The city of Lagos is a major economic focal point in Nigeria, generating around 30-35% of the country's GDP. Most commercial and financial businesses are carried out in the
central business district situated on the island. This is also where most of the country's commercial banks, financial institutions, and major corporations are headquartered. Lagos is also the major information communications and telecommunications (ICT) hub of West Africa. Lagos is developing a
24-hour economy. The globalisation of Lagos's economy is rated "beta minus" by the GaWC. This is equivalent to
Manchester or
Edinburgh in the
UK. Lagos is thus the most "globalised" city in West and Central Africa. 5 out of 7 African tech "
unicorns" operate out of Lagos (see below).
Financial institutions Lagos is a major financial and banking centre. The four largest banks in West and Central Africa are headquartered in Lagos, and another nine banks in Lagos are among the 20 largest banks in the region.
Zenith Bank,
Access Bank,
Guaranty Trust Bank and
First Bank have capital of more than US$2 billion each. As with the banks, the headquarters of the insurance companies are predominantly located in Lagos.
Ports The Port of Lagos, formally known as the Lagos-Elbert Mathews Memorial Port, is Nigeria's leading
port and one of the largest and busiest Ports in Africa. Due to the large urban population, Lagos is categorized as a medium-port megacity using the Southampton System for port-city classification. It is administered by the
Nigerian Ports Authority. The
Port of Lagos / Apapa is the oldest and largest port in the country, both in terms of land area and cargo volume handled. More than half of Nigeria's maritime trade is handled here, and the port also acts as a transhipment point for landlocked countries such as Chad and Niger. Around 1,000 ships with 5,700,000 tonnes of cargo call at the Lagos port complex annually.
Tin Can Island Port is located west of Apapa near the Lagos Port Complex. It was established in 1975. In early 2023, the
deep sea port of Lekki was commissioned 50 km east of Lagos. This thus does not belong to the urban area of Lagos but to the
state of the same name.
Entertainment industry and media Nollywood Lagos is the centre of the West African film, music, and TV industries. The film industry in the Surulere locality ranks second or third in the world, ahead of or behind Hollywood, depending on the survey. PricewaterhouseCoopers Int. forecasts that the Nigerian entertainment industry will grow 85% to $15 billion. Since the success of the Nigerian thriller "The Figurine", Nigerian film has increasingly turned to high-quality productions that are also commercially successful. This, in turn, has led to consistently new box office revenue records in Nigeria (2009's "The Figurine", 2013's "Half of a Yellow Sun", 2016's "The Wedding Party", 2023's "Battle on Buka Street").
Newspapers In Nigeria, newspapers are available in digital format and are predominantly produced in Lagos. The most widely read newspaper in Lagos, by its own account, is
Punch. The
Vanguard newspaper is one of the few dailies that is not only available online but also in print. Other publications include
The Guardian,
The Nation,
The Sun and the
Nigerian Tribune. The latter was founded in colonial times, in 1949.
Television The most watched television station in Lagos (and in Nigeria) is the 24-hour news channel
Channels TV, based in Lagos. Some of its presenters use an overly correct standard of British English that compatriots like to mock. The same can be said of
Arise TV and the state broadcaster
NTA. The private
African Independent Television focuses on entertainment and infotainment. Programmes in
pidgin English or in
Yoruba have moved to digital streaming services and offer
action films,
comedies and
heartbreak productions.
"Africa's Silicon Valley" Seven tech start-ups in Africa are said to have "
unicorn" status (worth over 1 billion euros). Five of them are based in Lagos:
Flutterwave is in the virtual bank card business.
Opay and
Interswitch are platforms for online bookings.
Andela trains software engineers and places them in the Nigerian labour market.
Jumia is an online retail company that offers a wide range of products such as electronic devices and fashion. Lagos is home to more tech hubs than any other city in Africa. With more than 90 million internet users, Lagos is attracting investors who want to capitalise on this expanding technology hotspot.
Bloomberg highlights "Nigeria's Chaotic Rise as the Tech Heart of Africa" and means
Lagos, specifically the
Yaba district.Lagos is the only African city to have both a Google and a Microsoft office.
MTN maintains the first and still predominant 4G network in Nigeria.
Airtel is another 4G provider. 9Mobile and Dataflex are Internet providers.
Paystack is used by Nigerians who regularly receive payments from abroad.
ULesson maintains a platform on which secondary school learning content is presented. Hotels.ng allows hotel bookings to be made throughout Africa.
