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Profile
Projected
to have a population of over 20 million
by the year 2010 Lagos is Nigeria’s
commercial capital and its largest internal
revenue producer. Much of Nigeria’s
manufacturing capacity (almost 60%) is also
located in and around this city.
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Country
Rankings
Nigeria
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| Ease
of Doing Business World Bank '05 |
94
of 155
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Low*
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Corruption
Perception
Transparency International '05 |
152
of 159
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Low
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Growth
Competitiveness
World Economic Forum '05 |
88
of 117
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Low
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| National
Literacy |
68.1%
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Low
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GDP
Growth
(2004 est.) |
6.2%
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Med
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The
continually highrate of unemployment is often
linked to the underdevelopment of the manufacturing
sector, which contributes the bulk of the employment
opportunities in more advanced societies.
According
to the Managing Director of the Bank of Industry,
Lawrence Osa-Afiana, 180 large enterprises would
benefit from BOI's enhanced fund profile by the
end of 2008. He said BOI is expected by law to
ensure seven percent annual growth rate in the
manufacturing sector under the National Economic
Empowerment and Development Strategy (NEEDS).
Under the NEEDS program, the yearly manufacturing
capacity utilization and the private sector’s
share of investment in the manufacturing sector
were estimated to reach 70 percent by 2007.
Toyota Nigeria is said to be opening an assembly
plant in Lagos in 2007.
The
Managing Director of the Nigerian Ports Authority,
Chief Adebayo Sarumi has said that the authority
has attracted US$120 million worth of FDI via
new ports being built and existing ones being
expanded. The Association of Nigerian Exporters
recently voiced the need for more export-oriented
investment. In line with this demand, the Nigerian
Export Exhibition and Investment Market tagged
NEXlMART Expo 2005, to be held in Atlanta, USA,
later this year was aimed at attracting export-oriented
investment from the U.S. to Nigeria.
Key
Links:
Lagos
State Government - http://www.lagosstate.gov.ng/
Lagos Chamber of Commerce - http://www.lagoschamber.com/
Lagos Business School - http://www.lbs.edu.ng/
Nigeria Stock Exchange - http://www.nigerianstockexchange.com/index.jsp
Source:
Population:
2004 or latest: http://www.citypopulation.de;
GDP Data: 2004 CIA Fact Book estimate; Literacy:
UN estimate
*
Country Ranking Codes: A relative color coding
of where the country falls compared to the 20
other Muslim countries represented in this list.
Hgh/Green=Top 3rd; Med/Yellow=Mid 3rd; Low/Orange=Bottom
rd
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