A GLOBAL CITY OF THE FUTURE: A McKinsey report on “Global Cities of the Future“, issued in 2010, analysed data on the dramatic urban growth expected by 2025. There was only ONE UK city, London, on Top 100 list. However there were TWO cities from Nigeria – Lagos and Port Harcourt!!
The predicted trend in the rise of Mega Cities has been heralded by this report, and over this period, 600 cities will account for nearly 65 percent of global GDP growth.
McKinsey Report – Global Cities
McKinsey Report - ACCRA LAGOS CAPE TOWN
Popn ( Million ) 2.47 4.23 10.79 18.86 3.49 4.39
Total GDP ($bn) 8 36 28 75 38 89
Year 2010 2025 2010 2025 2010 2025
MARKET ENTRY: According to Actionable Insights, the global city thinking is an approach for new and experienced exporters to go to market in a very logical way. It is so much easier to qualify and quantify the market/trends, the opportunity and competitors in a city.
Before entering the Lagos market, the specific digital [analytical] tools can be applied to understand the specific market niche under review. Also Lagos Business Academy has the network and infrastructure based in Lagos, to corroborate the analysis and fact-find.
LAGOS STARTUP ECOSYSTEM: According to Startup Genome’s 2017 Global Startup Ecosystem Report and Ranking report, Lagos is the startup ecosystem with the highest value in Africa, valued at $2 Billion. There is a culture of innovation and an under-developed market, especially for financial services.
GLOBAL CONNECTEDNESS: A major insight from the Startup Genome report is that “Global connectedness” can be measured and is a predictor of success. The impact of this comes when a company can understand the global market need, sell to customers in other markets and “go global,” all of which are critical for startups to grow beyond local ambitions toward high-value outcomes.
UK Tech Startups and companies would need to find partners, and make investments, in the Lagos Startup ecosystem to expand their market niche, e.g financial service sector.
THE URBAN LANDSCAPE
Lagos can be rightly described as “A tale of 3 cities“! There is the enclave of the super rich in districts (Banana island etc), the aspirational middle class (Ikoyi etc.) and depths of deprivation (Ajegunle). This paradigm is obvious in a metropolitan mega-city and parallels could be drawn between Ajegunle and The Bronx (New York City!).
Then there were FOUR!! Since 2013, Lagos has been building a new multi-billion dollar city that could become the new financial center of West Africa. Eko Atlantic City is a planned city of Lagos State, Nigeria, being constructed on ten square kilometers of land reclaimed from the Atlantic Ocean. It is 100% privately funded.
It will be home to quarter of a million people and employ a further 150,000 people who will commute on daily basis. It has been planned with modern infrastructure, 24-hour Power Generation and will attract and retain top multinational corporations. Planned completion is by 2020.
GOING GLOBAL: LBAcademy will help with your Lagos investment strategy and support your business through the hurdles and checkpoints of the International Trade process by providing several services.
Our Key strength lies in provision of market entry strategy,
providing business support to:
Help develop your marketing plans for Lagos market entry
Maximise your sales techniques to promote your products
Prepare an effective export policy and procedures strategy
LBAcademy provides a UK based Business Growth Hub that supports UK tech business & diaspora startups based in London and provides Lagos market entry. Follow on Twitter @LagosBizAcademy and connect with me on LinkedIn.