Devonomics

Devonomics

It is difficult to answer questions about how Nigeria can and should achieve sustainable economic, social and political growth. This column takes a look at well known development economic theories and applies them to the unique Nigerian context.

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In Lagos, all roads lead to the Island.

Akinkunmi Akingbade

Akinkunmi Akingbade

Akin is a Consultant and Writer with a background in Development Economics. He previously worked at Ventures Africa.

Lagos is a city full of paradoxes. It is a city buzzing with activity and promise, but it is also a city where things can suddenly come to a standstill, and very often do.

With over one million daily trips during peak periods, the average Lagosian will spend nearly a third of her life commuting. There is no commute more popular than the trek across the 3rd Mainland Bridge, as, every morning, thousands of cars converge on the bridge as early as 5 am.  The evening experiences are similar, with Lagosians trooping home to meet with their loved ones.

In Lagos, all roads lead to the Island.  

 

The Island Drive

The Lagos Island, particularly spanning Marina, Ikoyi, and Victoria Island, is home to most of the multinationals, banks and large indigenous corporations. The area accounts for a large portion of the state’s commerce and income, thereby attracting many to its doorsteps.

It was not always so.

In the 1990s, the Lagos Mainland was home to a healthy number of manufacturing companies and trade clusters. In Ikeja, Lagos’ capital, the Oba Akran was a hive of industrial activity, hosting companies such as Michelin, Dunlop, and Nigerian Textile Mills Plc.

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