Thrifty Banker
  • Politics
  • Business
  • World
  • Investing
  • Politics
  • Business
  • World
  • Investing

Thrifty Banker

World

From Lagos to London: Africa’s economic powerhouse makes historic debut at Lord Mayor’s Show

by November 14, 2023
November 14, 2023
From Lagos to London: Africa’s economic powerhouse makes historic debut at Lord Mayor’s Show

Nigeria’s Lagos state marked a historic moment by making Africa’s inaugural appearance at the renowned Lord Mayor’s Show in London – an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city.

The debut signals the state government’s ambitions to become a global financial hub and to attract foreign investment, particularly crucial as federal authorities grapple with revitalizing Nigeria’s economy, which faces challenges such as mounting debts, unprecedented inflation rates, and a sharp decline in the local currency.

Organizers of the Lord Mayor’s Show said Lagos was invited to participate in the London procession because of the state’s “growing economic prominence.”

“Lagos isn’t just open for business — it’s open for transformative, groundbreaking projects that shape the future,” he added.

A global financial center

Lagos is Nigeria’s former capital city and has remained the economic nerve center of the West African country – contributing 30% to its GDP and more than 50 percent of Nigeria’s port revenues, according to figures released by the state.

However, it faces many issues, not least its struggles with inadequate infrastructure, such as roads, public transport, and utilities. Lagos has also experienced rapid population growth, leading to issues such as overcrowding, a strain on infrastructure, and increased demand for basic services.

However, many backers believe that Lagos has the potential to evolve into a global financial hub capable of drawing substantial foreign investments into Nigeria.

The “market infrastructure is in place,” he said adding, “The problem was the management of the market. Our market unfortunately suffered very poor management from a government standpoint for the last eight years. But things have changed.”

Huddle for investors

Amid the scramble for foreign investments into Nigeria, myriad challenges however abound for potential investors.

According to the US Department of Commerce, foreign exchange restrictions and the rising cost of doing business in Nigeria were some of the drawbacks of investing in the country.

Last year, flights between Nigeria and the United Arab Emirates were stopped after Dubai’s Emirates airline suspended its operations in the country citing trapped revenues.

In a similar move, British drugmaker GSK said this year it was ending its business in Nigeria, partly due to soaring business costs.

Aig-Imoukhuede, whose advocacy group EnterpriseNGR partnered with the Lagos government to create the LIFC, wants Nigeria’s financial authorities to address some of these issues, especially the country’s rising inflation and unstable exchange rate.

This post appeared first on cnn.com
0
FacebookTwitterGoogle +Pinterest
previous post
Doctors race to save newborns as Israel says it’s battling Hamas around Gaza’s largest hospital
next post
Newly released photos show mysterious cocaine discovered in White House

Related Posts

Three-year-cruise becomes ‘the cruise that never ends’

September 2, 2023

Earth’s moon is shrinking. Here’s what scientists say...

February 1, 2024

New US-backed India-Middle East trade route to challenge...

September 15, 2023

‘We will not enlist:’ Ultra-Orthodox in Israel vow...

July 2, 2024

The world just marked a year above a...

February 8, 2024

‘Not seen since Vietnam’: Israel dropped hundreds of...

December 22, 2023

Universities threatened with funding cuts under proposed plan...

July 10, 2025

Everything you need to know about week 1...

September 11, 2023

At least 116 people killed in crush at...

July 3, 2024

Putin warns of problems with neighboring Finland after...

December 18, 2023

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Popular

    • 1

      ‘This is a life-changing event’: Floridians start an arduous recovery as Idalia keeps thrashing North Carolina

      September 1, 2023
    • 2

      Letter from the CEO: Unlocking the True Value of Electric Royalties Ltd

      March 26, 2025
    • 3

      A GOP operative accused a monastery of voter fraud. Nuns fought back.

      January 3, 2025
    • 4

      Waymo offers teen accounts for driverless rides

      July 9, 2025
    • 5

      Strong Leach Recoveries and Low Impurities

      July 9, 2025
    • 6

      Tesla asks shareholders to vote again on Musk’s $56 billion payout

      April 18, 2024
    • 7

      Eruption of Indonesia’s Mount Lewotobi Laki Laki volcano sends ash 11 miles high

      July 7, 2025

    Categories

    • Business (1,096)
    • Investing (2,149)
    • Politics (2,979)
    • Uncategorized (20)
    • World (3,421)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: thriftybanker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thriftybanker.com | All Rights Reserved