Lagos State of Nigeria is a phenomenal state. Lagos is the centre of innovation in Nigeria, and this is reflecting in Africa. Lagos is the commercial epicenter of Nigeria.
Lagos is the rising centre of technology start ups in Nigeria for many tech start ups are housed in Lagos. Lagos contributes significantly to the status of Nigeria as one of the fastest rising economies in the world. A significant amount of the Foreign Direct Investment which flows into Nigeria goes to Lagos; and Nigeria is one of the most recipients of Foreign Direct Investment as the country is one of the choicest destinations for Foreign Direct Investment.
Lagos remains the greatest collector of internally generated revenues in Nigeria. Lagos has the highest internally generated revenue in Nigeria which is about 50 billion naira. Lagos has about a contribution of about 90 billion US dollars to Nigeria’s economy yearly, more than 35% of Nigeria’s economy. Lagos is also the largest contributor of non-oil GDP, about 62%. Lagos is among the top 10 economies in Africa. Lagos economy is bigger than that of Ghana, and is bigger than the economies of many African countries.
Lagos generated the idea of the famous Eko Atlantic City which is designed to be a first class city with many of the indices which distinguishes a city as world class.
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Lagos can certainly run its affairs successfully independent of dependence on Abuja’s financial handouts, because since it seized to be the capital of Nigeria, it has been busy building itself to become a world acclaimed mega city of about 20 million people.
Lagos is a big lesson for other Nigerian states, especially the ones that have become economic laggards, whose only hope of sustenance is the Federal Government of Nigeria, loans, foreign donors, and aid groups.
These states should build the credentials for lowering down their rate of crimes. Criminal acts like kidnapping and religious riots send wrong signals to both local and foreign investors. They should leverage the abundant natural resources they have in the act of attracting great business bastions.
The consistency in the projection of bad and incompetent policies creates dysfunctions for businesses and investors. Tax collection should be done to the maximum extent lawfully possible to stop tax evasion, but not to the negative course of action that can kill businesses, and discourage businesses from pouring in their presence in the states.
Nigeria needs the massive replication of Lagos across Nigeria. The replication of Lagos across Nigeria will massively help to stamp out poverty, unemployment, and the waste of resources.
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