1. Lagos is popularly referred to as a city that never sleeps. The reason we have endured and will continue to thrive as an institution is our support to businesses that are relevant to the overall growth and development of the economy, and SMEs is a classic example," Adeduntan explained. Nigeria's smallest state is also its most populous. Fuelled by Public-Private investments, as well as an estimated population of over 24million, Lagos diverse economy is the leading contributor to Nigeria GDP. Although it covers only 0.4th of Nigeria's territorial land mass, making it the smallest state in the country, it accounts for over 60% of industrial and commercial activities in the nation. More than half the population in Lagos is already under 25, and if there was work for them to do, and the birth rate was to slow down, the economy would get a welcome boost. About Lagos - Lagos State Government This initiative was borne out of a prediction by Jim O.Neill a partner in Goldman Sachs that Nigeria could be one of the top 20 . First Bank CEO: SMEs key to Nigeria's economic growth ... Lagos. The Effect of Internally Generated Revenue on Economic ... Nigerian economy: Why Lagos works | Financial Times Exports and government revenues are driven largely by oil, while most Nigerians work in agriculture. Ep. If you are looking for a place to invest in . Share. Turn On Notification This was disclosed by Mrs Toki Mabogunje, President, LCCI, at the 133rd Annual General Meeting (AGM) of the chamber on Thursday in Lagos, according to the News Agency of Nigeria. In this unit you'll learn about the megacity of Lagos, its site, situation and growth from the initial settlements on the west of Lagos Lagoon. HILLARY ESSIEN • September 19, 2021 Sanwo-Olu, Masari, Wike Katsina State Governor Aminu Bello Masari has spoken against the collection of Value Added Tax (VAT) by states, saying the North contributes to the economic development of Lagos and Rivers. Lagos makes a significant contribution to the Nigerian economy. She revealed further that Lagos Island Connect in partnership with the Lagos State Office of the Sustainable Development Goals & Investment (OSDGI) has developed and will be unveiling a first in class 2-kilometre rule at the first Lagos-Island Economic Summit 2021. Lagos state to begin work on its next phase for economic ... Sanwo-olu Unveils 10-year Infrastructure Plan for Lagos ... "Our bank, by March 2021, is going to be 127 years in operation, by far the old and largest institution in this part of the world. By Collins Nweze The Lagos State Government is building a new and sustainable growth phase where private sector input on the state's developmental plans will be sought and implemented. This is remarkable considering Lagos is home to only 10% of the population of Nigeria. The Lagos State Government has said its forthcoming 2021 Lagos-Island Economic Summit will lead to economic growth and development. For more videos visit our channel https://www.youtube.com/channel/UCUyaTH0R5YOHrJENYNUw-UgSubscribe. will accelerate the growth of startups . The Special Adviser to the Lagos State Governor on Economic Planning and Budget, Mr. Adebayo Sodade, has emphasised the need to harness demographic dividends for economic growth in the State. Lagos experienced rapid growth throughout the 1960s and 1970s as a result of Nigeria's economic boom. WhatsApp. Lagos economy, with an estimated population of 24million is larger than any other economy in the ECOWAS . Lagos mirrors Mumbai, the commercial capital of India: it is an economic engine and a magnet for both the ambitious and the desperate. Lagos Island Connect (LIC) has engaged youth participation to improve the economy by playing a significant role in entrepreneur, economic growth and development. "Lagos economic statistics speak of tremendous potential; we must sustain the policy to improve the business climate to boost sustainable investment. Mr Masari said other states provide the bulk of the market for Lagos and Rivers economic growth. But its potentials are still huge if it invested in skilled labour force, reduced its bureaucratic hurdles and adopted an inclusive development approach. The official asserted that public-private partnerships have made the Lagos economy comparable to other major world cities like New York, Paris, London. It will implement the following projects The Governor said the State moved to explore alternative energy supply channels in response to growing demand occasioned by population growth and the emergence of new residential and industrial areas. Stronger international cooperation is critical for more balanced and inclusive global growth during the recovery journey", she added. Sam Egube, Commissioner for Economic Planning and Budget, said since year 2000, Ehingbeti had […] The Solar Power Naija Program is being launched under the Buhari Administration's Economic Sustainability Plan ("ESP") and supervised directly by the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo. To achieve this, the Lagos Economic Summit Group (LESG) will be organising the Lagos Economic Summit tagged 'Ehingbeti 2020' where private sector input will… On its own, Nigeria's economic capital would rank as Africa's seventh-largest economy. Security, infrastructure catalysts for economic growth, say Lawan, CBN. He said on Friday in Lagos that the target was to make the growth rate higher than population growth rate. Known for