Lagos State is the smallest state in Nigeria, although it has the highest urban population, about 27.4% of the national estimate.
Its population is estimated at 21.8 million, making it the third largest megacity in the world. Lagos accounts for over 70% of the nation's industrial investments and 65% of Nigeria's commercial activities with Lagos State's GDP estimated at N13.97tri ($86.25 billion) in 2012.
Lagos State's GDP is equivalent to 19 of the poorest African countries' GDP added together.
Internally generated revenue (IGR) accounts for over 60% of Lagos State's annual budget. Lagos State has 29 Industrial Estates and four Central Business Districts.
It is the largest market in sub-Saharan Africa and handles over 70% of the total national cargo through its major sea ports. The home to the Nigerian Capital and Money Market, it is Nigeria's media and telecommunications hub and its busiest international/regional aviation hub (over 70 per cent of international and 6o per cent of domestic traffic).
Lagos State accounts for 45 per cent of national electricity consumption and has a demand of 10,000MW. Water demand is 540 million gallons per day (MGPD); the average household size is five persons; and has the highest vehicular density of any state in Nigeria with over 222 vehicles/km. The population density stands at approximately 6,117 per square kilometre.
Lagos State faces many challenges, probably none more important than, as previously mentioned, its infrastructure. But there are other pressing matters that require attention besides the huge infrastructural gap, including resource inadequacy; a steady influx of people from neighbouring states and countries; security; an inequitable allocation from the Federal Account; unemployment at about 8% (as against the nation's 23.9%).
The infrastructure funding gaps in Lagos State have been apportioned as water development ($3 billion); road & drainage ($20 billion); power ($10 billion); ICT ($5 billion); transportation ($9.3 billion) and waste, sewage, etc ($2.7 billion)--a total of $50 billion over a 10-year horizon.
The key policy initiatives adopted by the Fashola administration are a Ten Point Agenda (TPA); the Lagos State Economic Empowerment and Development Strategy; the resolutions of the Lagos Economic Summit (Ehingbeti); as well as the universal UN Millennium Development Goals (MDGs).
Policies to meet the Lagos State development goals include Public Private Partnership,...