ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Business and Investment opportunities in Lagos Nigeria

Updated on April 26, 2013

Lagos Nigeria: Center of Excellence and hotbed of opportunities


Lagos known locally as eko (ay-co) is the heart beat of Nigeria. The center of excellence, the official slogan of the territory governed by the Lagos State government, is a region measuring more than 3,000 square kilometers. Lagos Nigeria is referred to as the center of excellence owing to its breeding of the brightest and the best of Nigeria’s Labor force.

Population and demography

Officially Lagos Nigeria is believed to have a population of over 10 million (figure from the Nigeria population commission’s census of 2006 which was not so smoothly conducted). However, unofficial figures estimate the population of Lagos to be anywhere between 13 million and 17 million strong. Most Lagos Nigeria residents (55 to 60%) are from the Yoruba speaking ethnic group of South West Nigeria with the remainder being Nigerians from other parts of the country and foreigners being less than 2% of the population.

Economy

Lagos Nigeria is a land of opportunities with virtually equal opportunities open to every Tom, Don and Harry to exploit. It is no wonder Lagos is sometimes called no man’s land. The economy of Lagos Nigeria is largely service based with a good number of lagos businesses engaging in services such as construction, Information and communication technology, transportation and maritime services, commerce, consumer manufacturing, real estate, retailing, banking and finance (covering retail banking and micro finance, insurance and asset management), publishing, media services among others. Also a number of micro businesses thrive in the state with many markets accommodating them. The bulk of Nigeria’s service based businesses are based on the Island.

Entertainment capital

Lagos is also the entertainment capital of Nigeria with the Nollywood (Nigeria’s version of Hollywood), music and other entertainment related interests being based in that part of the country. Very famous and accomplished Nigerians in entertainment such as RMD, Genevieve Nnaji, Banky W, Dbanj, 2face idibia among others have come to see Lagos Nigeria as not only a hotspot for plying their trade but as home away from home (with the exception of Banky W who is a Lagos indigene). Nigeria’s entertainment industry is one of the fastest growing industries in the world.

Opportunities in Lagos Nigeria

A number of opportunities are open to all and sundry to exploit in Lagos Nigeria. That includes foreigners and expatriates from any country of the world. Residents of Lagos Nigeria are generally welcoming people with that, there will be little or no ill treatment suffered to anyone wishing to start or commence a productive venture in this part of the world.

Real estate

One area that offers vast opportunities is real estate. Prices of houses and rent in Lagos are growing so fast that in 2 or 3 years time they could be almost twice as high as they are currently going for. This is because Lagos is a densely populated area with a fast growing population and an ever expanding economy that owning property in this part of the world does not only make you a landlord but possibly financially independent. Houses and rents are not cheap in this part of Nigeria especially in prime locations like Ikoyi, Lekki, Ikeja and Victoria Island.

Transportation

With a large population needing to commute on a day to day basis, there are vast opportunities for investors to provide commuter transportation services to the population. People commute to their work places from Mondays to Fridays and even on Saturdays when most people don’t work there are still many social functions happening around the state. That means big business for transportation services especially road transportation.

Commercial Services

Provision of commercial services to a teeming population such as technology infrastructure and equipment like Information and technology facilities for commercial and non commercial purposes is just one area of commerce that the teeming population of Lagos Nigeria can do with. Life in Lagos Nigeria is so hectic that services which alleviate stress will be affectionately patronized.

Education

Educational services such as provision of secondary and boarding facilities, university placement and admission services, excursion services among others, there exist opportunities to offer quality academic training for Nigeria’s bright future assets (its children and youths).

Commerce

Trade and commerce are very much thriving ventures in Lagos Nigeria. There exist large markets and commercial centers that

Labour

Compared to developed economies, labour in Lagos is very cheap with average monthly salary for regular staff employed in the formal sector falling within the range of N 30,000 and N 100,000 (roughly between $200 and $700). Most people earn below N 100,000 a month but in industries such as telecoms, oil and gas (especially the upstream sector but also the downstream sector from where we have petroleum exploration, petroleum refinery and marketing), banking and finance as well as media services especially public relations and advertising there are people who earn much more than that in some cases as much as ($20,000 a month).

Tourist Attractions

A number of tourist attractions exist in Lagos Nigeria such as Badagry beach, Wools worth Park, the silverbird galleria, even very busy locations like markets and bus stops are also tourist destinations.

Infrastructure

There has been a massive improvement in infrastructural development in Lagos Nigeria starting especially in 2007 following the assumption of office of the incumbent governor Raji Fashola, road and transportation systems have improved tremendously with the introduction of massive transit systems like the bus rapid transport system (BRT), repair and construction of street lights along major highways, upgrading of public schools and repair of water supply systems, improved refuse and sewage deposal and beautification of the state.

Comments

    0 of 8192 characters used
    Post Comment

    • profile image

      cindy 

      6 years ago

      I am a manufacturer for women clothes from indo, looking for business partner there

    • profile image

      Bassey 

      6 years ago

      I want to come to lagos and invest on transportation. Advice pls

    • profile image

      Aj 

      6 years ago

      I want to combine a computer sales shop with male clothes, any advice?

    • Philipo profile image

      Philipo 

      8 years ago from Nigeria

      Well done. You have said it all. Thanks for sharing. I live in Lagos too. So I understand what you are saying. Meanwhile, there is another business opportunity which you may not know. It is called Holidays and investment programme. It is a network programme. The Chairman in Nigeria is Prof Pat Utomi. You visit,take a tour and join through my link http://www.holidaysandcash.com/onyemerekwe. You can also write me for further discussion through philonyem@gmail.com

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)