Business and Economy of Lagos State

BUSINESS & ECONOMY OF LAGOS STATE

Lagos State, with GDP currently estimated at $91bn (dropping from $131 due to forex fluctuations) is currently Africa's 5th largest economy. Lagos with an estimated population of 21 Million is the most populous city in Nigeria and the seventh fastest growing city in the world. Lagos State is the nation's economic and financial nerve is currently home to 65 per cent of Nigeria’s businesses, with a presence of over 2,000 manufacturing companies, 200 financial institutions and the largest collection of small and medium enterprises in Africa.

Lagos is also the major Information Communications and Telecommunications (ICT) hub of West Africa and potentially, the biggest ICT market in the continent. Lagos is developing a 24-hour economy in line of it's goal to become a world class mega city

Two of the nation's largest seaports -Apapa and Tin-Can Ports are located in Lagos State. Lagos is also Nigeria's avaition hub

Lagos is the centre of the Nigerian movie industry, often referred to as 'Nollywood'. Idumota market on Lagos Island is the primary distribution centre. Many films are shot in the Festac area of Lagos. Lagos is also home to Nigeria's growing music industry showcasing world class talents that are winning awards in Africa and the world stage.