Economic Growth And Development Of Lagos And Nigeria

958 Words Feb 10th, 2015 4 Pages
Discussions
Contribution to Development
The clustered nature of SMEs in Lagos and Zhenjiang gives room for economies of scale ,ideally it is expected to facilitate synergy, specialization, cost reduction via the use of infrastructural facilities available and supply chain processes (Lee et al, 2010).The realities present a sharp disparity while most clusters in Zhenjiang have a well structured supply chain with a robust e-commerce platform that facilitates international businesses, clusters in Lagos are mostly service and import dependent oriented with strategic alliances in Asian Countries.. Their development plays decisive role in enhancing economic growth and development. Clustering offers unique benefits and a common feature in majority of firms in Chinese provinces, most of the clusters in Lagos and Nigeria are at different growth stage in their life cycles.( Tambunan, 2005); Rauch et al, 2014) .
Lagos state economy makes up a significant proportion of the Gross Domestic product(GDP) of Nigeria despite its small land size, other states with larger land size do not contribute as much as Lagos State and justifying porters location theory. The burgeoning economy 2010 GDP stood at =N= 12.091 trillion ($80.61 billion) and accounted for 35.6% of the national GDP and 62.3% of national Non - Oil GDP for the same year (Lagos State Gross Domestic Product (GDP) Survey: 2010).Translating the economic benefits of Lagos GDP to the common man in Lagos has remained a herculean task,…
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