Stats: 3,186,821 members, 7,930,812 topics. Date: Sunday, 25 August 2024 at 09:18 AM |
Nairaland Forum / Nairaland / General / Politics / Nigeria's Economy: Why Lagos Works (1196 Views)
Why Lagos APC Disbanded Justice And Mandate Groups / Nigerian Economy: Why Lagos Works / Why Lagos May Collapse - Donald Duke (2) (3) (4)
Nigeria's Economy: Why Lagos Works by MiddleDimension: 7:03pm On Apr 07, 2018 |
Nigerian economy: Why Lagos works In a country that is a byword for poor governance, Lagos is thriving — attracting investment and private enterprise. So what can the rest of Nigeria learn from it? © Getty Images. A bustling market on Lagos Island Share on Twitter (opens new window) Share on Facebook (opens new window) Share on LinkedIn (opens new window) Share on Whatsapp (opens new window) Save Save to myFT David Pilling in Lagos MARCH 25, 2018 Just to the east of Lagos, in the rapidly expanding new city of Lekki, a huge industrial project is taking shape. The Dangote oil refinery, with a capacity of 650,000 barrels a day, will cost at least $12bn to complete and be the biggest refinery of its type in the world. As well as producing enough petrol and kerosene to meet the entire demand of Nigeria’s 180m people, there will be some left over for export, according to Aliko Dangote, chairman and chief executive of the company behind the project. A separate fertiliser plant will start producing 3m tonnes a year of urea in the next few months, enough to meet the current needs of Nigeria’s farmers, while a petrochemicals factory will make a combined 1.3m t/y of polyethylene and polypropylene. The scale and audacity of a project that will suck up a third of Nigeria’s daily oil production and tilt the country’s import-export balance has invited naysayers. Some doubt whether even Mr Dangote can pull off a feat that has long eluded Nigerian governments. Yet Mr Dangote, whose company dominates Nigeria’s — and much of Africa’s — cement industry, has a formidable record of delivering at scale. If all goes to plan, when the refinery enters production in the first quarter of 2020, it will address many of the structural problems that have cursed Nigeria since it discovered huge quantities of oil 50 years ago. Because the country exports crude and imports refined products that are subsidised by the state, a plethora of dealers and middlemen has sprung up to make easy fortunes out of the arbitrage opportunities. Aliko Dangote is the chairman and CEO of a company that is building a $12bn oil refinery © Bloomberg Mr Dangote says his refinery will save Nigeria billions of dollars in foreign exchange and remove the pickings that have benefited generations of entrepreneurs diverted from production to speculation — something that is likely to make him enemies. “Nigeria has been trying to make refineries work for a very, very long time,” he says. “I’m a great believer in Nigeria because the opportunities here are enormous. But we need to have consistency in government policies.” That it has taken a Lagos-based businessman — and not an Abuja-based politician — to tackle so fundamental an issue says much about what is wrong with Africa’s biggest economy. Yet it could also hint at what is going right. Mr Dangote is a symbol of what private enterprise can achieve if it is provided with the right incentives. Though a northerner by birth, he also represents a real Nigerian success story: Lagos. Since the federal government moved to Abuja in 1991, Nigeria’s former capital and commercial hub of roughly 20m people has taken off. Starting in 1999, with the election of Bola Tinubu, a former Mobil Oil executive, Lagos has had three administrations that have harnessed the private sector to turn the city into the most productive and dynamic part of Nigeria’s economy. It was by offering Mr Dangote tax incentives in the Lekki free trade zone that the state persuaded him to build his refinery in Lagos. Lagos state output in 2017 was $136bn, according to official estimates, more than a third of Nigeria’s gross domestic product. The city is the centre of most of the country’s manufacturing and home to a pan-African banking industry as well as a thriving music, fashion and film scene that reverberates around the continent. More recently, it has become a tech hub to rival Nairobi’s so-called Silicon Savannah. https://www.ft.com/content/ff0595e4-26de-11e8-b27e-cc62a39d57a0 4 Likes 1 Share
|
Re: Nigeria's Economy: Why Lagos Works by collins0032(m): 7:10pm On Apr 07, 2018 |
PERFECT...! CC: FARON CC: SEUN |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 7:14pm On Apr 07, 2018 |
MiddleDimension:lagos works cos its a port |
Re: Nigeria's Economy: Why Lagos Works by MiddleDimension: 8:01pm On Apr 07, 2018 |
mikolo80: there arr other ports also 5 Likes |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 8:05pm On Apr 07, 2018 |
name them MiddleDimension: |
Re: Nigeria's Economy: Why Lagos Works by omohayek: 8:23pm On Apr 07, 2018 |
Why am I not surprised that there are already people trying to discount this factual, insightful Financial Times article - which they clearly haven't even bothered to read - by throwing up the same old tired excuses that are easily disproved with just a little research (which they can't be bothered to do)? Anything to protect that fragile sense of tribal pride, even when there are useful economic lessons to be drawn if only one were humble enough to pay attention ... 7 Likes |
