Economy
Lagos is Nigeria's most prosperous city, and much of the nation's wealth and economic activity is concentrated here. Most commercial and financial business is carried out in the central business district situated on the island. This is also where most of the country's commercial banks and financial institutions and major corporations are headquartered. Lagos has one of the highest standards of living as compared to other cities in Nigeria as well as in Africa.
The Port of Lagos is Nigeria's leading port and one of the largest and busiest in Africa. It is administered by the Nigerian Ports Authority and it is split into three main sections: Lagos port, in the main channel next to Lagos Island, Apapa Port (site of the container terminal) and Tin Can Port, both located in Badagry Creek, which flows into Lagos Harbour from the west. The port features a railhead.
The port has seen growing amounts of crude oil exported, with export figures rising between 1997 and 2000. Oil and petroleum products provide 14% of GDP and 90% of foreign exchange earnings in Nigeria as a whole.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)