Why Starting a New Business in Lagos is a Great Idea
Think of Lagos and what comes to mind? Perhaps the bustling city of opportunities, the city that never sleeps, the land of ‘Owanbe’ parties, the home of Nigeria’s famous Jollof rice and much more. These phrases aptly describe the beautiful city of Lagos and make it an excellent location to start a new business.
Lagos, Nigeria, is a rapidly growing megacity with unique features that make it an ideal place to establish a new business. It is strategically situated along the Gulf of Guinea on the Lagos Lagoon, making it a cosmopolitan city and the heart of Nigeria. Its people are industrious, hardworking and determined to make a success of their lives.
Victoria Island, the city’s financial hub, is located on the east side, while Yaba, the new tech hub called “Silicon Lagoon,” is to the west. In the center lies Ikeja, the capital city, home to the administrative center at Alausa and Computer Village, Nigeria’s biggest gadget arena. Lagos is also famous for its exotic beaches, unending nightlife, ‘Owanbe’ parties, and bustling traffic, offering various fun places to engage in social activities and achieve work-life balance.
Despite its seeming congestion, Lagos remains the go-to place for entrepreneurs and business owners due to the abundance of opportunities it offers to go-getters. Lagos has a predominantly Yoruba-speaking population and is popularly known as Eko, historically derived from its first recognized Oba, Prince Ado. Its inhabitants fondly say phrases such as “Eko akatee ilu ogbon” and “Eko lon pe’bi,” which translate to “Lagos, the land of wisdom” and “This place is called Lagos,” respectively.
With over 20 million people comprising indigenes, foreigners, and visitors, Lagos offers a vast commonwealth to tap into for those living and doing business in the city. However, what unifies everyone is the belief that if you can make it in Lagos, you can make it anywhere in the world.
Lagosians are known for their pulsating lifestyles and no-nonsense attitudes. They are street-wise and street-smart, making Lagos the chaotic city of opportunities and the city of hustlers who bustle daily amidst its notorious traffic jams.
If you’re thinking of where to establish your new business or the most profitable location to build your business empire, look no further than Lagos. The abundance of opportunities, the city’s strategic location, and the energetic, determined people make Lagos the perfect place to start a new business.
Large Population Equals More Opportunities
Despite the challenges that come with living in a bustling city like Lagos, its population provides a plethora of opportunities for running a successful business. While some may see the city’s growing population as a disadvantage, the reality is that it translates to more potential customers and increased demand for goods and services. According to the Lagos State Government, the city’s population is estimated at 17.5 million, while the National Population Commission of Nigeria (NPC) puts it at over 21 million. Lagos is not only Africa’s largest city, but it’s also the 6th largest city in the world and the 8th fastest-growing city.
As a microcosm of Nigeria, Lagos has grown rapidly in recent years, from just 1.4 million in 1970 to over 21 million today. Its economy generates 25% of Nigeria’s total GDP, and it’s home to a significant number of millionaires. As the world’s population is expected to increase by 2 billion in the next 30 years, Lagos’ population is also projected to double, making it the third-largest city in the world.
Lagos offers a cosmopolitan environment for businesses, with a large concentration of manufacturing companies, industries, Fintech, and SMEs. Its competitive market nature provides businesses with the opportunity to tailor their marketing campaigns to win over prospects and to improve their business model. Additionally, Lagos houses some of the best digital marketing agencies to help businesses translate their marketing plans into realistic actions. Therefore, if you’re looking for the best place to start a new business, Lagos should be your ultimate choice.
Grow Your Business with Commercial Centres
Lagos, the business nerve center of Nigeria, is a microcosm of every tribe, tongue, and nation, with true megacity status. Its hospitable nature has attracted an influx of business owners, entrepreneurs, investors, and SMEs to strive.
In Lagos, there are commerce centers like the Lagos Chambers of Commerce and Industry (LCCI), Lagos Business School (LBS), Nigeria Stock Exchange (NSE), Nigeria Exchange Limited (NGX), and more. These centers provide opportunities for trade and investment, enabling businesses to create products and services that meet their consumers’ needs and increase their net worth, with the potential for eventual listing on the NSE.
