Every Lagos resident would have spent over six years in traffic by the time they clock 55 years, a new report by the Financial Derivatives Company (FDC) Limited, has indicated.

The state has one of the worst traffic gridlocks in the world, as commuters spend hours on the road, losing a significant part of their productive time before arriving at their destinations.

FDC, led by Nigerian economist, Mr. Bismarck Rewane, also highlighted in its latest report published this month the economic outlook for 2022. The Lagos-based research and investment firm stated that while Lagos residents spent 1,080 hours in traffic a year, residents of London, which is said to have the highest congestion in the world, spent about 148 hours.

The report stated, “Lagosians are spending approximately 1,080 hours a year in traffic, compared to 148 hours in London, the city with the worst traffic jams in the world (excluding Nigeria and Egypt).

“This comes to 12.5 per cent of the time in a year. It also translates to 6.76 years in a life expectancy of 55 years.”

According to the report, compared to Lagos’ 1,080 hours, residents of Paris spend 140 hours in traffic, Brussels (134), Palermo (109), Moscow (108), Rome (107), Chicago (104), Lyon (102), New York (102), and Bucharest (98).

Despite efforts by successive governments to solve the traffic challenge in Lagos, there has been no major breakthrough, as residents languish for hours in the intractable hold-ups, wasting several man-hours.

Research organisations, like SBM Intelligence, had suggested an upgrade of the infrastructure in the water transport sector to encourage commuters to patronise boats and ferries to reduce the perennial traffic congestion in Lagos.

Other studies had advocated a mass movement mode of transportation, like the rail system, to move people in one of the world’s most populated cities.

In other issues, the FDC report stated that economic policy vagueness and “regulatory autocracy” plagued the Nigerian economy for most part of 2021.

It stated, “It was a year best described as ‘in like a lion, and out like a lamb’. But in reality, it was almost the opposite because of mixed signals.

“The economic growth maintained a slow and steady path as was expected but could be threatened by a rude interruption of the Omicron variant and the spectre of precision lockdowns.

“This notwithstanding, Nigerians are still frustrated with data that shows falling inflation in an environment of higher prices.”

In the Christmas edition of the monthly report, the FDC further extrapolated possible exchange rate scenarios based on oil price sensitivity, giving an external boundary of N610/$ and an optimistic scenario of N530/$.

Stressing that some of the economic imponderables were becoming clearer, the firm noted that just as the US fed was determined to increase interest rates three times in 2022 and the Bank of England had pushed up its policy rate to 0.25 per cent per annum, the implication of higher dollar interest rates was an excruciating external debt service burden for Nigeria, compounded by the subsidy overhang.

On the oil market, the FDC projected an optimistic oil price of $70-$75 and a $60 to $65 negative scenario for the first half of 2022, while oil production would hit 1.55 million barrels per day in a positive scenario and 1.3 million barrels per day in a negative scenario.

It predicted that fuel subsidy removal by the second quarter would take the price of the product to between N320 and N350 per litre while government spending on imports of petroleum products could taper from the last quarter of next year.

It also predicted a positive balance of trade at -$1.90 billion and a negative scenario of -$9 billion, while external reserves would increase to $42 to $43 billion for a positive projection and $35 billion in a pessimistic analysis.

According to the report, while government revenue was estimated to increase in 2022, on the back of improved tax revenue and proceeds from subsidy removal, fiscal deficit would narrow to 2.8 per cent in 2023 from 3.7 per cent in 2020.

However, the FDC stated that high debt servicing costs, large public wage bill and security expenses would keep government spending elevated throughout the period.

With public finances remaining in deficit on lower oil revenues, FDC projected that this would negatively impact the implementation of capital infrastructure projects, like rail and roads, even as debt-servicing costs to revenue will stay above 75 per cent.

In addition, it stated that inflation would remain stubbornly high, real Gross Domestic Product (GDP) will remain positive while the Central Bank of Nigeria (CBN) will be more intentional about exchange rate reforms and increasing foreign exchange supply.



https://www.thisdaylive.com/index.php/2021/12/31/report-at-55-years-every-lagos-resident-wouldve-spent-over-six-years-in-traffic/

A friend arrived at Heathrow airport before I could got home after dropping him off at MMA..

