Lagos, located in Nigeria, is recognised as one of Africa’s wealthiest cities, and that could be credited to the number of successful individuals that the flourishing city is home to. The land of Lagos is one of entrepreneurship and perseverance, where many people who start with very little completely have their lives turned around by setting up their own prosperous businesses, resulting in it becoming a major economic hub in the continent.
Africa’s richest man, Aliko Dangote’s business is also based in Nigeria, but to emphasise the prosperity of Africa’s largest city, it’s known to make “millionaires like a manufacturer make shoes”, and according to Henley & Partners’ Africa Wealth Report, Lagos is home to a huge 4,200 millionaires.
There are many reasons why this impressive city has been able to centre itself as a leading business capital. Every serious business has its headquarters or at least a major branch in Lagos. Headquarters of all the major financial institutions from banks to insurance companies are in Lagos, reports Business Day.
However, it’s not just the big and already established companies—it’s also the smaller start-up ones, and Lagos has the highest concentration of them in the whole of Nigeria, with around an 8% share of over 40 million micro, small, and medium-sized enterprises (MSMEs).
Speaking to Business Day, Zion Orubebe shared the story of how he left his home in Rivers State and moved to Lagos in 2015 with only around 3,000 naira, which was around £12 at the time.
The following year he started a babies’ clothing business after using money he earned from selling a piece of land to open up a shop. After working hard, the entrepreneur became an importer in 2019, and in 2021, he began to ship out products to other African countries, including Burkina Faso and Senegal, and it doesn’t end there.
By 2023, he owned seven shops, three commercial vehicles, two houses and two private cars.
He said: “I came to Lagos as a pauper, but now I am a multi-millionaire.” Something that resonates with many others in the city home to nearly 16 million people, the former director-general of the Lagos Chamber of Commerce and Industry (LCCI) notes.
He said: “The population of Lagos is huge and concentrated. If you are a city of ports, naturally, economic activities will increase. Also, Lagos is a coastal city, and coastal cities are a magnet because their position boosts economic activities.”
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