Welcome to Lagos StateA global hub of international business and commerce
“The GDP of the formal economy of Lagos is estimated to be $136.6 billion contributing 25% to the GDP of Nigeria as at August 2015”
Lagos State was created on May 27, 1967 and became the federal capital of Nigeria on April 11, 1968. It remained the capital until 1991 when the government seat was moved to the Federal Capital Territory, Abuja. In spite of the movement of the capital to Abuja, Lagos still remains the commercial capital of the country and the economic hub of West Africa t0 date.
The Third Mainland Bridge which measures 11.8km is the longest bridge in West Africa and the second longest in Africa.
The name Lagos means “Lakes”. It was named by Rui de Sequeira, a Portuguese explorer in 1472. Lagos originally called Eko, stems from either Oko (Yoruba: “cassava farm”) or Eko (“war camp”), by its Bini conquerors.
Conquering Lagos in one visit is impossible – the National Museum, Lekki Conservation Centre, Eyo Festival, Lagos Marathon, National Arts Theatre, Third Mainland Bridge – and then exploring visits to The African Shrine or one of the city’s beaches. The ever bustling marketplace Balogun in Lagos Mainland gives you a literal taste of the best the city has to offer.
As the most populous city in Nigeria and a global hub of international business and commerce, Lagos is one of three “command centers” for the African economy (along with Johannesburg and Nairobi).
The GDP of the formal economy of Lagos is estimated to be $136.6 billion contributing 25% to the GDP of Nigeria as at August 2015. The GDP has an estimated growth rate of 10% and it is expected that by 2025 the GDP will be $355billion.
The state’s contribution can be attributed to the following factors:
- Law Investment by bothe local and foreign investors
- Sound fiscal policies by the state government
- Favourable business and economic conditions
- Its prime location in West Africa, serving as an access point to many other markets in Africa
Lagos State is home to a multitude of multinational companies because of its favourable economic conditions and vast population. This combination provides a large market for any product or service that is launched in the state.