All thanks to Lagos traffic

That is an understatement right?

At 55, 6 years?

That is a wrong statistics. If you spend almost half a day in traffic congestions daily, you should have spend at least 30% of your current age in traffic.


But the way this man dey emphasize this traffic thing tho, wetin gala people do you?

Quite simply.. overpopulation and landmass.
Lagos is the smallest state.. barely above 3,000sqm and housing over 20 million people, that's 10% of the nations population and growing. The vehicular population is also high.. 20% of all cars in Nigeria are registered in Lagos and probably driven there too.
It's just a shame uneven development is happening.. so many people flock to Lagos daily, sharing resources with the indigenes.
This has to stop else Lagos will be swamped.

The traffic in Lagos is crazy

HenryWilliams:
Quite simply.. overpopulation and landmass.
Lagos is the smallest state.. barely above 3,000sqm and housing over 20 million people, that's 10% of the nations population and growing. The vehicular population is also high.. 20% of all cars in Nigeria are registered in Lagos and probably driven there too.
It's just a shame uneven development is happening.. so many people flock to Lagos daily, sharing resources with the indigenes.
This has to stop else Lagos will be swamped.

As for me nah planning matter

If the a Lagos State Government can take away Danfo, napep and bike away from the major roads, traffic matter go reduce by 50%

DubaiLandLord:
As for me nah planning matter

If the a Lagos State Government can take away Danfo, napep and bike away from the major roads, traffic matter go reduce by 50%

Lagos state need to invest more on other means of transportation apart from road.

Water, Rail and Crane should be part of the alternatives to reduce the congested Lagos traffic

That's why Lagos, of all the places, needs a decent subway system, not just BRT.

Abuja too also needs a subway system, because the rush hour and end of day traffic is becoming like Lagos traffic...

backbencher:
That's why Lagos, of all the places, needs a decent subway system, not just BRT.

Abuja too also needs a subway system, because the rush hour and end of day traffic is becoming like Lagos traffic...

Stop counting the northern part of Abuja as abuja. To me mararaba,karu and jikwoyi is abuja extension, hence the heavy traffic that occurs there

Femmyfestus:

Stop counting the northern part of Abuja as abuja

Sorry, but your comment does not relate to what I was trying to say really.

Abuja does need a subway system, if possible, linking the satellite cities with the main town.

Traffic is awful nowadays

SO too does Lagos.

backbencher:


Sorry, but your comment does not relate to what I was trying to say really.

Abuja does need a subway system, if possible, linking the satellite cities with the main town.

Traffic is awful nowadays

SO too does Lagos.

If you are not staying in the places I mentioned, then you dont have any issue with lagos type traffic. Lugbe and kubwa traffic is usually lite and hardly will you spend 5mins at a point

Count me out. I work for myself and not with the 8 to 6 crowd.

Femmyfestus:

If you are not staying in the places I mentioned, then you dont have any issue with lagos type traffic. Lugbe and kubwa traffic is usually lite and hardly will you spend 5mins at a point

Even then, lite or no lite traffic..Abuja needs a subway.

We can agree to disagree. Abuja needs a subway.

Make someone get to work on time, regardless....let's even reduce cars on the road self...with subsidy removal coming up.

Ok

backbencher:


Sorry, but your comment does not relate to what I was trying to say really.

Abuja does need a subway system, if possible, linking the satellite cities with the main town.

Traffic is awful nowadays

SO too does Lagos.

A subway system would not work in Lagos due to its close proximity to the lagoon, and its very low height above sea level. That subway would be flooded anytime there was heavy rainfall, whereby the train passengers would get drowned like so many hapless waterlogged rodents.

To all residents of Lagos, please accept my sincere condolences on your predicament. That city is the noisiest, most polluted, chaotic, squalid, disorganized, congested, traffic gridlocked, and crime-ridden metropolitan hell-hole I have ever had the misfortune of visiting anywhere on this planet, bar none.

I would rather be an impoverished villager living a subsistence existence amid a deep, remote primeval forest who hunts rats and poisonous snakes to sustain my family, than a multi-millionaire who has been cursed to reside in Lagos, that utterly terrifying Squalor Capital of the Known Universe.

