Why Multinationals Are Betting on Lagos

The last five years have been great for international business in Lagos ? the Louisville, KY based fast food restaurant chain Kentucky Fried Chicken (KFC) expanded its franchise?to seventeen locations in 2012 and in the same year, German luxury car maker Porshe, officially opened its first dealership in Victoria Island. In July 2014, Uber,?the California based?network transportation company,?whose?mobile apps?connect passengers with drivers of vehicles for hire and?ride sharing?services launched in Lagos.?

The city is also home to some of the world?s leading consumer, pharmaceutical & healthcare, luxury and financial multinationals. Technology, the rise in the city?s middle class and burgeoning entrepreneurial spirit has been a strong draw. Combined with a vibrant social economy that thrives on ambition and innovation, Lagos has the potential to inspire even more partnerships and collaborations. With an ever growing population, the proliferation of multinational companies also brings with it employment opportunities that provide a boost to the working class. Though the?city that never sleeps continues to wrestle with many structural issues, the presence of international power houses is seen as a vote of confidence in one of the fastest growing economies on the continent.

Image: Folarin Shasanya