Describe the business environment in the Lagos, Nigeria and explain what the current economic environment is and how this environment encourages or inhibits business activity.

Answer both questions. each question is worth 50 marks. total

The business environment in Lagos, Nigeria is a rapidly emerging and dynamic economy. The recent economic growth has been spurred by oil production, increased foreign investment, and improved infrastructure. This growth has led to increased consumer demand for goods and services as well as an increase in the number of businesses in the area. However, Lagos remains plagued by high levels of unemployment, poverty, crime, and corruption which can inhibit business activity. Additionally, inadequate legal protection for property rights and contracts create uncertainty among investors and limit their ability to enter the market due to a lack of trust in the system. Despite these challenges, there are still opportunities for businesses looking to expand their operations into Lagos given its potential for future growth driven by increasing population size & purchasing power with a growing middle class