The quote that says ‘if you can make it in Lagos, then you can virtually make it anywhere in the world’ is, indeed, very true. The city provides firsthand experience of what might be considered ‘real life’ because it offers a vast market for any business an entrepreneur has in mind to do. It is a city of saints and sinners and you need to be on your toes all the time. There is room to make it in the city only if you can tap into the abundant opportunities available.
When it comes to becoming a self-made millionaire in Nigeria, there is no better place to be than Lagos. This is where anyone can start from the scratch and become a millionaire. Everyone in Lagos is a hustler; they are always busy working or doing something that will bring them money. Lagosians are taught to be ‘street-wise’.
So what then makes Lagos, Lagos…?
1. It is one of the largest cities in Africa and with a growing population of about twenty million people; Lagos remains one of the best places to set up a business not just in Nigeria but in Africa. With GDP in 2014 pegged at $90 billion, Lagos’ economy stands as the 7th largest in Africa- bigger than Cote d’Ivoire and Kenya, two of the continent’s most promising economies.
2. Lagos is a major financial centre in Africa; the mega-city has the highest GDP, and also houses one of the largest and busiest ports on the continent. Centre of Nigeria’s modern economy, Lagos has the largest share of working population in sub-Saharan Africa.
3. It is clear that whatever the size, and however the city is defined, Lagos is the centre of one of the largest urban areas in the world. With a population of perhaps 1.4 million as recently as 1970, its growth has been stupendous. A lot of people travel to Lagos from around the world daily for various reasons and the largest amongst visitors to Lagos are people who come from all around Nigeria and even Africa for commercial reasons, because besides the population of Lagos, it possesses more developed business infrastructures compared to other parts of Nigeria.
4. Lagos 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, it has also emerged as a major hub for the headquarters of national and global companies.
5. According to Lagos Global, Lagos is the premium destination to experience entertainment in Nigeria with ample opportunities for investment. The Nigerian music industry is the most dominant in Africa with most of the key performers based in Lagos. The e-commerce industry is the next frontier for the emerging markets; it is an unstoppable evolution.
Overall, Lagos is the best place to start a generic business because of volume and the established commerce, so as a smart investor, you can take advantage of the growing population in Lagos and make money for yourself.