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Why You Should Consider Starting Your Business in Lagos

Lagos is known as the headquarters for National and global Communities. There are so many large national and multinational brands that are within Lagos. Lagos is a city that has the highest number of inhabitants in Nigeria. It  is also known as the seventh fastest growing city in the world. Lagos is not known as a megacity because of its population but because of its consistent growth in foreign population and consistent flights and ports to so many countries around the globe. The famous quote ‘if you can make it in Lagos then you can make it anywhere in the world’ is very true. This is based on the experiences of business personnels and start up entrepreneurs in Lagos. Lagos is a city of saints and sinners but with excessive and abundant opportunities which are made available to the public. If you intend to become a self-made millionaire in Nigeria, the right place to be is Lagos. The state is full of hustlers and everyone is busy doing something that will bring them money. There is always a market for any item in Lagos. Below are reasons why you should consider establishing your business in the city of Lagos

1. One of the LARGEST cities in Africa and has highest GDP in Nigeria

Lagos is one of the largest cities in Africa and has a population of about 21 million people. As of May 2020, Lagos has a GDP of about 33, 679 US dollars which is the highest GDP in Nigeria. As of March 2021 in an article published by Julia faria Lagos was the most populated city in Nigeria and Africa as a whole.

2. Lagos is one of the Major Financial Centres In Africa

Apart from having the highest GDP back to back, Lagos has one of the largest and busiest ports and airports on the continent. The state contributes a lot to Nigeria’s modern economy and has the largest workforce in sub saharan Africa. This will help in supporting businesses and also finding suitable skills, markets and workers for the intended business.

3. Lagos is one of the Largest Urban Areas in Africa

Lagos is not only one of the largest urban areas in Africa but also in the world. Studying the growth of Lagos from 1970 at 1.4 million people to the current status at 21 million people is a proof of how fast the state is growing. A lot of people from different environments travel to Lagos from around the world and from other states in Nigeria. Their visiting Lagos is usually for commercial purposes because aside from the population of Lagos, the state possesses more developed business infrastructures compared to the other states in Nigeria

4. Lagos is a home to business enterprises.

Lagos is currently a home to about 70% of Nigeria’s businesses. Among these are about 2000 manufacturing companies and over 200 financial institutions. There is also a collection of small and medium scale Enterprises. While this might serve as a competition, it is also an avenue to access partners and investors. It is a very good standing ground for establishing a business.

5. Easy access to entertainers

Lagos provides ample opportunities for investments. The Nigerian music industry currently dominates Africa and most of the key performers and producers are based in Lagos. E-commerce is one that is fast evolving after entertainment and will emerge strong and take over the market. Also, Nollywood have their actors and actresses based in Lagos. This gives easy access to these celebrities for business deals or for anything pertaining to the business such as advertisements and brand ambassadors.

6. Hotels, Halls and Conference centres.

Lagos has a lot of 5-star hotels, halls and conference centres. These are very important facilities for business meetings and conferences. There are hotels that are big enough to have over a thousand people and some which are just enough for up to 100 people. Starting a business in Lagos gives you an opportunity to have enough options for your business.

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Written by Bols Jacobs

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