The Lagos Chamber of Commerce and Industry has said that unintended consequences of rapid population growth, urbanisation, relentless demands for infrastructure, increasing demand for quality education services and healthcare pose risk to the economic potential of the heart of Africa’s centre of commerce
LCCI President, Asiwaju Michael Olawale-Cole, stated this on Wednesday during his opening remarks at the Lagos Island economic summit webinar.
Olawale-Cole noted that Lagos Island was pivotal to trade and commerce in Nigeria as a huge volume of commercial and financial business was carried out daily in the central business district situated on the Island.
He, however, expressed concern that the rapid urbanisation of the state with its attendant demands might threaten the economic growth of Lagos Island due to its strategic economic relevance to the state.
As it is, the economic growth of Lagos Island is outpaced by the geometric increase in the population size.”