Eko's economics - The obvious and beyond -
Lagos is not only Nigeria’s business hub but also a regional superpower, its GDP being bigger than many of the neighboring countries. First Economy in Africa, first oil producer…all this is now common knowledge, but there’s plenty to see beyond the oil frontier. If finding a job can be arduous, partly because of a protectionist job market and because of much Nigerian youth have an amazing world-class diploma. Many sectors are booming, and at times with a huge turnover. Dare Lagos provides a few ideas :
The FMCG’s empire
Lagos is first and foremost a 23 million inhabitants’ megacity…addicted to consumption! The big players of the Fast-moving consumption good’s industry made no mistake and all have a strong local base in Nigeria, like Coca-Cola, Danone, Cadbury, Nestle as well as the usual suspects of the breweries and spirits: Heineken, Guinness, Moet-Hennessy, Pernod Ricard…
Tech & TELCO’ surge
The unprecedented hold-up of phones then smartphones in Africa has not left Nigeria behind, who is the 1st Telecom market in the continent with more than 170 million subscribers. This has attracted four giants in the race: MTN from South Africa, the Indian Airtel and the Nigerians Glo and 9Mobile. In the same movement, the vibrant Nigerian tech-scene appeals to the world’s best: the GAFA were prompt to launch innovation hubs in the country, with Facebook NG_Hub, Google Launchpad Accelerator and the brand new office of Microsoft dedicated to Artificial Intelligence and Virtual reality, while the first African startup to make it to the New York NYSE Jumia, brilliantly replicates the Amazon concept with an African twist.
Banking and Consulting services
Major financial reference center, Lagos remained the HQ for all the biggest banks of the country after the capital moved to Abuja in 1991. It is host to local firms (First Bank, GT Bank, Zenith, Access…) and International (UBA, Standard, Ecobank, Stanbic-IBTC…) as well as numerous consulting firms of international standing. Look around the city and you will read in capital letters the names of KPMG, EY, Deloitte, PWC, Mc Kinsey….
Énergy and Logistics, steady basics
No need to introduce you to Oil majors Shell, Total, Exxon or Chevron while other energy-linked businesses are also historic stakeholders like Ponticelli, General Electric, Schneider and more recently Vinci and many Chinese firms…Turning to supply chain, Lagos - and its gigantic harbor, Apapa - account for close to all the imports of the country, with a very strong presence of companies like Maersk, MSC, CMA-CGM, Bollore as well as construction companies with Bouygues, ITB, Lafarge, Julius Berger…
Other sectors, much less under the spotlight, are nevertheless booming and very attractive: it’s the case of Creative Industries, with the glamorous Nollywood, 2nd Cinema in the world in terms of production! Not mentioning Nigerian artists and intellectuals celebrated around the world like Chimamanda Ngozie, Wole Soyinka, Wizkid or Davido. Real Estate is also a top pick, with the very iconic new neighborhood Eko Atlantic and Agriculture is not to be neglected, that accounts for a quarter of the GDP, while the Hospitality sector is so various and thrilling in Lagos that everything seems possible!
The Nigerian recession in 2016 is indeed a thing of the past, and everyone should find its share!
JL