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Lagos, Nigeria News About Lagos, Nigeria Lagos is the economic capital of Nigeria. Over 60% of Nigeria industrial and commercial establishments are based in Lagos. Lagos accounts for 90% of Nigeria's total foreign trade, including 80% of the total imports and 70% of industrial investments. With a population of over 13 million, Lagos is classified as one of the Megapolis of the world, and certainly one of the metropolitans equal to the size of Sao Paulo of Brazil, Bangkok of Thailand. Lagos is the home of over 250 financial institutions and 95% of Nigeria banks and most multinational corporations operating in Nigeria have set up their headquarters in Lagos. Lagos was Nigeria's capital until 1991, when the seat of federal government was moved to Abuja. Business thrives in Lagos as it has a diverse and fast-growing population as result of heavy and continuous migration to Lagos from all parts of Nigeria as well as the neighboring West African countries. Petroleum production and export play a dominant role in Nigeria's economy and account for about 90% of its gross earnings. Nigeria is the world's sixth largest oil exporter and the leader in oil exports in sub-Saharan Africa. The Port of Lagos is Nigeria's leading port and one of the largest in Africa. It is administered by the Nigerian Port Authority and is split into three main sections: Lagos port, in the main channel next to Lagos Island, Apapa Port (site of the container terminal) and Tin Can Port, both located in Badagry Creek which flows into the Lagos Harbour from the west. Other Major Cities:
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