LAGOS STATE ECONOMY
Lagos is a port and the most populous conurbation in Nigeria. It is currently the second most populous city in Africa, after Cairo, and is estimated to be the fastest growing city in Africa and the seventh fastest growing in the world.
The city is the economic and financial capital of Nigeria.
Lagos is Nigeria's most prosperous city, and much of the nation's wealth and economic activity are concentrated here. Most commercial and financial business are transacted at the central business district situated in the island. This is also where most of the country's commercial banks and financial institutions and major corporations are headquartered.
Lagos has one of the highest standards of living as compared to other cities in Nigeria as well as in Africa
The Port of Lagos is Nigeria's leading port and one of the largest and busiest in Africa. It is administered by the Nigerian Ports Authority and it is split into three main sections: Lagos port, in the main channel next to Lagos Island, Apapa Port (site of the container terminal) and Tin Can Port, both located in Badagry Creek, which flows into Lagos Harbour from the west.
The port has seen growing amounts of crude oil exported, with export figures rising between 1997 and 2000 and Oil and petroleum products provide 20% of GDP and 90% of foreign exchange earnings in Nigeria as a whole.
Lagos has one of the largest and most extensive road networks in West Africa. Lagos roads vary from pothole-ridden to well maintain.
Transportation in Lagos was recently improved by the creation of The Bus Rapid Transit {BRT} scheme
The Lagos beaches are one of its major attractions as a city. They are some of the finest in Africa. It has lekki beach; the most attractive beach, Bar beach: Most famous and the likes of other.
Prominent hotels are Eko Hotel and Suites in Victoria Island, Marina Club house and likes of others.
PROBLEMS FACING LAGOS
Accommodation; Due to increase in population of people in Lagos the standard of living is high. Accommodation in Lagos state is expensive, and its not every body living in there could afford it. So people end up sleeping outside, under bridge, side ways and uncompleted buildings.
TRAFFIC: Around 4pm-6pm [Nigerian time] most of the Lagos roads and high ways are always in go-slow. Due to congestion and limited route to navigate by commuters
POWER FAILURE: About 90% of Lagos state depends on Generating plant for Electricity. Most companies use electricity to carry out their daily operations so lack of it will make them depend on a generator. These will increase their cost of production and the selling price as well. In my next publication I will talk about power generation in Nigeria.
Some of this problems explained above is not limited to Lagos State alone but it is Nation Wide.
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