Lagos controls over 90% of Nigeria’s forex inflows

The Commissioner for Finance, Mr. Akinyemi Ashade, said this in a presentation made to capital market stakeholders in Lagos titled: ‘Funding Lagos State Government’s Economic Agenda through Debt Capital Market’. He said with over 23 million residents, Lagos was now the most populous city in Africa.

Ashade described the city as Africa’s fastest growing market and the fifth largest economy on the continent, contributing over 30 per cent of Nigeria’s Gross Domestic Product. “Lagos State accounts for over 90 per cent of Nigeria’s forex inflows,” he stated.

“Current demand for trips in Lagos metropolitan area by all modes (including walking) is approximately 18 million per day, with over seven million public transport passenger trips per day. “The rapid increase in population and standard of living is forecasted to bring the daily demand for trips to approximately 30 million per day by 2020.”