10 reasons why Lagos is bae to smart investors – Toni Kan

10 reasons why Lagos is bae to smart investors – Toni Kan

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:

  1. 21 million people live in Lagos, that’s a lot of spending power right there.
  2. 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.
  3. At 3,000MW, Lagos alone consumes 6% of Nigeria’s energy requirements. Are you interested in investing in Energy? Lagos is it.
  4. 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.
  5. Talking about the ports, Lagos generates 50% of Nigeria’s port revenues
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.

 

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