21 January 2019

Africa: Lagos Among 10 Richest Cities in Africa, Abuja Not Listed

Photo: The Guardian
Traffic gridlock on Apapa Road, Lagos.

A new report has ranked Lagos ahead of Abuja fourth among the ten wealthiest cities in Africa with a cumulative wealth of $108 billion.

The report published on property news outlet africapropertynews.com was based on the The AfrAsia Bank Africa Wealth Report 2018.

The report said although Lagos is Nigeria's capital, it still is the gateway for 80 per cent of Nigeria's exports and one of the world's fastest-growing cities.

The report showed that South Africa still boasts the main concentration of wealth in Africa.

South Africa was placed as the most developed nation on the continent, with four of Africa's ten richest cities.

Johannesburg South Africa's commercial capital valued at $276 billion was named Africa's richest. It came first in the ranking followed by Cape Town valued at $155 billion and described as the city with the highest prime residential rates in Africa.

Cairo (Egypt) with $140 billion value was ranked third and then followed by Lagos.

Other cities that made the list include: Durban (South Africa) $55 billion, Nairobi (Kenya) $54 billion and Luanda (Angola) $49 billion.

Also named at 8th position was Pretoria (South Africa) $48 billion, Casablanca (Morocco) $42 billion and Accra (Ghana) $38 billion at 10th position.

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