134 Views

Why Nigeria’s Millionaires Prefer Lagos Over Abuja

Most of Nigeria’s millionaires live in Lagos, said Akinwunmi Ambode, the governor of Lagos State, during the official unveiling of the Office of Overseas Affairs and Investments which aims to drive investments into Nigeria’s most populous state

Lagos became the federal capital of Nigeria on 11 April 1968 and remained so until 1991 when the seat of government was moved to Abuja. With an estimated GDP of $136,6 billion and contributing 25 per cent of Nigeria’s GDP as of August 2015, Lagos has continued to remain the commercial capital of the country.

Professor Ademola Abass, special adviser to Lagos state governor and who heads the Overseas Affairs office (popularly called Lagos Global), explains that Lagos is home to a rapidly growing middle class and commands the highest standard of living in the country.

According to him, 61% of Nigeria’s millionaires live in the emerging megacity. Coincidentally, Africa’s richest man, Aliko Dangote, as well as other Nigerian billionaires on Forbes’ rich list also operate from Lagos.

Professor Abass says the high purchasing power of the population gives the city the ability to absorb any product or service brought into the state. Therefore, he says, investors are welcome to invest in the state. There are more than 120 South African businesses operating in Nigeria, and experts say more SA investors are expected to latch on to investment opportunities in Lagos.

“At Lagos Global, we aim to provide a first-class service delivery to investors, right from the point of initial enquiry down to the setting up and running of businesses in Lagos State,” Professor Abass says. “Our goal is to eliminate difficulties associated with multi-agency handling of investments.”

The Lagos Global office was created in May 2015 to ensure that investors who would like to invest in the city enjoy a seamless experience, without obstacles. It was established to serve as a one-stop shop for promoting and dealing with all domestic and foreign investments in the state.

Lagos has the most developed physical infrastructure in Nigeria. For instance, the Murtala Muhammed Airport located in the city is the busiest airport in West Africa, with more than six million passengers travelling through it annually. It’s ranked fifth to OR Tambo airport in South Africa, the busiest in Africa with about 18 million passengers annually.

About 60% of industrial investments in Nigeria come into Lagos. About 90% of companies in Nigeria across most industries have chosen to locate their headquarters in Lagos. All the commercial banks in the country except one also have their headquarters in the city.

Of the Fortune 100 companies in the world, 18 operate in Lagos. They include MTN, Shoprite, Citibank, Chevron, Coca-Cola, Mobil, Shell, DHL and Etisalat. Others are Four Points by Sheraton, AccorHotels, Mango, Unilever, KFC, Spar and Diageo. Investment opportunities still exist in real estate, retail, power, e-commerce, transportation, health, waste management and entertainment. “New investors are able to benefit from the environment already created by previous investors,” Professor Abass adds

Source: Destinyconnect

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

How Ex-PDP chairman’s Son Muhammed Bello Was Stabbed To Death By Wife
Shocking
523 views
Shocking
523 views

How Ex-PDP chairman’s Son Muhammed Bello Was Stabbed To Death By Wife

PH - November 20, 2017

Habib Gaiam, a family friend to the son of former PDP chairman, Haliru Bello, has revealed what Bilyamin Muhammed Bello told him before he was stabbeed to…

Nigerian Who Helped Diezani Buy Properties In London ‘Revealed’
Politics
892 views
Politics
892 views

Nigerian Who Helped Diezani Buy Properties In London ‘Revealed’

PH - November 20, 2017

A London estate agent who appeared on the BBC’s Homes under the Hammer has been named in an investigation into alleged corruption by a former Nigerian oil…

Meet The Die-hard Fan Of Davido Who Recreated Virtually All Of His Photos (PHOTOS)
Entertainment
623 views
Entertainment
623 views

Meet The Die-hard Fan Of Davido Who Recreated Virtually All Of His Photos (PHOTOS)

MT - November 20, 2017

This die-hard fan of Nigerian singer, Davido, proved himself to be his number 1 fanatic as he recreated most of his photos on social media. Its funny…

Nigeria’s Economy Records Positive Growth of 1.4% in GDP in Q3
Business
136 views
Business
136 views

Nigeria’s Economy Records Positive Growth of 1.4% in GDP in Q3

PH - November 20, 2017

Nigeria’s economy continued its recovery from recession, rising 1.4 percent in the third quarter of this year on increased oil production, official data showed Monday. The National…

7 Reasons Technology Cannot Fix Nigeria
Technology
133 views
Technology
133 views

7 Reasons Technology Cannot Fix Nigeria

PH - November 20, 2017

The list below is from a must-read article written by Frank Owusu for BBN Times: Why Technology Cannot Fix Nigeria (Part 1). There is a link to the…

Ekwueme`s Death, Big Loss To The Nation – Nigerians in Dispora
Best of Nigeria
157 views
Best of Nigeria
157 views

