﻿Lagos, Nigeria Lagos, city and chief port, Lagos state,
Nigeria. Until 1975 it was the capital of Lagos state, and until December 1991 it was the federal
capital of Nigeria. Ikeja replaced Lagos as the state capital, and Abuja replaced Lagos
as the federal capital. Lagos, however, remained the unofficial seat of many government agencies.
The city’s population is centred on Lagos Island, in Lagos Lagoon, on the Bight of Benin in the
Gulf of Guinea. Lagos is Nigeria’s largest city and one of the largest in sub-Saharan Africa.
Lagos, the commercial capital of Nigeria, is the largest city in Africa with an estimated
population of over 17.5 million inhabitants in the city. This is no surprise, as Lagos has not
only the largest economy in Africa, but is also the 6th fastest growing economy on the continent!
With it’s ever growing population there is a constant demand for both
high-quality low to medium-priced residential and commercial units.
Lagos, Nigeria’s largest city, sprawls inland from the Gulf of Guinea across Lagos Lagoon.
Victoria Island, the financial center of the metropolis, is known for its beach resorts,
boutiques and nightlife. To the north, Lagos Island is home to the National Museum Lagos,
displaying cultural artifacts and craftworks. Nearby is Freedom Park,
once a colonial-era prison and now a major venue for concerts and public events.
Caught in between the web of ascertaining where to invest your money?
The time to invest is now. With a variety of investment opportunities in Lagos, Nigeria,
you are just one step from growing more wealth.
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The city of Lagos is a major economic focal point in Nigeria,
generating around 10% of the country's GDP. Most commercial and financial business is carried out
in the central business district situated on the island. This is also where most of the country's
commercial banks, financial institutions and major corporations are headquartered.
Lagos is also the major Information Communications and Telecommunications (ICT) hub of West Africa
and potentially, the biggest ICT market in the continent. Lagos is developing a
24-hour economy and has also been ranked as one of the most expensive cities in the world.
If taken as a country on its own, Lagos would be amongst the largest economies in Africa.
It has been able to diversify its economy and to considerably reduce its dependence on oil
allocations. But its potentials are still massive if only it invested more in skilled labour force,
reduced its bureaucratic hurdles and adopted an inclusive development approach.
Lagos has a rich history of economic growth and transformation. Although it covers only
0.4th of Nigeria’s territorial land mass, making it the smallest state in the country,
it accounts for over 60% of industrial and commercial activities in the nation.
Lagos is financially viable, generating over 75% of its revenues independent of federal
grants derived from oil revenues. It generates the highest internal revenue of all states in Nigeria.
If taken as a country on its own, its 2010 GDP of $80 billion made it the 11th largest
economy in Africa. Today, Lagos has emerged as a major hub for the headquarters of national
and global companies and the complex business and professional services that support them.
With a population well over 16 million, Lagos is the seventh fastest growing city in the world,
and the second largest city in Africa.
Lagos is not only becoming a “megacity” in terms of population but it is a global city
with a substantial and growing foreign-born population and non-stop flights to hundreds
of destinations around the world. In some parts of Lagos, residents have one of the
highest standards of living in Nigeria and in Africa. At the same time, a sizable proportion
of the residents live in slums without access to piped water and sanitation.
While the economy of metropolitan Lagos has enormous competitive assets, it faces challenging
trends in rapid population growth, urbanisation, relentless demands for infrastructure as well as
macroeconomic pressures from the national level. The city’s expansion is estimated to continue over
the next couple of decades. As it is, the economic growth of Lagos – the industrial, financial and
commercial nerve centre of the country – has been unable to keep pace with the geometric
increase in the population size. And although the city’s internally generated revenue is
high relative to other Nigerian states, it is not sufficient to meet the increasing social welfare,
infrastructural and environmental needs of the city. Despite these challenges,
Lagos has managed to generate revenue from a variety of sources, including manufacturing,
transport, construction and wholesale and retail, which together account for a bulk of its GDP.
The economic diversification of Lagos contrasts with the larger
Nigerian economy which is heavily reliant on profits from the oil and gas industry.
