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Lagos is Nigeria’s financial, commercial and
industrial nerve centre with over 2,000 manufacturing industries and over 200
financial institutions (Banks, Insurance companies etc) including the
nation’s premier stock exchange, the Nigeria Stock Exchange.
It also houses the nation’s monetary authority, the
Central Bank of Nigeria (CBN) and the Security and Exchange Commission (SEC).
The State alone harbours 60% of the Federation’s total industrial investments
and foreign trade while also attracting 65% of Nigeria’s commercial
activities. It also accounts for more than 40% of all labour emoluments paid
in the country.
Indeed, the headquarters of multinational
conglomerates like UAC, Unilever, John Holts, BEWAC/VYB, Leventis,
Churchgate, Chevron, Shell, Exxonmobil and the nation’s giant public
enterprises are all located within the State.
However, Lagos State is not industrially saturated.
There exists a vast potential of underdeveloped land in the Eti-Osa Area of
Lagos, Badagry, Epe, Ikeja and Ikorodu Divisions.
In a bid to decongest the Ikeja and Lagos Industrial
Estates and thus open up other areas for development, the State Governement
has provided small scale industrial estates in all of the State’s 20 Local
Government Areas and 37 Development Councils.
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