Despite Recession, Lagos Still Africa’s Premier Business Hub

The federal minister of finance, Kemi Adeosun had in July of this year, declared that Nigeria was in a technical recession. The recession was announced after two successive negative GDP growth in quarter one and two of 2016. The Minster had also stated that they intend to get the economy out of the recession by increasing capital expenditure.

However, despite the recession, a France think tank chaired by Dr. Pascal Lorot, has seen the potential that Lagos state and Nigeria has to offer as Lagos state remains the economic hub of Nigeria twenty five years after it was replaced as the country’s official capital.

The France think tank, known as the Institut Choiseul, has selected Lagos state as the city to host a meeting of 100 selected Africans in November 2016. The institute through an annual independent study identifies and ranks young African leaders of 40 years old and under 40, who will play a major role in the continent’s economic development in the near future.

Ahead of the meeting in November Dr. Pascal Lorot who is also the current and founding President of Institut Choiseul, will be in Lagos to pay a courtesy visit to business leaders and high ranking government officials. Dr. Pascal Lorot would be meeting the French Consul General in Lagos and expected to meet with Tony Elumelu, Chairman of Heirs Holdings and United Bank for Africa as well as Ken Etete, CEO, Century Energy Services Limited and Lagos State Government Officials.  Foremost to Dr. Pascal’s visit is the unveiling of the 2016 Choiseul 100 Africa list.

Lagos was chosen as the host city for this year’s meeting because of its huge economic potential. In 2014 Lagos state had a GDP of $90billion and as at May this year stood as the 7th largest GDP in Africa larger than both Cote d’Ivoire and Kenya, which are said to be two of the continent’s most promising economies.

The selection of Lagos state for this year’s meeting brings noting to doubt, as Lagos has played a role in setting a benchmark for other states in Nigeria. In 2015 the state had an internally generated revenue (IGR) of at $1.3 billion, three times more than the state with the second most IGR and 39% of the total IGR by Nigeria’s 36 states. Lagos state fares much better when compared to other African countries.

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