Lagos also has some of the best stockbrokerage firms, banks, insurance companies, and financial institutions, as well as website development companies and other commerce and trade institutes.
Regardless of the type of business, Lagos offers enormous opportunities for growth, allowing businesses to spread their tentacles and explore the city’s competitive markets. By doing so, entrepreneurs can gain the confidence to take on new challenges and run their businesses efficiently.
Connect With the Latest Technology & Digital Hub
Are you considering starting a new business in the digital age, where you can leverage the wonders of technology to reach your customers? If so, Lagos is the ideal location to launch your new venture.
You might wonder why you should choose Lagos when you can reach customers worldwide with the touch of a screen. Here are some reasons to consider exploring the city and its potential to help you achieve your business goals:
Lagos is rich in technological hubs that offer the tools and resources you need to run your business effectively. These hubs include Co-creation Hub, 360 Creative Hub, Zonetech Park, Leadspace Passion Incubator, and NG-HUB from Facebook.
If you’re looking to partner with digital marketing firms that can help you connect with potential customers, Lagos has several excellent options. For example, you can explore Tech O’Clock, TopYouGo, Kayshow Concept, and other software agencies.
Partnering with these firms and workspaces will give you the boost you need to reach potential customers worldwide. These organizations are staffed by digitally savvy marketing experts who understand how to use technology to grow businesses.
Lagos is sometimes referred to as Africa’s Silicon Valley or Silicon Lagoon due to its abundance of technological innovation. If you’re looking to improve your local SEO and increase your organic reach, exploring Lagos is an intelligent choice. According to Search Engine Journal, Google currently holds a 92.4% market share in the search engine space globally. Furthermore, 83% of local consumers use Google to find information about local businesses, with 90% making a purchase within a week of their initial search.
Exploring the vast business opportunities in Lagos will help your business grow while giving you the confidence to take on new challenges and run your new business more efficiently.
Feed Your Mind with Religious & Educational Centres
If you’re looking for a city to start your new business venture, Lagos is the place to be.
Apart from its bustling population and economic opportunities, Lagos is renowned for its abundance of religious and educational institutions.
Lagosians are very religious people, and this has led to the proliferation of religious institutions across the state.
While there are different religious beliefs in Lagos, the most popular ones are Christianity, Islam, and traditional faiths.
As such, there are numerous religious gatherings and events, which can be an opportunity for businesses to reach a large audience.
Additionally, Lagos is home to many prestigious educational institutions, such as the University of Lagos, Lagos State University, Pan-Atlantic University, and many others.
These schools attract a diverse student population, which can be an excellent target market for businesses.
Business owners, entrepreneurs, and SMEs can benefit from partnering, sponsoring, or collaborating with these institutions during events or research activities.
Furthermore, many of these educational institutions also engage in business activities, making them potential partners for investors.
In conclusion, Lagos is not only a business hub but also a center for religious and educational activities, making it a perfect place to start a new business venture.
Eye-catching Tourist Spots and Recreational Centres
Are you looking to start a new business, while also enjoying the breathtaking tourist spots and recreational centers in the city?
Lagos is a world-renowned metropolitan city with a plethora of tourist attractions and recreational centers that make it an excellent destination for anyone looking to combine business with pleasure.
From historic sites to beautiful recreational centers, these attractions are a goldmine for businesses in the hospitality industry, while also attracting foreign direct investment through tourism.
Some of the city’s top attractions include the Onike Museum of Contemporary Art, Johnson, Jakande, Tinubu Fountain Park, Iwalewa Gallery of Art, Tinubu Square, and Oshodi Art Gallery.
Other exciting places to visit include the Jhalobia Recreation Park and Gardens, Nike Art Center, Kalakuta Museum, the National Museum, Lagos, Hi-Impact Planet Amusement Park, Omenka Gallery, and Apapa Amusement Park, among others.
The city’s vibrant and hospitable people add to the color and allure of these sites.
If you’re considering starting a business while enjoying a work-life balance with some fun, Lagos should be at the top of your list.
No other city in the world combines seemingly insurmountable challenges with endless potential like Lagos, making it an ideal destination for starting a new business.
So take the leap and start your business in Lagos today. Your potential customers are eagerly waiting.