Sunday, 6 December 2015

Reasons why Lagos has the largest small businesses in Nigeria

Lagos is the commercial capital of Nigeria. Nigeria's political capital from the pre-colonial era till 1991 when it was moved to Abuja. 

Till now Lagos is the commercial nerve of  Nigeria. 80% of of businesses in Lagos are small and medium scale enterprise.

There are several reasons why most of these SMEs are located in Lagos.

Peace and Security
Lagos is one of the most peaceful cities in Nigeria. Though, recent security challenges like traffic and bank robberies may give chance to contrary opinion. 

However, the Governor has taken some steps to correct it. Hopefully, the security agencies would improve.

Large population growth
Lagos is the most populated state in Nigeria with over 15 million people. Rural-urban migration rate is highest in lagos State. The demand for goods and service is high.

Lagos accounts for significant percentage of Nigeria's seaport. Raw materials and heavy equipment required by SMEs are transported via the seaport.

Good Governance
The standard of governance in lagos compared to other states of the federation is easily noticeable. Basic infrastructures like good road network, water and other things that makes living easier are available.

Great minds
Lagos resident are very smart people because of their ability to think and reinvent. This is what is called the Lagos spirit. Things are done in the most innovative way compared to other states. This attract more great minds to Lagos.

Also Check

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Lagos in 2040: A Goldmine

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