The oil sector accounts for 85% of Nigeria’s foreign exchange earnings,
14.85% of the nation’s GDP in the first quarter of 2014, and 4% of total employment in the country.
Inspire of all this challenges, Lagos has found a better way to
thrive by diversifying their economy and making maximum use of their resources
making it a great place to invest in a be sure of growing wealth.
The original settlement on the northwestern tip of Lagos Island is now a slum area
characterized by narrow streets, poor housing, and overcrowding. The main business district occupies
Lagos Island’s southwestern shore and contains an increasing number of multistory buildings.
This is the heart of the city, the centre of commerce, finance, administration, and education.
The principal manufacturing industries in Lagos include the production of electronics equipment,
automobile assembly, food and beverage processing, metalworks, and the production of paints and
soap. Textile, cosmetic, and pharmaceutical manufacturing are also economically important
Banking and finance
It is almost impossible to discuss investment opportunities in Nigeria without referring to
bank wavings. Potentially, each bank has a savings or investment platform open to her customers to
encourage reliability. With all the great banks found in Lagos, If you are looking to grow wealth,
you might consider bank investments. Some of these banks offer between 10 and 15% annual
interest. Investing in the banking and finance sector in Lagos is one of the beat investments.
Transportation
The Port of Lagos is Nigeria's leading port and one of the largest and busiest in Africa.
It is administered by the Nigerian Ports Authority and it is split into three main sections:
Lagos port, in the main channel next to Lagos Island, Apapa Port and Tin Can Port,
both located in Badagry Creek, which flows into Lagos Harbour from the west. The port features
a railhead. The port has seen growing amounts of crude oil exported, with export figures rising.
Investing in the transport sector will give you great investment returns.
Agriculture
Nigeria’s population is estimated to be over 200 million. And one of the biggest challenges
is feeding this large population. Nigeria has been unable to produce enough food for it’s population
so they depend so much on import. In 2018, Audu Ogbe, the minister in charge of Agriculture in
Nigeria at that time said the country spends $22 billion every year on food importation.
Since independent, successive government has tried to reduce food importation. And as a result many
incentive has been given. The Bank of Agriculture was created to help businesses that are into
agriculture get finance and support. There are many finance institution including the ministry
of finance in Nigeria who offer special financial assistance to Agriculture focused businesses.
Agriculture is definitely one of the most important investment opportunities in Nigeria.
Investing in the Agriculture sector will be a very lucrative venture if well planned and executed.
Areas of major interest include crops, livestock, transportation, farm equipment and many more
Real Estate
Real Estate in one of the most profitable investment opportunities in Nigeria.
This is because of the booming population. And Lagos being the
largest city is the most lucrative place in Nigeria to invest in real estate.
Investment in real estate in major cities can be very lucrative for investors. The opportunities
include low cost housing, supplies of building materials, hotels, shopping complex and so many
more. There are many aspect you can invest in real estate and make profit. As the population
continues to grow and the economic keeps growing, one of the biggest problem is housing.
Oil and Gas
The Oil and Gas sector is what Nigeria depends on on. Both foreign and local
investors can key in to the Oil and gas sector in Nigeria and watch their investments grow.
Nigeria is one of largest oil producers in the world.
Manufacturing Industry
Nigeria is a country that is over dependent on importation for the smallest of things
that you may never think of. This is is not good enough for the largest economy in Africa.
As the economy continues to grow, there is need to produce so many things at home. The man power
is there due to their large population especially in Lagos which is the commercial city of Nigeria.
An investment in Nigeria’s manufacturing sector will yield result. Create employment and boost the
economy. Consecutive governments have constantly call for investment in the manufacturing sector.
Minor household items such as toothpick is mostly important into Nigeria.
There are many crucial things to manufacture: Food items,
water (table and sachet), fibre cables, telecommunication equipment, tyres,fashion
and the list is long. Investing in this sector will definitely yeild you a return on investment.
These are just a few sectors you could make a good investment in Lagos. I hope you loved the video,
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