Saturday, 12 December 2015

Four Cities that could Compete with Lagos as Nigeria's Commercial Capital

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Lagos is Nigeria's Commercial Capital. 90% of Multinational companies operating in Nigeria has their headquarter in Lagos. Thousands of Nigeria most innovative SMEs are based in Lagos. This implies that Lagos will continue to play leading role in Nigeria's Industrial and Commercial setup. However, few cities has the potential to compete with Lagos in the next Decade. Currently, some of the challenges in lagos mega city is high cost of living, high rate of rural urban migration, high traffic and large population growth.
The alternative cities that could reduce pressure on Lagos are:

Ibadan
This is Nigeria's third biggest city next to Lagos and Kano with a population of over three million people. Ibadan is the third Nigeria's cheapest city to reside.  Most of the Asian companies in Nigeria has their operation headquarter there. As Companies face more pesimiatic situation, cost reduction measures could force some of the biggest companies to relocate from Lagos to Ibadan especially due to its proximity to Lagos.

Kano 
This is Nigeria's second most industrialized and commercial city and the first in Northern Nigeria. Located in Northwest Nigeria. This city would have been bigger if not for security challenges. However, if Goverment makes progress in the war against terrorism, Kano has the potential to compete with Lagos in the Next ten years.

Onitsha
Onitsha is south east commercial capital. Commercially, it has the potential to compete with Lagos in the next few years if Anambra state explores more ways of making life better for the residents mainly security and infrastructure wise.

Abeokuta
Abeokuta is the capital of Ogun State, home to many prominent Nigerians. This city is developing fast due to Lagos city growth spill-over effect. Ogun State shares boundaries with Lagos State. In the next decade, cost of living will become very expensive in lagos, resident and many companies will has no option but to migrate to the neighbourhood. Abeokuta will continue to complement Lagos state

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