The Nigerian economy and the growing business opportunities in Lekki

6 mins read
Nigerian Economy

The Nigerian economy is fast becoming a growing concern for local, regional and international trade organizations. This is because the different sectors of the economy and some business emerging cities alike have become much more increasingly productive, fashioning out improved ways of engaging in import, export and other forms of businesses.

According to the International Monetary Organization (IMF), in its latest World Economic Outlook  (WEO), the Nigerian economy is projected at a growth rate of 2.7 percent this year. This growth projection, interestingly, is indicative of the new vast economic paradigms that many sectors and some cities in the country have shifted to. It is believed that the projected growth of the economy in 2022 will be contributed to, by very business conscious and increasing human potentials that take every advantage the developing economy presents.

One city in Nigeria where human potentials and growing business opportunities abound is the city of Lekki in Lagos State. This city is considered one of the fastest growing cities in Nigeria, with a lot of human and material resources yet to be harnessed. Lekki houses many gated residential development agricultural farmlands and areas allotted for  Free Trade Zone, with an airport and sea port being constructed.

Located in the South-East of Lagos State, Lekki is a future potential business hub of Lagos, and by extension, Nigeria. The city holds a lot of fortunes and vistas both human and socio-economic, considering the level of business consciousness that has blossomed and the expected future investments that are gradually making in- road to the city. Many businessmen, interestingly, have already positioned themselves for the limitless business and economic opportunities that the city is set to offer the population of Lagos State and West Africa at large by the end of the fourth quarter in 2022.

One particular project that is ongoing which has the capacity to turn around the economy of Lagos State in particular, and the Africa in general, is the Lekki seaport. The port,  expected to come on stream by the end of this year, will contribute more than USD 200 billion to the government and create about 163, 000 new jobs to the teaming unemployed youths in the country. It will also stimulate Nigerian economy and advance it up to the index of the largest economies in the world. This will be made possible given that  the Lekki seaport is strategically located, and it optimized layout provides it with a competitive edge over any other port in the whole of West Africa. It is 16.5 deep. It is the deepest in West Africa.

The seaport will have a Free Trade Zone that is being developed, and this will also offer boundless opportunities to a lot of individuals and businesses that need expansion and lease of life. Such opportunities include; complete holiday from all federal, state and local government taxes, rates and levies, duty-free importation of capital goods, machinery/components, spare parts, raw materials and consumable items, 100% repatriation of capital, profits and dividends, permission to sell 100% of goods into the domestic market, among other benefits.

 From this, one can see the Lekki seaport as a timely economic turn around for the nation, and perhaps a trailblazer for West Africa.  It is  coming at the time where many countries of the world are fast industrialising and also finding new economic opportunities that can fast tract development. This paradigm shift appears like a another economic order set by, still again, developed economies for developing economies.

 Interestingly, studies have shown that the demand for containers is expected to grow at a CAGR of 12.9% up to 2025. This, by implication, is that there are indications of increasing demand up to 2025, especially from developing nations like Nigeria which depend largely on importation of goods and services. This demand is believed to increase as a result of the consumption level expected to rise, owing to increased population of these countries.

As the new year economic projection of Nigeria begins to evolve, Lekki is equally on the rising growth lane and ascendancy like other business cities in developed countries. There is every reason to believe that the city will in no long future join the league of cities with well organised business set ups and much more, provide vast opportunities for people to harness their potentials and reap from them. This is not in anyway a prediction; it is what economic indicators have shown.

You can also read: Small Business Ideas for Entrepreneurs In Lekki

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