors to the local economy, attracting traders from far and wide. Additionally, the region hosts numerous hotels, banks, and manufacturing facilities.

9. Calabar Municipal: $5 billion

Calabar Municipal LGA also has a fantastic economy with a GDP of $5 billion. Farming is a major part of the local economy. Farmers grow cassava, a popular food in Nigeria, and have oil palm plantations that produce palm oil used for cooking and other products.

This agriculture provides food for the people in the area and also brings in extra money by selling any crops they don’t need.

The Calabar Municipal government also has a program, aiming to help farmers. There are reports that they offer loans with a guarantee to repay them for small farmers.

This could give them some financial security and encourage them to farm more, which would be good for the local agricultural sector if it’s true.

Of course, Calabar Municipal’s economy involves more than just farming. Calabar City, which is within the LGA, is the capital of Cross River State.

This city has attracted businesses and government offices over the years, bringing economic activity in areas like administration, sales, and services.

Calabar, nicknamed “Africa’s cleanest city” and known for its lively festivals like the Calabar Carnival, also has a lot of potential for tourism.

If Calabar Municipal can take advantage of this, it could earn more money from businesses related to tourism, like hotels, restaurants, and transportation.

10. Apapa: $5 billion

The richest Local Government Area (LGA) in Nigeria by Gross Domestic Product (GDP) Includes Apapa, with an estimated GDP of $5 billion. Apapa is located in Lagos State, to the west of Lagos Island.

It is one of the major centers for commerce and trade in Nigeria, with numerous ports and terminals operated by the Nigerian Ports Authority (NPA).

Apapa’s strategic location near the mouth of the Lagos Lagoon makes it a prime spot for various commodities handling, including containers and bulk cargo.

One of its important ports is the Lagos Port Complex (LPC), which is important in the country’s import and export activities.

The region also has essential infrastructure and facilities, such as refineries like those operated by the Bua Group and commercial offices of shipping, clearing, and transportation companies.

Notable landmarks include the Folawiyo Towers and the headquarters of the Nigerian newspaper Thisday. Apapa has been influential, evidenced by the discovery of a valuable bronze hoard of jewelry dating back to the 16th century.

In the 1950s, Apapa saw noteworthy development with the establishment of an industrial and housing estate covering 1000 acres, which thrived alongside the expansion of the Apapa Wharf.

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