Africa's Economic Powerhouse Shines in Historic Debut at Lord Mayor's Show

Lagos State of Nigeria made history as it became the first African state to participate in the prestigious Lord Mayor's Show in London. This annual event, known for its rich tradition spanning 800 years, showcases the city's history and commerce.

This debut appearance highlights the state government's aspirations of becoming a global financial hub and attracting foreign investments. It is especially significant considering the challenges faced by federal authorities in revitalizing Nigeria's economy, including mounting debts, unprecedented inflation rates, and a significant decline in the value of the local currency.

The organizers of the Lord Mayors Show invited Lagos to take part in the London procession due to the state's increasing economic significance. Leading Nigeria's delegation to the London parade on Saturday, Lagos Governor Babajide Sanwo-Olu stated that their participation was an invitation for the global community to discover the vast array of opportunities that Lagos has to offer.

Among the Lagos contingent were the traditional Eyo masquerades who take part in the famed Yoruba Eyo festival in the state.

He informed CNN that Lagos State, renowned for its profound cultural legacy and steadfast determination, is not merely taking part in a momentous procession. Instead, it is confidently stepping into the international limelight, extending an invitation to the world to behold its vitality, progress, and countless prospects.

He further emphasized that Lagos is not solely accessible for business ventures, but also embraces paradigm-shifting endeavors that shape the future.

A global financial center

Lagos, previously the capital city of Nigeria, has served as the primary economic hub of the West African nation, making significant contributions to its GDP, accounting for around 30%, and generating over half of Nigeria's port revenues, as per data released by the government.

Nevertheless, Lagos confronts numerous challenges, particularly its inadequate infrastructure encompassing roads, public transport, and utilities. Additionally, the exponential population growth of Lagos has resulted in problems like overcrowding, infrastructure strain, and heightened demand for essential services. Nonetheless, there are numerous supporters who firmly believe in Lagos' potential to transform into a prominent worldwide financial center, attracting significant foreign investments to Nigeria.

Aigboje Aig-Imoukhuede, the co-chair of the recently formed Lagos International Financial Centre Council (LIFC), stated that Lagos is now prepared to establish itself alongside global players. The necessary market infrastructure is in place, he mentioned, and the previous issue had been the inadequate management of the market from a governmental perspective over the past eight years. However, he emphasized that there have been significant improvements.

Nigeria participates at London procession

EnterpriseNGR

The annual celebration marks the appointment of the new Lord Mayor of the City of London, and Lagos put on a vibrant parade that highlighted its rich arts and cultural legacy.

Huddle for investors

In the midst of the rush for foreign investments in Nigeria, numerous challenges exist for potential investors. The US Department of Commerce has identified foreign exchange restrictions and the increasing cost of conducting business in Nigeria as some of the disadvantages of investing in the country.

Nigerias new President Bola Tinubu has asked citizens to endure hardships from touted economic reforms despite proposed lavish spendings by his government.

Emmanuel Osodi/AP

Nigerians outraged over government spending plans as millions face hardship

Last year, Emirates airline halted its operations in Nigeria, leading to the suspension of flights between Nigeria and the United Arab Emirates. This decision was made by the airline due to trapped revenues.

Following a similar path, GSK, a British drugmaker, announced this year that it would cease its operations in Nigeria. The decision was attributed, in part, to the significant increase in business costs.

Aig-Imoukhuede, founder of EnterpriseNGR, collaborated with the Lagos government to establish the LIFC. He is calling upon Nigeria's financial authorities to tackle key issues, such as the country's increasing inflation and unpredictable exchange rate. He specifically urges the Nigerian Central Bank to prioritize lowering the inflation rate, as doing so will contribute to a stable currency. In his conversation with CNN, he emphasizes that achieving a low and stable inflation rate is a significant step towards success.