If considered a country, Lagos would be one of Africa’s largest or diversified economies.
There are huge investment opportunities in Lagos and, buoyed by a desire to promote industrial growth, Lagos State Governor, Akinwunmi Ambode, established Lagos Global which has since provided satisfactory investment services to stakeholders.
Lagos Global is a one-stop multi-agency establishment for promoting and dealing with all domestic and foreign investments in in the city, as well as for managing Lagos overseas affairs. Thanks to Ambode’s Office of Overseas Affairs and Investment, issues relating to immigration, documentation, land and property acquisition for business and related purposes, taxes, levies, custom and excise, to bilateral/multilateral consultations, intergovernmental and inter-organizational relations have been efficiently managed, making Lagos and Nigeria one of the emerging economies worldwide.
Lagos Global aims at improving the economy through job creation, establishment of employment trust fund and social services, including development of a “corporate Lagos” and re-inventing middle class, security, law and roads. Foreign and local investors now have better opportunities to invest in sectors such as the health industry, housing, agriculture, tourism, transportation and power.
The choice of Lagos for this research is not related to its status as the first seat of government in the independence era. Lagos is Nigeria’s smallest state, with about 0.4% of the nation’s territorial land mass. In addition, governmental processes in the city is hurdled with bureaucratic bottlenecks, and business activities thrive mostly on unskilled labor (Nwagwu & Oni., 2015). Yet, in terms of economic growth, Lagos has a rich history and still retains over 60% of industrial/commercial activities in Nigeria. Further, the state derives nearly 80% of its total revenues from sources which does not include budgetary allocations from the federal government (FG).
As the former Federal Capital of Nigeria and the commercial hub, Lagos State has a vantage position with about 2000 industrial complexes, 10000 commercial ventures, the largest and busiest airport in the country as well as two sea ports. These and more potentials make it attractive for migrants, entrepreneurs and investors worldwide (Adekoya., 2016).
As at 2016, the Lagos State government contributes more than 30% of Nigeria’s Gross Domestic Product (GDP), consumes more than 60% of Nigeria’s energy, accounts for 90% of Nigeria’s foreign trade flow, and generates over 50% of Nigeria’s port revenues.
Lagos is self-sufficient, with about 75% of its budget driven by Internal Generated Revenue (IGR). The city became Africa’s 11th largest economy in 2010, when an applaudable Small and Medium-scale Enterprises (SME) performance in the city added $80 billion to Nigeria’s GDP.