its traffic snarls and entrepreneurial dynamism, Lagos is a megalopolis with mega-needs. Highlighting one of the biggest governmental pushes towards digital innovations, the Lagos state government held its Lagos Digital Summit 2021 on Friday, November 26. Although it covers only 0.4th of Nigeria's territorial land mass, making it the smallest state in the country, it accounts for over 60% of industrial and commercial activities in the nation. In 2008/2009, Accenture, the firm that I led was privileged to support the Ministry of National Planning in the Vision 2020 transformation project. It contributes 30% to Nigeria's GDP. Lagos economy, with an estimated population of 24million is larger than any other economy in the ECOWAS sub-region despite the rebasing of Ghana's GDP. Lagos is financially viable, generating over 75% of its revenues independent of federal . Lagos is increasingly seeing divergent growth prospects in many focal sectors across the State". 2. Saturday, December 11, 2021 . The Summit Will Be Unveiling The First In Class 2-Kilometer-Rule Initiative To The Nation. Nov. 17, 2021 Lagos State Governor, Mr. Babajide Sanwo-Olu is expected to lead a discussion on exploring the investment opportunities for Lagos at the Y2021 Lagos Investment Roundtable with the theme: "Attracting Investment for Economic Recovery" The eponymous event highlighted the role of digital media in accelerating growth for both . Looking forward Nigeria is forecasting economic growth of 7%, but most observers will find that estimate over-optimistic. The Minister of Communication and Digital Economy, . Lagos mirrors Mumbai, the commercial capital of India: it is an economic engine and a magnet for both the ambitious and the desperate. As a backdrop to this facility, working with local and international partners, we have designed a unique project, which will bring together local people (with latent and vibrant talent) to realize their full potential and drive economic growth within urban Lagos. "Lagos economic statistics speak of tremendous potential; we must sustain the policy to improve the business climate to boost sustainable investment. . [59] Before the creation of Lagos State on 27 May 1967, Lagos, which was the country's capital had been administered directly by the Federal Government as a Federal Territory through the Federal Ministry of Lagos Affairs , while the Lagos City . To achieve this, the Lagos Economic Summit Group (LESG) will be organising the Lagos Economic Summit tagged 'Ehingbeti 2020' where private sector input will be sought for . Osinbajo gave the assurance at the 2021 Presidential Policy Dialogue organised by the. Governor Babajide Sanwo-Olu stated this during the 7th Lagos Corporate Assembly held at the State House in Alausa where he met with members of the Organised Private Sector (OPS) to chart a new course for the . It is concluded that the vitality of Lagos's economy and its nodal position in the national economy and transport networks explain its large-scale and continued growth, despite the partial or complete breakdown of many basic infrastructure services and the difficulties caused by this for both economic enterprises and individual residents. Lagos has a rich history of economic growth and transformation. Ehingbeti Summit, co-chaired by chairman of Citi Bank, Mr. Yemi Cardoso, is an initiative introduced in 2000 as a biennial event aimed at creating a credible forum to discuss and formulate policies for accelerating infrastructural development and stimulating economic growth for Lagos. The Nigeria Sovereign Investment Authority (NSIA) is investing in the Off-Grid renewable space in partnership with the Rural Electrification Agency (REA). Also, Lagos has the highest number of young skilled and highly educated workforce ; Size of economy - The ever-growing population (7th fastest growing city in the world) and the scope for economic growth is an important factor for attracting investment. The estimated GDP of Lagos was put at N27.125trillion [$145.141billion] in 2016 by the Lagos Bureau of Statistics and is expected to rise to N628trillion [$157.728billion] by 2018 with projected average annual growth rate of 4.2% up to 2018. Although it covers only 0.4th of Nigeria's territorial land mass, making it the smallest state in the country, it accounts for over 60% of industrial and commercial activities in the nation. Growth 3.20% 7,390 person / km² Population density Lagos Demographics SOCIO-ECONOMIC INDICES On the average, the Daily Human Traffic (Lagos Mainland/ Island) is over 20 million (Y2018) (Y2018) 5million+ Vehicular Population Relative Vehicular Density National (Y2017) 9,326km Total Length of Roads (Y2018) Power Demand (2018): Btw 5,000-10 . Anofiu Elegushi, Commissioner for Home Affairs in Lagos on Sunday said the about 400 money lenders registered across the state . Results indicate that the main determinants of economic growth in Nigeria are population growth, inflation, foreign direct investment (FDI), interest rates, exports as well as private & public investment. Call +2348037664978. Sodade stated this during a sensitisation workshop for Directors, Management Staff and Focal Officers of the Ministry titled "Harnessing Demographic . Lagos Digital Summit 2021. Lagos makes a significant contribution to the Nigerian economy. The Lagos State Government is building a new and sustainable growth phase where private sector input on the