Surge in population weakens economic progress of Lagos Island - LCCI

Michael Asiwaju Olawale-cole, the LCCI president, made the disclosure during his opening remark at the Lagos Island economic summit webinar. 

Lagos Island is a major and strategic player to trade and commerce in Nigeria due to the high volume of business carried out in the area, Olawale-cole remarked.

He was, however, not happy with the wave of rapid migration to the district, saying it puts immense pressure on the continued growth potential of the area.

According to him, the situation was not to be taken lightly, considering the value of the district to the economy of the state and the nation at large.

He said, “The extensive and daily money-making activities have, over time, accelerated the transition of the Island from a mere trade point to a commercial nerve centre. This underscores its immense potential along with the key structural components of the Nigerian economy, especially in distributive trade, real estate, transportation, logistics, tourism, and hospitality sectors.

“However, as the economic assets of the metropolitan mega-city increase by leaps and bounds, unintended consequences of rapid population growth, urbanisation, relentless demands for infrastructure, increasing demand for quality education services, and healthcare are common realities.

“As it is, the economic growth of Lagos Island is outpaced by the geometric increase in the population size.”

To remedy the situation, Olawale-cole called for all relevant stakeholders to join hands to come up with a comprehensive methodology for the development of Lagos Island to further unlock the economic potential of the state.