Oil refinery For decades, there was no oil processing industry in Nigeria, apart from illegal refineries in the Niger Delta (which are very polluting due to the lack of
cracking). Nigeria therefore had to have the end products of domestic crude oil such as
fuels,
bitumen,
paraffin,
motor oil,
polypropylene etc. produced in US or European refineries, with transport costs over thousands of nautical miles and margins for middlemen. The oil refinery in Lekki went into operation in December 2023 and presently produces 650,000 barrels of oil per day, with plans to expand capacity to 14 million barrels per day. In October 2025, Dangote announced plans to more than double the daily capacity of the Lekki refinery to 1.4 million barrels at a cost of USD 350 million. This would make Lekki the largest refinery in the world. During the same period, the neighbouring states of
Ogun and
Ondo announced their own plans to build oil refineries: Ogun on Tongeji Island near
Ipokia (close to
Badagry) and Ondo in the ‘Sunshine Free Trade Zone Igotiri’ in
Ilaje, 50 km east of the Lekki refinery.
Fertiliser plant Since 2022, a new fertiliser production plant has been producing 3 million tonnes of fertiliser a year (roughly equivalent to Germany's fertiliser consumption). With no more Russian fertiliser coming onto the world market in 2022 due to this country's
invasion of Ukraine, Nigeria is stepping into a gap in the market. "The fertiliser market is a seller's market," company owner
Dangote raves. "People are begging for us to sell and we are choosy about who we sell to."
Pharmaceutical industry Nigeria hosts about 60 percent of the pharmaceutical production capacity in Africa (status 2022). The larger pharmaceutical companies in Nigeria are located in the North of Lagos.
Emzor Pharmaceutical Industries Ltd appears to be the pharmaceutical producer with the most employees. Next in line are
Fidson Healthcare Plc,
May & Baker Nig. Plc and
Swiss Pharma Nigeria.
Automotive industry Nord Automobile Limited has two assembly plants in Lagos: in Sangotedo and in Epe. The company manufactures its own plastic parts and plans to take on steel pressing in the future. The company offers eight different models. However, company founder and CEO Oluwatobi Ajayi is struggling with insufficient demand and the increase in the price of imported components due to the devaluation of the local currency, the naira, in 2023. He is looking for solutions with a German partner.
Lekki Free Trade Zone The
Lekki Free Trade Zone is a free trade zone in the eastern part of Lekki, covering a total area of about 155 square kilometres. It has an area of 30 square kilometres and is to be developed into a multifunctional district: integrating industry, trade and commerce, real estate development, warehousing and logistics, tourism, and entertainment.
Trade fairs and exhibitions Lagos has two major congress halls, the Eko Convention Center and the Landmark Centre. The Eko Convention Center has 5,151 m2 and 13 meeting rooms. It hosts for example the Lagos Fashion Fair. The Landmark Centre has 1,004 m2 and 8 meeting rooms. The Landmark Centre hosts annual meetings like "Medic/Medlab West Africa", "Beauty West Africa" or "agro-food". The
Lagos Leather Fair is the largest leather fair in West Africa. Nigeria is the sixth largest leather exporter in the world, with brands such as Prada, Gucci and Louis Vuitton sourcing their goods here. Fashion journalist Waridi Schrobsdorff even puts 'Milan, Paris, Lagos' on the same level on news channel
N-tv.
Food processing and distribution Nigeria's largest
brewery, fancily named Nigerian Breweries and a Heineken subsidiary, is located in the Lagos-Surulere district. The Guinness brewery produces its famous strong beer in the Ikeja district. Apparently, the average Nigerian drinks larger quantities of this beverage than the average Irishman. Both breweries also produce non-alcoholic (Guinness also halal) malt beer, which is part of the "Lagos' way of life". In Ketu-Ereyun, between
Epe and
Ikorodu, Lagos State builds a
"Food Logistics Park" – the biggest logistics hub for food in Sub-Saharan Africa. The site is 1.2 million square meters big and the construction is expected to be finished in 2024. Until now, Nigeria paradoxically exported unhusked rice but had to import husked rice, the country's staple food. – The
hulling mill in Imota, just outside Lagos, processes the rice domestically. When fully operational, the plant, the largest south of the Sahara, is expected to employ 250,000 people and produce 2.5 million 50-kg bags of rice annually. The
Apapa sugar refinery, part of the Dangote Group, increased its turnover to 288.3 billion naira (€590 million) in the third quarter of 2022 – a 47% increase from the third quarter of 2021. The sugar refinery has a capacity of 1.44 million metric tonnes per annum and supplies end users as well as bulk buyers such as
Nestlé Nigeria Plc,
Cadbury Nigeria Plc,
Seven-Up Bottling Company Plc and the
Nigerian Bottling Company. The new fruit market comprises 1,004 shop units. It has its own water and electricity supply, canteen and parking facilities. The facility is monitored by security personnel. Both hubs are aiming to increase the speed of food supply and reduce the percentage of food going to waste before it reaches the customer.
Timber, sawmill The Lagos sawmill moved from its old but bursting-at-the-seams location in Oko Baba to
Timberville, just outside Lagos, in 2022, where modern facilities are available. == Tourism ==