state's developmental plans will be sought and implemented. You can also subscribe to The Undark . The Special Adviser to the Lagos State Governor on Economic Planning and Budget, Mr. Adebayo Sodade, has emphasised the need to harness demographic dividends for economic growth in the State. The Lagos Chamber of Commerce and Industry (LCCI) has commended Africa's global bank, United Bank for Africa (UBA) for its contribution to infrastructure development and growth of trade in the 19 countries where it operates, which is why the bank remains its preferred partner for the Lagos International Trade Fair (LITF). Call Us: (+234) 08037664978 . The Lagos Commodities and Futures Exchange (LCFE) has restated its commitment to create awareness on how the commodities exchange can grow the nation's Gross Domestic Product(GDP) in 2022. Facebook. Delivering his remarks on this year's theme: "Partnership and Linkages for Post Covid Economic Growth", Onyeagwu noted the aptness of the theme of the summit, as it underscores Nigeria's . He said Lagos would not relent in its effort to scale up necessary infrastructure to drive growth and socio-economic development. November 11, 2021 12:49 am. You'll consider processes of population change through migration, and look at development, inequality, differences in the quality of life and urban challenges. The . The migration was driven by rural push factors and urban pull factors. He disclosed this at the Art of Technology Lagos 3.0 themed, 'Funding and a Connected Lagos.' . 57: In Lagos, Vulnerable Communities Buried by Urbanization. 0. Acknowledging that Nigeria's GDP growth rate is back to pre-COVID-19 levels, the IMF representative said, it is, however, "not on a per capita basis. The Guardian Publisher, Lady Maiden Alex-Ibru, yesterday, sought better synergy between the media and tourism sectors to enhance mutual benefits and economic growth. What contribution does Lagos make to the Nigerian economy? Nigeria has enjoyed relatively strong economic growth over the past seven years but poverty is still a major concern. According to him . Nigeria's millionaires and billionaires share a city with . In separate interviews, Samuel Eguge, Lagos State Commissioner for Economic Planning and Budget, and an economic expert, Dr. Boniface Chizea, lauded the allocation of over N823billion (59 per cent . Governor Akinwunmi Ambode of Lagos State has said the state experienced stable economic growth while the nation slipped into recession last year. "The project is strategic for the economic growth of Lekki Free Zone, as it would support the massive industrial and petrochemical complex being embarked on in the Northern and Southern quadrant . Nigeria's GDP grew by 4.03 percent in real terms in the third quarter of 2021, showing sustained growth over the last four quarters since the exit from the 2020 recession. Attracting investment for economic recovery and the Lagos potential. Economy of Lagos Share Lagos is Nigeria's most prosperous city, and much of the nation's wealth and economic activity are concentrated here. This, he said, would cater for the energy needs of the State, while enabling socio-economic growth for Lagos and the nation. The country's top economic performer, Lagos is bursting at the seams as more . The strong economy of Lagos is projected to continue growing with a 4.5 percent GDP growth per year in 2035, a figure that rests significantly above the current global average of 2.9 percent. By Collins Nweze The Lagos State Government is building a new and sustainable growth phase where private sector input on the state's developmental plans will be sought and implemented. President Muhammadu Buhari said at the launch Monday that the digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Nigeria's economy, one of . SOCIAL AND ECONOMIC CHALLENGES Lagos, like many cities in LICs and NEEs, is a city that faces many challenges and those challenges are large because of its immense size and rapid growth. Ibru, at the opening of 17th. Trustworthy, timely delivery, and 24/7 customer support. Like. To . Lagos has enjoyed tremendous growth, reaching 21 million from just 1.4 million as recently as 1970. Physical Geography also plays a role, as Lagos has been limited in where it can grow because it originally grew next to a lagoon with rivers and lake which . In January the IMF forecast economic growth of 2.5% in 2020 and in 2021. What contribution does Lagos make to the Nigerian economy? The Lagos State Government is building a new and sustainable growth phase where private sector input on the state's developmental plans will be sought and implemented. The Lagos State Government is building a new and sustainable growth phase where private sector input on the state's developmental plans will be sought and implemented. Share. Exports and government revenues are driven largely by oil, while most Nigerians work in agriculture. By Nduka Chiejina On Nov 25, 2021. Various economic activities encourage population growth, due to rural-urban migration and foreign migrants in search of better opportunities. Omolara Otuyemi The Micro, Small and Medium Enterprises (MSMEs) have been described as the engine room of unending economic growth of every country, being the largest employers of labour. Economic growth is constrained by inadequate infrastructure, electricity, incentives, and policies that promote private sector development, and poor access to Migration - Lagos experienced an influx of over 7 million people from 1990 to 2004 with many of these from other poor regions. Economic growth is constrained by inadequate infrastructure, electricity, incentives, and policies that promote private sector development, and poor access to It is also the 8th fastest growing city in Africa. In Lagos, vulnerable communities buried by urbanization . Vice presidential candidate of the Peoples Democratic Party (PDP) in the 2019 elections, Peter Obi, has urged the government to allow and encourage more private sector participation in Nigeria's economy, saying it would drive the economy to growth and develop. LEAP is a multi-faceted initiative. Nigeria has enjoyed relatively strong economic growth over the past seven years but poverty is still a major concern. To achieve this, the Lagos Economic Summit Group (LESG) will be organising the Lagos Economic Summit tagged 'Ehingbeti 2020' where private sector input will be sought for sustained socio-economic […] from Agala Ajebo sits a development enterprise that purported to offer an environmental safeguard and opportunities for economic growth . On Thursday, the government announced the Lagos Economic Summit tagged, 'Ehingbeti 2020'. Indeed, commercial activities take place in many parts of this city 24 hours every day, with an international airport and a busy seaport. The Lagos Chamber of Commerce and Industry (LCCI) has called on fiscal and monetary authorities to put into effect policies and plans that will enhance economic recovery as well as private financing. Nigeria launches digital currency 'to drive economic growth' Nigeria has launched a digital currency which the Central Bank of Nigeria says is a "major step forward in the evolution of money . CAUSES OF GROWTH. The state noted that the private sector will play a major role in its implementation. Lagos - an urban case study. The World Bank on Thursday said that the role of Lagos to Nigeria's stability and growth could not be overemphasized, as the State remains the economic Advertisment Tuesday, December 7, 2021 To achieve this, the Lagos Economic Summit Group Money lenders contributing to Lagos' economic growth: Official. Lagos State Governor, Babajide Sanwo-Olu has said that the sustained investment in infrastructure by the state is a deliberate attempt to position its economy for more inflow of trade and economic partnership. Lagos is a country. N1.39t Lagos budget for 2022 - Advertisement - - Advertisement - The Lagos Commodities and Futures Exchange (LCFE) has restated its commitment to create awareness on how the commodities exchange can grow the nation's Gross Domestic Product(GDP) in 2022. Comment. Lagos's growing economy and infrastructure largely work to support a rapidly increasing population. Monday, May 24, 2021 Home Nigeria's millionaires and billionaires share a city with . The Lagos Chamber of Commerce and Industry (LCCI) forecasts that Nigeria's economy will end its current growth rate for the year at 2.5%. Most commercial and financial business is carried out in the central business district situated on the island. Economy must be private sector-driven for economic growth, development - Obi. The Lagos Island Economic Summit seeks to promote and showcase all businesses, grassroots government . A statement by the Special Adviser to the Governor on . Lagos has a rich history of economic growth and transformation. It has been able to diversify its economy and to considerably reduce its dependence on oil allocations. Below is the full transcript of the podcast, lightly edited for clarity. The city now generates 25% of Nigeria's total gross domestic product, and it has many millionaires. THIS RESEARCH PROJECT IS ABOUT: THE EFFECT OF INTERNALLY GENERATED REVENUE ON ECONOMIC GROWTH OF LAGOS STATE (2010-2014) Completely free project topics, research materials and project topics ideas. Lagos State Government says work has commenced on a new and sustainable growth phase. Nigeria launches digital currency 'to drive economic growth' By CHINEDU ASADUOctober 25, 2021 GMT LAGOS, Nigeria (AP) — Nigeria has launched a digital currency which the Central Bank of Nigeria says is a "major step forward in the evolution of money" in Africa's most populous country. Lagos is financially viable, generating over 75% of its revenues independent of federal . If taken as a country on its own, Lagos would be amongst the largest economies in Africa. LAGOS ISLAND CONNECT In Conjunction With LAGOS STATE OFFICE OF SUSTAINABLE DEVELOPMENT GOALS AND INVESTMENT And LAGOS CHAMBER OF COMMERCE AND INDUSTRY Present The Maiden LAGOS ISLAND ECONOMIC SUMMIT 2021. The GDP of Lagos, estimated at over $80 billion, is far larger than that of Ghana at $60 billion and compares closely to Kenya GDP at $95 billion. The event took place at The Zone Tech Park in Gbagada, Lagos. Sodade stated this during a sensitisation workshop for Directors, Management Staff and Focal Officers of the Ministry titled "Harnessing Demographic . NCC Assures Nigerians on Responsive Regulations for Sustainable Growth of Digital Economy. Lagos Economic Summit 2020: Leveraging partnership for post-Covid growth, devt Posted: 25 Oct 2020 03:18 AM PDT Globally, there is quest for new and bold measures on the part of policymakers to reverse the adverse effects of the COVID-19 pandemic on the national economy and welfare of the people. 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