A report by Henley and Partners, firmly places Lagos again as the 4th wealthiest city in Africa, harboring an assembly of approximately 5,400 millionaires, 16 centimillionaires, and 3 billionaires, about 50 per cent of wealthiest Nigerians, all congregated in this metropolis.
Lagos spans about 3,345 square kilometres.
Describing this commercial powerhouse, the report underlines, “Lagos is home to over half of Nigeria’s high-net-worth individuals, with key sectors including basic materials, oil and gas, transport, and financial services.”
By June 2023, the Lagos state government reported an Internally Generated Revenue (IGR) of around N400 billion, as confirmed by Ope George, the Commissioner for Economic Planning and Budget.
Lagos state stands as Nigeria’s largest economy, ranking as the fifth largest on the African continent. In 2022, its GDP surpassed $100 billion, and its internal revenue in 2021 exceeded N500 billion.
However, it is important to note that Lagos also grapples with a substantial debt profile.
The Debt Management Office (DMO) reports a debt stock of N996.44 billion for the state.
With the majority of Nigeria’s affluent population residing in Lagos, it’s no surprise that the city boasts some of the most exclusive and expensive neighbourhoods in the country.
The presence of influential industry leaders and major players in these areas further encourages a vibrant business environment.
Moreover, considering the dense influx of people into the state, Lagos provides a thriving market for commerce and trade.
