{"id":11579,"date":"2023-11-14T01:55:36","date_gmt":"2023-11-14T01:55:36","guid":{"rendered":"https:\/\/shareperformanceinsight.com\/index.php\/2023\/11\/14\/from-lagos-to-london-africas-economic-powerhouse-makes-historic-debut-at-lord-mayors-show\/"},"modified":"2023-11-14T01:55:36","modified_gmt":"2023-11-14T01:55:36","slug":"from-lagos-to-london-africas-economic-powerhouse-makes-historic-debut-at-lord-mayors-show","status":"publish","type":"post","link":"https:\/\/shareperformanceinsight.com\/index.php\/2023\/11\/14\/from-lagos-to-london-africas-economic-powerhouse-makes-historic-debut-at-lord-mayors-show\/","title":{"rendered":"From Lagos to London: Africa\u2019s economic powerhouse makes historic debut at Lord Mayor\u2019s Show"},"content":{"rendered":"

Nigeria\u2019s Lagos state marked a historic moment by making Africa\u2019s inaugural appearance at the renowned Lord Mayor\u2019s Show in London \u2013 an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city. <\/p>\n

The debut signals the state government\u2019s ambitions to become a global financial hub and to attract foreign investment, particularly crucial as federal authorities grapple with revitalizing Nigeria\u2019s economy, which faces challenges such as mounting debts, unprecedented inflation rates, and a sharp decline in the local currency. <\/p>\n

Organizers of the Lord Mayor\u2019s Show said Lagos was invited to participate in the London procession because of the state\u2019s \u201cgrowing economic prominence.\u201d <\/p>\n

\u201cLagos isn\u2019t just open for business \u2014 it\u2019s open for transformative, groundbreaking projects that shape the future,\u201d he added. <\/p>\n

A global financial center<\/h2>\n

Lagos is Nigeria\u2019s former capital city and has remained the economic nerve center of the West African country \u2013 contributing 30% to its GDP and more than 50 percent of Nigeria\u2019s port revenues, according to figures released by the state. <\/p>\n

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. <\/p>\n

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

The \u201cmarket infrastructure is in place,\u201d he said adding, \u201cThe 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.\u201d <\/p>\n

Huddle for investors<\/h2>\n

Amid the scramble for foreign investments into Nigeria, myriad challenges however abound for potential investors. <\/p>\n

According to the US Department of Commerce,\u00a0foreign exchange restrictions and the rising cost of doing business in Nigeria\u00a0were some of the drawbacks of investing in the country. <\/p>\n

Last year, flights between Nigeria and the United Arab Emirates were stopped after Dubai\u2019s Emirates airline suspended its operations in\u00a0the country citing trapped revenues. <\/p>\n

In a similar move, British drugmaker GSK\u00a0said this year it was\u00a0ending its business in Nigeria, partly due to soaring business costs. <\/p>\n

Aig-Imoukhuede, whose advocacy group EnterpriseNGR partnered with the Lagos government to create the LIFC, wants Nigeria\u2019s financial authorities to address some of these issues, especially the\u00a0country\u2019s rising inflation and unstable exchange rate. <\/p>\n\n

This post appeared first on cnn.com<\/div>","protected":false},"excerpt":{"rendered":"

Nigeria\u2019s Lagos state marked a historic moment by making Africa\u2019s inaugural appearance at the renowned Lord Mayor\u2019s Show in London \u2013 an annual procession, steeped in 800 years of tradition, that celebrates the history and commerce of the city. The debut signals the state government\u2019s ambitions to become a global financial hub and to attract <\/p>\n","protected":false},"author":0,"featured_media":11580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-11579","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-world"},"_links":{"self":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/11579","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/comments?post=11579"}],"version-history":[{"count":0,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/posts\/11579\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media\/11580"}],"wp:attachment":[{"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/media?parent=11579"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/categories?post=11579"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shareperformanceinsight.com\/index.php\/wp-json\/wp\/v2\/tags?post=11579"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}