Lagos, spanning 3,345 square kilometres, proudly accommodates over 50% of Nigeria’s affluent individuals within its bustling confines.
As a city often celebrated as the largest in Africa by population, Lagos stands out as the unrivalled commercial hub of trade and prosperity.
A recent report from Henley and Partners, firmly places Lagos again as the 4th wealthiest city in Africa, harboring an assembly of approximately 5,400 millionaires, 16 centimillionaires, and 3 billionaires, all congregated in this metropolis.
Describing this commercial powerhouse, the report underlines, “Lagos is home to over half of Nigeria’s high-net-worth individuals, with key sectors including basic materials, oil and gas, transport, and financial services.”
By June 2023, the Lagos state government reported an Internally Generated Revenue (IGR) of around N400 billion, as confirmed by Ope George, the Commissioner for Economic Planning and Budget.
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Lagos state stands as Nigeria’s largest economy, ranking as the fifth largest on the African continent. In 2022, its GDP surpassed $100 billion, and its internal revenue in 2021 exceeded N500 billion.
However, it is important to note that Lagos also grapples with a substantial debt profile. The Debt Management Office (DMO) reports a debt stock of N996.44 billion for the state.
With the majority of Nigeria’s affluent population residing in Lagos, it’s no surprise that the city boasts some of the most exclusive and expensive neighbourhoods in the country.
The presence of influential industry leaders and major players in these areas further encourages a vibrant business environment.
Moreover, considering the dense influx of people into the state, Lagos provides a thriving market for commerce and trade.
For instance, many Nigerian music artists, including Davido, Burna Boy, Ayra Starr, and others, have flourishing careers here due to the massive audience that streams and listens to their music.
Prominent billionaire investors and CEOs, such as Femi Otedola, Mike Adenuga, and Tony Elumelu, have chosen Lagos as their place of residence, underscoring the city’s magnetism for the elite.
The report also reveals that the total investable wealth held on the African continent amounted to an impressive $2.4 trillion as of December 2022.