Jakumo:


A subway system would not work in Lagos due to its close proximity to the lagoon, and its very low height above sea level. That subway would be flooded anytime there was heavy rainfall, whereby the train passengers would get drowned like so many hapless waterlogged rodents.

To all residents of Lagos, please accept my sincere condolences on your predicament. That city is the noisiest, most polluted, chaotic, squalid, disorganized, congested, traffic gridlocked, and crime-ridden metropolitan hell-hole I have ever had the misfortune of visiting anywhere on this planet, bar none.

I would rather be an impoverished villager living a subsistence existence amid a deep, remote primeval forest who hunts rats and poisonous snakes to sustain my family, than a multi-millionaire who has been cursed to reside in Lagos, that utterly terrifying Squalor Capital of the Known Universe.

Thanks for the input...looks like a light rail system may work better.

backbencher:
That's why Lagos, of all the places, needs a decent subway system, not just BRT.

Abuja too also needs a subway system, because the rush hour and end of day traffic is becoming like Lagos traffic...

Lagos is investing massively on what you mentioned . It was abandoned by former Gov. Ambode.

Follow this guy on YouTube
https://www.youtube.com/watch?v=xR53QLZW9qI


https://www.youtube.com/watch?v=FT91WlnFwNw

helinues:


A friend arrived at Heathrow airport before I could got home after dropping him off at MMA..

All thanks to Lagos traffic

You copied this from someone else story.

helinues:


A friend arrived at Heathrow airport before I could got home after dropping him off at MMA..

All thanks to Lagos traffic

That’s why you are the suffering and smiling CHAMPION!

So you suffered this much to the point that your friend arrived far away London before you were able to drive a few kilometers.

Yet you will keep singing praises to your oppressors who have never once thought about enforcing traffic rules and allow for total chaos and madness on Lagos roads.

In the country your friend is going to, don’t police patrol and pull erring drivers over?

But here in your zoo/jungle, would your children even know what it means to get pulled over? The proper pull over with a chase and sirens and not checkpoints.

You Nigerians see the problems but for whatever reason, you will fight to keep the problems and make them worse, instead of making moves to eliminate the issues.

Maybe next time, your friend would have gotten to Australia before you drive 10km in Lagos traffic with the complete and utter lawlessness.

Jakumo:


A subway system would not work in Lagos due to its close proximity to the lagoon, and its very low height above sea level. That subway would be flooded anytime there was heavy rainfall, whereby the train passengers would get drowned like so many hapless waterlogged rodents.

To all residents of Lagos, please accept my sincere condolences on your predicament. That city is the noisiest, most polluted, chaotic, squalid, disorganized, congested, traffic gridlocked, and crime-ridden metropolitan hell-hole I have ever had the misfortune of visiting anywhere on this planet, bar none.

I would rather be an impoverished villager living a subsistence existence amid a deep, remote primeval forest who hunts rats and poisonous snakes to sustain my family, than a multi-millionaire who has been cursed to reside in Lagos, that utterly terrifying Squalor Capital of the Known Universe.

rubbish. Singapore is at the sea and has a world class subway

Kzinne:
rubbish. Singapore is at the sea and has a world class subway

Ok na you sabi. But first see how as dem dey swim for inside New York subway last year when plenty rain go fall.


https://www.youtube.com/watch?v=Nndp_HvLrrA


https://www.youtube.com/watch?v=48yMjp-1NlM

Whaaatt!
That means one would've spent in traffic, the equivalent time taken to study a course like Engineering or Agric. with and extra year, in a 9ja University!
That's so unhealthy.

Jakumo:


Ok na you sabi. But first see how as dem dey swim for inside New York subway last year when plenty rain go fall.


https://www.youtube.com/watch?v=Nndp_HvLrrA


https://www.youtube.com/watch?v=48yMjp-1NlM

the cause-

After Hurricane Sandy devastated New York and flooded its subway system in 2012, the Metropolitan Transportation Authority (MTA) knew it needed to act. ... The flooding from that event came mostly from the sheer amount of rainwater that overwhelmed the stormwater system, with more than 3 inches falling in a single hour.