Fresh off the launch of “Lagos to the World” investment drive by the Ademola Abass led Office of Overseas Affairs & Investment, thisislagos.ng brings you 10 reasons why Lagos is bae when it comes to investment and business:
- 21 million people live in Lagos, that’s a lot of spending power right there.
- Lagos contributes more than 30% of Nigeria’s GDP. Lagos GDP was $136.6billion in 2015. And this is just the formal economy. There is a lot more money in the informal sector.
- At 3,000MW, Lagos alone consumes 6% of Nigeria’s energy requirements. Are you interested in investing in Energy? Lagos is it.
- Lagos accounts for 90% of Nigeria’s foreign trade flows. The Murtala Mohammed International airport is Nigeria’s biggest air hub while the ports are always bursting at the seams with business.
- Talking about the ports, Lagos generates 50% of Nigeria’s port revenues
- Lagos accounts for 22.5% of all real estate activities in Nigeria which contributes 2% to the state’s GDP. And with 80% of households in Lagos living in rented apartments there is still a housing deficit of 5 million houses.
- Lagos is a retail hub with retail and wholesale businesses contributing 8% of Lagos GDP. Lagos is the first stop for any large scale retail business.
- Lagos is the Online shopping capital of Nigeria with consumer online expenditure expected to hit $297m by 2018. And there is no slowing down especially with a high literacy rate of 92% and growing internet penetration.
- Is transportation your business? Lagos boasts 7 million passenger trips daily, that is 7 million people looking for vehicles as they criss-cross the state. Rail and Ferries are new investment areas.
- Lagos is the enjoyment capital of Nigeria. The entertainment industry makes an annual revenue of N590m, produces 50 movies a week, 550 music albums per annum, boasts 5 cinemas with 30 screens and has 12 beaches and resorts.
