Lagos is home to 21 million, inclusive of its suburbs, and known as one of the fastest growing cities in the world with a 3.7% growth rate. Lagos is a port city and considered the financial and economic centre of Nigeria, although it is no longer the capital. Electronics, automotives, food and beverage processing, metalworks and textiles are some of the major manufacturing industries of the city.
This includes its renewable energy mix, overall electricity consumption rates and land efficiency. Additionally, like its peers, the city boasts a wealth of young talent - an in-demand commodity in an ageing world. To improve Investor Attractiveness, the city will need to prioritize policy, incentives and governance mechanisms to encourage business and innovation. The city can leverage its strategic location on the Atlantic coast of Africa, and its modern infrastructure (i.e. seaports, airports), and current tax incentives to drive investment.
The city rates better in Urban Management and Governance, but attention is needed on the provision of basic necessities for all residents. The city is starting to perform well on climate action planning and green areas, which will help the city position itself to withstand future risks and capture economic opportunities arising from a green transition.