Ekwueme`s Death, Big Loss To The Nation – Nigerians in Dispora

PH - November 20, 2017

The Nigerian community in South Africa says the passing away of Dr. Alex Ekwueme, former Vice President, is a big loss to the nation. Ekwueme died in…

How Jonathan Averted Blood-spilling in 2015 – Atiku
Politics
390 views
Politics
390 views

How Jonathan Averted Blood-spilling in 2015 – Atiku

PH - November 20, 2017

Former vice president, Atiku Abubakar, has described former President Goodluck Jonathan, as a patriotic man who saved the lives of Nigerians during the 2015 elections. He said…

REVEALED: Jonathan’s Wife called Adoke ‘Useless Man’ For Not Disqualifying Buhari in 2015
Politics
169 views
Politics
169 views

REVEALED: Jonathan’s Wife called Adoke ‘Useless Man’ For Not Disqualifying Buhari in 2015

PH - November 20, 2017

Snippets of what transpired after the defeat of President Goodluck Jonathan in the March 28, 2015 presidential election are now coming to the open, with his wife…

N-Power: How To Check Pre-selection Status
Job & Career
106 views
Job & Career
106 views

N-Power: How To Check Pre-selection Status

PH - November 20, 2017

N-Power, ​the ​Federal Government empowerment scheme, on Monday explained how applicants can check their pre-selection status. The information was contained in a statement on its official Twitter…

Late Alex Ekwueme Believed In The Unity Of Nigeria – South-East Governors
Politics
179 views
Politics
179 views

Late Alex Ekwueme Believed In The Unity Of Nigeria – South-East Governors

PH - November 20, 2017

The South-East Governors’ forum on Monday, joined millions of Nigerians to mourn the death of former Nigeria’s Vice-President, Dr Alex Ekwueme. Governor David Umahi of Ebonyi and…

Actress Regina Daniels Caught On Camera Crying After Injection (Video)
Entertainment
412 views
Entertainment
412 views

Actress Regina Daniels Caught On Camera Crying After Injection (Video)

MT - November 20, 2017

Before now, we never knew that Nollywood actress, Regina Daniels had aichmophobia (morbid fear of sharp things), and she displayed that after taken to the hospital for…

VIDEO: Why Nigerians Won’t Stop Calling Me A Fraudster – Dammy Krane
Entertainment
53 views
Entertainment
53 views

VIDEO: Why Nigerians Won’t Stop Calling Me A Fraudster – Dammy Krane

MT - November 20, 2017

Singer, Dammy Krane has revealed his disappointment at Nigerians for stigmatizing and treating him as a fraudster even after the US justice system has vindicated him.  …

Anambra Defeat: How Makarfi Brought Ill-luck To PDP – Kashamu
Politics
413 views
Politics
413 views

Anambra Defeat: How Makarfi Brought Ill-luck To PDP – Kashamu

MT - November 20, 2017

The senator representing Ogun East Senatorial District in the National Assembly, Buruji Kashamu, has described the tenure of the Chairman of the National Caretaker Committee, Senator Ahmed…

Drama As Wizkid Reportedly Welcomes Third Child With His Manager [Photo]
Entertainment
1184 views
Entertainment
1184 views

Drama As Wizkid Reportedly Welcomes Third Child With His Manager [Photo]

MT - November 20, 2017

Father of 2 and Nigerian singer, Wizkid, reportedly welcomed another baby boy with his manager Jada Pollock, according to industry rumours.   According to sources, Wizkid and…

108million Nigerians Lack Toilet Facilities – United Nations
Food and Health
179 views
Food and Health
179 views

108million Nigerians Lack Toilet Facilities – United Nations

MT - November 20, 2017

Despite huge technological, scientific and industrial advances, an estimated 108 million Nigerians still lack access to toilets, the United Nations stated yesterday on this year’s World Toilet…

Daddy Freeze: “Pastor Said I Will Die In 24 Months Over Tithe, Free The Sheeple”
Entertainment
985 views
Entertainment
985 views

Daddy Freeze: “Pastor Said I Will Die In 24 Months Over Tithe, Free The Sheeple”

MT - November 20, 2017

Popular OAP Daddyfreeze has cried out after popular pastor whom he claimed that he attended his church for over 11years and contributed to the building of his…

Super Eagles Player Leon Balogun Breaks His Hand, Undergoes Surgery
Sports
193 views
Sports
193 views

Super Eagles Player Leon Balogun Breaks His Hand, Undergoes Surgery

MT - November 20, 2017

Leon Balogun, Nigerian Super Eagles powerful defender has returned to the treatment room days after helping the Super Eagles beat South American giants Argentina 4-2 in Krasnodar…

Entertainment
220 views

Nigerians Dig Up Banky W’s 2016 Posts Where He Promised To Do Lowkey Marriage, After His Elaborated 2017 Wedding

MT - November 20, 2017

Nigerians have come for singer, Banky W who had a multi-million naira traditional wedding yesterday after digging up a 2016 Snapchat post where he vowed not to…

Loading...