Re: Nigeria's Economy: Why Lagos Works by omohayek: 8:28pm On Apr 07, 2018 |
In any case, the following continues the article where the OP left off:
5 Likes |
Re: Nigeria's Economy: Why Lagos Works by MiddleDimension: 8:44pm On Apr 07, 2018 |
mikolo80: calabar, ph and warri 2 Likes |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 8:49pm On Apr 07, 2018 |
MiddleDimension:commercial or oil and gas |
Re: Nigeria's Economy: Why Lagos Works by ODVanguard: 9:02pm On Apr 07, 2018 |
mikolo80: Calabar port, PH port, Onne port, and Warri port. All in the SS. 7 Likes 1 Share |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 9:10pm On Apr 07, 2018 |
ODVanguard:they are not deep sea ports only for evacuating oil |
Re: Nigeria's Economy: Why Lagos Works by ODVanguard: 9:31pm On Apr 07, 2018 |
mikolo80: Na wah for this your ignorance. Earlier you feigned ignorance of the existence of other ports besides the Lagos ones, asking the other poster to 'name them', as if those 4 ports in the SS region are non-existent or do not qualify to be considered as ports. You and your ilk are fond of regurgitating this stvpid lie about SS ports being used 'only for evacuating oil', when a simple google search would have spared you from making such blatantly inaccurate and unfounded statement. Forumites here have even attested to shipping their goods directly to the SS ports on several occasions. 8 Likes 2 Shares |
Re: Nigeria's Economy: Why Lagos Works by Omofunaab2: 9:35pm On Apr 07, 2018 |
4 Likes |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 10:01pm On Apr 07, 2018 |
Omofunaab2:whats funny |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 10:03pm On Apr 07, 2018 |
ODVanguard:really ok so now you have insulted me has it increased the tonnage shipped through those ports shety your grammar don beleful you ok now continue your movement |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 10:04pm On Apr 07, 2018 |
ODVanguard:dem for de north north na ? |
Re: Nigeria's Economy: Why Lagos Works by ODVanguard: 10:07pm On Apr 07, 2018 |
mikolo80: Next time don't just jam-talk out of ignorance about what you know next to nothing about just coz your fellow Igbos have been parroting it up and down. 6 Likes |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 10:10pm On Apr 07, 2018 |
ODVanguard:so if i don't talk how will i be corrected will i not remain in the ignorance better than you that think you know it all the day google will fail you is coming now see who is mis yarning simple goole would've revealed i am not an ipob be careful what you vomit from your gutter |
Re: Nigeria's Economy: Why Lagos Works by Qiiiii: 10:22pm On Apr 07, 2018 |
mikolo80: Now that he has educated your dumbass, will you shut the fuvk up and stop regurgitating that lie that other seaports aren't functional now? 6 Likes 1 Share |
Re: Nigeria's Economy: Why Lagos Works by Nobody: 10:23pm On Apr 07, 2018 |
mikolo80: These are the "things" graduating from schools in this country. 1. Ignorance is not a place, it is a condition. 2. What do you mean by "the ignorance". 5 Likes |
Re: Nigeria's Economy: Why Lagos Works by Ovamboland(m): 11:03pm On Apr 07, 2018 |
mikolo80: Do you know oil tankers are generally bigger than container ships? If those ports in the SS can handle tankers............ 5 Likes |
Re: Nigeria's Economy: Why Lagos Works by wickyyolo: 11:18pm On Apr 07, 2018 |
I must be frank. The Yorubas are very accommodating. 5 Likes |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 11:21pm On Apr 07, 2018 |
TheCabal:these are the 'things' graduating...you go school at all you pass english waec so? |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 11:21pm On Apr 07, 2018 |
Qiiiii:coman shut it for me nonentity like you |
Re: Nigeria's Economy: Why Lagos Works by rosebowl01(m): 11:50pm On Apr 07, 2018 |
TheCabal: Look, do not bother yourself with these people. They know what is wrong and what is right. They just don’t care for that. Their aim is simply to pull others down regardless... so, let’s just focus on progressing regardless... |
Re: Nigeria's Economy: Why Lagos Works by Qiiiii: 11:57pm On Apr 07, 2018 |
mikolo80: There is no greater nonentity than the one who keeps arguing after hearing the truth Plus, you're even potor sef. You're a nonentity by default 5 Likes |
Re: Nigeria's Economy: Why Lagos Works by Blue3k(m): 12:05am On Apr 08, 2018 |
Let's say you don't like Google searches ok fine. You can visit NPA website read about ports depth, tonnage moved and type of freight moved. You can also visit Nigerian Bureau of Statistics website. Lastly most colleges have scholarly database to do research on in case your in school or live near university. mikolo80: 2 Likes |
Re: Nigeria's Economy: Why Lagos Works by Nobody: 12:08am On Apr 08, 2018 |
Qiiiii:Ouch! 2 Likes |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 12:12am On Apr 08, 2018 |
Blue3k:just wanted to hear him defend his point and got what i was looking for now i do not need to debate him just insults from now on since that is the only language he speaks |
Re: Nigeria's Economy: Why Lagos Works by mikolo80: 12:13am On Apr 08, 2018 |
Qiiiii:nonenity like you |
(1) (Reply)
EFCC Arraigns Ize-Iyamu, Edo PDP Chair, Others For Money Laundering / Frame-up Allegation: FG Reacts To Obasanjo’s Claim / Major General Chikezie Ude Resumed Office As A Commander Of MNJTF
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 58 |