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Lagos as a market

Lagos, Nigeria’s former capital, is Africa’s largest city. It once had a rumor of being a dangerous city to live in, but now skyscrapers and business suits are slowly but surely manifesting the city as the money-making headquarter in Africa.

Nigeria has the largest population in Africa and one of the biggest in the world. Lagos, the highest populated city of the country, overflows with motivated, ambitious and well educated citizens.

“Lagos really has a lot going on right now. People are still seeking investment opportunities here, and there is a lot of possibilities with more than 20 million people living in the city,” says Per Christensen Consulate General of Denmark in Lagos.

The nations commercial capital 
Naturally there are also obstacles when doing business in Lagos. Shortage of electricity is one of the city’s biggest problems and power cuts happens several times a day.

“It is some of the same struggles as many of the other African countries. Corruption is quite high, there are poor roads and the variety in languages can also post a challenge when first trying to get into the huge market,” says Consulate General Per Christensen.

But Lagos differs it self from other African cities with its population size which makes it a good testing ground for companies that later want to expand to the rest of Africa.

“If you have success running a business in Nigeria, then you are almost guaranteed that you will have success anywhere else on the continent as well,” says Per Christensen.

Contrasting view
Looking out on Makoko, a poor fishing community in the middle of Lagos, where the the grey smoke from smoking todays catch hangs heavy you can easily forget, that this is supposed to be the center of trade in West Africa.

But than you look behind the smoke or turn around and you notice the incredible skyline, not seen anywhere else in any of Nigeria’s four neighboring countries. And it is not only oil money anymore that keeps Lagos’ economy on the rise – the market is diversified in telecommunications, real estate, financial services, manufacturing, transport, education and other sectors.

However, some business’ say that despite efforts by the government to improve on the business environment, the huge infrastructural shortfall in the state continues to challenge the growth performance of most businesses.

Continually on the rise

Despite the troubles that still infers with the growing success of industries the city really is a living example of a place known for being filled with criminals, danger and corruption to slowly changing into a metropolitan known for tech hubs and prosperous additions to the state. 

Nigeria’s international commerce city, Eco Island, is still under construction, but the human made island already stretches on the side of Victoria Island and is anticipated to host at least 250,000 residents and 150,000 commuters. 

“Another example of how Lagos is on the rise is the several tech hubs that are popping up all over the city. Especially Yabacon Valley, a cluster of start-ups technology and other institutions attracts people from all over the world. The tech industry is definitely yet another area where Lagos has a lot to offer,” says Per Christensen.