Connect with us

Hi, what are you looking for?

Latest News

From Lagos to London: Africa’s economic powerhouse makes historic debut at Lord Mayor’s Show

Nigeria’s Lagos state marked a historic moment by making Africa’s inaugural appearance at the renowned Lord Mayor’s Show in London – an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city.

The debut signals the state government’s ambitions to become a global financial hub and to attract foreign investment, particularly crucial as federal authorities grapple with revitalizing Nigeria’s economy, which faces challenges such as mounting debts, unprecedented inflation rates, and a sharp decline in the local currency.

Organizers of the Lord Mayor’s Show said Lagos was invited to participate in the London procession because of the state’s “growing economic prominence.”

“Lagos isn’t just open for business — it’s open for transformative, groundbreaking projects that shape the future,” he added.

A global financial center

Lagos is Nigeria’s former capital city and has remained the economic nerve center of the West African country – contributing 30% to its GDP and more than 50 percent of Nigeria’s port revenues, according to figures released by the state.

However, it faces many issues, not least its struggles with inadequate infrastructure, such as roads, public transport, and utilities. Lagos has also experienced rapid population growth, leading to issues such as overcrowding, a strain on infrastructure, and increased demand for basic services.

However, many backers believe that Lagos has the potential to evolve into a global financial hub capable of drawing substantial foreign investments into Nigeria.

The “market infrastructure is in place,” he said adding, “The problem was the management of the market. Our market unfortunately suffered very poor management from a government standpoint for the last eight years. But things have changed.”

Huddle for investors

Amid the scramble for foreign investments into Nigeria, myriad challenges however abound for potential investors.

According to the US Department of Commerce, foreign exchange restrictions and the rising cost of doing business in Nigeria were some of the drawbacks of investing in the country.

Last year, flights between Nigeria and the United Arab Emirates were stopped after Dubai’s Emirates airline suspended its operations in the country citing trapped revenues.

In a similar move, British drugmaker GSK said this year it was ending its business in Nigeria, partly due to soaring business costs.

Aig-Imoukhuede, whose advocacy group EnterpriseNGR partnered with the Lagos government to create the LIFC, wants Nigeria’s financial authorities to address some of these issues, especially the country’s rising inflation and unstable exchange rate.

This post appeared first on cnn.com

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Kim Jong Un attended a “paramilitary parade” with his daughter to mark the 75th anniversary of North Korea’s founding on Saturday, the country’s state...

    Economy

    A U.S. District Court judge Thursday blocked implementation of a new Idaho law that would prevent transgender students from using restrooms, locker rooms and...

    Stock

    The Consumer Price Index hit 3.2% in July, compared with 3% in June, the Bureau of Labor Statistics reported Thursday. Once again, food prices...

    Stock

    Target said Tuesday that it will close nine stores in major cities across the country, citing violence, theft and organized retail crime. The company will...

    Disclaimer: aimyourdeals.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2023 aimyourdeals.com