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This post highlights remarkable reasons why Lagos is the commercial hub of Nigeria.
Lagos got its name from the Portuguese settlers in 1472, who came to explore and trade. The state was the chosen headquarters of the British colonies because it afforded them comfort and effective communication with London. These developments continued after the departure of the colonies by the newly independent Government of Nigeria.
Lagos, 25 years down the road, has grown into the commercial hub of the country, creating an economy that could withstand a massive blow like the covid pandemic and also compete with the economy of a small country. Lagos, the smallest state in landmass, contributed a share of 32.08 percent of the total IGR made by the entire states of the country in 2020. Lagos State is not only prosperous in Nigeria, it is also the 4th wealthiest city in Africa, with an estimated GDP of $108 billion.
With its diverse economy, Lagos houses the headquarters of the biggest names in different sectors. Companies like Globacom, Dangote, Guarantee trust bank, and many more all have their headquarters in Lagos.
Lagos State has successfully combined all these factors to become the commercial hub of Nigeria. It is currently the state that has attracted the biggest foreign investments in the country in the year 2021.
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