Your Companion

We do not need official statistics to recognize the strides that Lagos state is taking to change the face of Greater Lagos Area. Other states could be doing greater things but Lagos remains the cynosure of our eyes, perhaps being the commercial hub of Nigeria or because of its enormous population that has bestowed on it a mega city status. Being a mega city in itself is troubling as it suggests that infrastructure has to be enough for the teeming population that call Lagos their home. Further, it has to be attractive enough to retain its commercial hub status and to attract new ones. It is therefore newsworthy to read of several projects embarked upon by the state government to meet with the infrastructure needs of the people in the 21st century. Realizing the weight of the tasks ahead, the state has equally called on the private sector and foreign investors to consider Lagos state for their business, providing opportunities for franchising, concessions and adoption of projects such a...

That Nigeria’s economy would be in a dire strait in 2009 is no longer news; not with the fall in the price of petrol in the international market and the much talked about and already pinching global economic meltdown. Capital flights by foreign investors to bail out parent companies in their ailing economies have not helped matters. According to Dr. Mailafia, former deputy governor of the Central Bank of Nigeria, the global recession will have seven major effects on the Nigerian economy. First, as an immediate consequence, it is likely to aggravate the ongoing stock market crisis. Recently, it was reported that foreign portfolio investors have withdrawn some US$15 billion from our capital markets. Such massive withdrawals compound the crisis of confidence which will further complicate the capital market recovery process. Secondly, dwindling petroleum prices mean a severe reduction in foreign exchange earnings, which, in our case, derive overwhelmingly from the petroleum sector. Some ex...