Hinging its position on five indicators
observed by investors before investing in
an economy, a recent report on ‘Africa’s
cities of opportunity’ has ranked Lagos
state the seventh city of opportunity in
Africa, behind Accra, Ghana.
According to the report by
PricewaterhouseCoopers, the indicators
represent concrete and pragmatic
determinants of a city’s social and
economic development, Gross Domestic
Product (GDP), inequality, middle-class
growth, ease of doing business, and
foreign direct investment.
Specifically, the indicators border on
current development or future potential,
location, nature of the opportunity, “must-
have” or “Knock-out” factors and time
scale (time for achieving return on
investments).
With a score of 321, Lagos ranked 77 in
infrastructure, 43 in human capital, 109 in
economics and 92 in society and
demographics. The report also showed
that the ranking of cities in Africa
benchmarked against the ranking of
countries is markedly different.
Indeed, the attractiveness of cities on the
continent is sometimes stronger than the
country itself and the cities, which are
performing well, are those that have
succeeded with the challenge of
diversifying their economy and creating an
ecosystem conducive for the middle class
to grow. The top five cities according to
the ranking are Cairo, Tunis,
Johannesburg, Casablanca and Algiers.
The preponderance of North African cities
is explained by their longevity, which has
allowed for the development of their
infrastructure and human capital over
time.
“The question we asked at the outset of
this report was, ‘What makes a city suitable
to exploit an opportunity?’ The point, in a
nutshell, is that to discover different
opportunities, investors often need to look
through different lenses: different
strategies demand different perspectives.
“Africa is at an exceptional historical
crossroad.
The growing middle class, strong
demographic growth with improving age
mix, the technological innovation, growing
choice of investment partners from the
global south and fast-paced urbanisation
are shaping what the future of Africa
could look like.
These trends twinned with the generally
accepted economic data that cities are the
world’s engines of growth, makes the
report not only necessary but extremely
timely.
“Most of our African Cities of Opportunity
are on a path of real achievement,
however, and can rise to the highest levels
in our rankings with some effort and
planning.
Many, indeed, have become regional hubs
in a variety of areas: Dar es Salaam and
Douala as ports (and the latter as a
transshipment centre); Accra for
telecommunications; Lagos in culture
(music, as well as an essential venue for
Nollywood); and Nairobi in financial
services (along with the more obvious
Johannesburg)”, the report stated.
Speaking on the report, Chief Executive
Officer of PwC Nigeria, Uyi Akpata stated:
“In 2030 half of the population will live in
cities in Africa where economic activity
and growth will be focused and which will
become communication centers and hubs
for social trends.
This presents a major challenge to local
authorities, city governments and also for
businesses.” Commenting further, Akpata
noted that: “Lagos ranked 7th in the
overall rankings and was identified as a
regional hub for culture especially for
music and also as the destination for
African Cinema (Nollywood).
It was also listed as one of the top 5 cities
that are conspicuous sites for investment
at the moment along with Dar es Salaam,
Lusaka, Nairobi, and Accra.
“Lagos equally tied with Accra in 5th place
in terms of Economic index which
measured such variables as GDP per
capita, Rate of real GDP growth,
Headquarter of top 500 companies in
Africa and Ease of doing business but the
infrastructure challenges which for
example hinders easy movement and
increases journey time in the city was
identified as one of its weak points.
“Infrastructure and human capital take
time to develop but are often critical to
success.
Cities like Lagos, which are upcoming fast
developing opportunity cities, face
significant human capital and
infrastructure challenges, which limit their
economics.
“The role of the public sector policy
makers (and related development of
institutions) in guiding a city is important
to the private sector.
The building blocks are infrastructure,
human capital and also security. Where
these are in place, culture and society
starts to flourish.” The report also noted
the extraordinary opportunities in the
short, medium, and longer term and for
virtually any kind of economic enterprise
on the continent, from commodities to
manufacturing to consumer goods to
telecommunications and high tech.
PwC expects that the consistent growth of
Africans cities as a whole over the next
decade will not only alter the continent’s
socioeconomic landscape but will also
permanently alter the rest of the world’s
perception of Africa in an historic and
transformative way.



www.ngrguardiannews.com/2015/04/report-ranks-lagos-seventh-city-of-opportunity-in-africa/

Under (AMBODE)*Atide* it would surely move forward. Eko Baje Ti
I don't know why I just like anything APC. It is just OK for me.

Incase

A certain 'tribe' will soon come and make claims


*watch*

Lagos the 'NO MAN'S LAND'.
*dodges bullets, missiles, bombs, Amala etc*

there's a God above