Cross River State, located in Nigeria’s South-South region, is home to 18 local government areas (LGAs), each with distinct economic contributions. However, when it comes to financial strength and economic influence, Calabar Municipal stands out as the richest local government in Cross River State.
As the state capital and an economic powerhouse, it plays a crucial role in governance, trade, and tourism, making it the focal point of development.
From hosting multinational businesses to driving investment in hospitality, real estate, and industry, Calabar Municipal has positioned itself as a top economic hub in the region. Let’s break down what makes this LGA so wealthy and why it remains unmatched in the state.
Why Calabar Municipal is the Richest LGA
Calabar Municipal isn’t just the state capital—it’s the beating heart of commerce, tourism, and administration in Cross River. Here’s what makes it shine:
- Tourism Hotspot: Ever heard of the Calabar Carnival? It’s Africa’s biggest street festival, attracting visitors from all over. Plus, places like the Slave Museum and Marina Resort keep the tourism cash flowing.
- Business and Trade Hubs: The Calabar Free Trade Zone (CFTZ) and Tinapa Business Resort are economic goldmines, bringing in investments and creating jobs.
- Oil and Gas Money: Companies like Ty Danjuma Oil Company contribute significantly to the local economy.
- Port and Logistics: As a major port city, Calabar’s trade connections boost business and revenue.
- Growing Population: With over 279,800 people, demand for housing, services, and commerce keeps rising.
- Top-Tier Schools and Research Centers: Home to the University of Calabar (UNICAL), Cross River University of Technology (CRUTECH), and research institutes, education here is a big deal.
- Vibrant Hospitality Scene: From luxury hotels to nightlife and shopping malls, Calabar Municipal is a lifestyle hub for both locals and visitors.
How Does It Compare to Other LGAs?
Calabar Municipal might be leading the pack, but some other LGAs are still pulling their weight:
- Obudu LGA: Ever heard of Obudu Mountain Resort? It’s one of Nigeria’s most famous tourism spots, generating revenue from eco-tourism and hospitality.
- Ogoja LGA: Known for farming and home to the Federal College of Science, agriculture and education drive its economy.
- Bakassi LGA: Once an oil powerhouse before some of its land was ceded to Cameroon, it still thrives on oil production and fishing.
- Biase & Odukpani LGAs: These areas have untapped oil deposits that could make them future economic giants.
- Ikom LGA: If you love cocoa, coffee, and palm produce, you have Ikom to thank—it’s a major agricultural hub.
- Yakurr LGA: Big on rice and cassava farming, Yakurr helps keep food production strong in the state.
What Makes Calabar Municipal So Wealthy?
- Internally Generated Revenue (IGR): Businesses, tourism, and trade mean higher local tax revenues.
- Federal Allocations (FAAC): While some LGAs depend on federal funds, Calabar Municipal thrives on actual economic activity.
- Endless Business Opportunities: Corporate offices, banks, government institutions—you name it, they’ve got it.
- Booming Real Estate: As the state’s urban center, land and property values keep climbing.
- Strong Industrial Base: Factories, trade markets, and business hubs fuel economic growth.
Conclusion
Calabar Municipal is the richest local government in Cross River State due to its strong economic foundation, driven by a mix of tourism, commerce, industry, education, and trade.
It sits at the top of the economic food chain in the state. While other LGAs play crucial roles, none match its level of financial strength and influence. Its diverse economy ensures steady growth, making it the undisputed leader in the state’s economic landscape.
Sources:
- Wikipedia: Cross River State
- Legit.ng: Top 10 Richest Local Governments in Nigeria
- Cross River State Government News: FAAC Allocations