A Critical Investigation of Lagos State Socioeconomic and Economic Challenges: Does Urban Growth Policy Matter in Nigeria?
DOI:
https://doi.org/10.33423/jabe.v26i2.7045Keywords:
business, economics, Lagos state, capital expenditure, crime, education, exchange rate, regional gross domestic product (Rgdp), population growth, poverty, real interest rate, socioeconomic challenges, unemploymentAbstract
Lagos State’s transformation into a critical urban hub highlights its economic promise and challenges, including rising unemployment, police brutality, and poverty amidst rapid growth. This study delves into how population increase, government spending, and financial policies affect the economy, revealing the critical role of education and job creation in tackling unemployment and enhancing living conditions. It underscores the impact of capital expenditure and monetary policies on economic stability, advocating for balanced development and targeted interventions to foster prosperity. The experience of Lagos offers valuable lessons for nationwide policy formulation and informed efforts for sustainable urban development and progress.
References
Abiodun, J.O. (1997). The challenges of growth and development in metropolitan Lagos. The urban challenge in Africa: Growth and management of its large cities, pp. 192–222.
Aluko, O.E. (2010). The impact of urbanization on housing development: The Lagos experience, Nigeria. Ethiopian Journal of Environmental Studies and Management, 3(3).
Amadeo, K. (2017, August 22). What is a recession? Examples, impact, benefits. The Balance. Retrieved from https://www.thebalance.com/what-is-a-recession-3306019
Barredo, J.I., Demicheli, L., Lavalle, C., Kasanko, M., & McCormick, N. (2004). Modeling future urban scenarios in developing countries: An application case study in Lagos, Nigeria. Environment and Planning B: Planning and Design, 31(1), 65–84.
Chukwuemeka ACMC, E.S. (2022, April 26). Why is Lagos overpopulated: 10 reasons. Scholarly. Retrieved December 3, 2022, from https://bscholarly.com/why-is-lagos-overpopulated/
Ezeamalu, B. (2021, November 16). Nigerian Army killed unarmed protesters, report finds. The New York Times. Retrieved December 3, 2022, from https://www.nytimes.com/2021/11/16/world/africa/nigeria-protest-report-massacare.html
Guardian News and Media. (2022, September 1). Jam today: Nigerians turn a profit from the choked traffic of Lagos. The Guardian. Retrieved December 3, 2022, from https://www.theguardian.com/global-development/2022/sep/01/jam-today-nigerians-turn-a-profit-from-choked-traffic-congestion-of-lagos
Guerron-Quintana, P.A., Hirano, T., & Jinnai, R. (2023). Bubbles, crashes, and economic growth: Theory and evidence. American Economic Journal: Macroeconomics, 15(2), 333–371.
One Lagos Fiesta. (2018, December 24). History of Lagos. Retrieved December 3, 2022, from https://onelagosfiesta.ng/history-of-lagos/
Lagos State Government Center of Excellence. (2017, April 12). How Lagos Reflated Economy to Overcome Recession – AMBODE. Retrieved from https://lagosstate.gov.ng/blog/2017/04/12/how-lagos-reflated-economy-to-overcome-recession-ambode/
Kazeem, Y. (2017, June 06). Nigeria’s unemployment problem is showing no signs of slowing down. Quartz Africa. Retrieved from https://qz.com/999641/the-unemployment-rate-in-nigeria-has-climbed-for-nine-consecutive-quarters/
Noko, E.J. (2016, September 10). Economic Recession in Nigeria: Causes and Solution. EduCacInfo. Retrieved from http://educacinfo.com/economic-recession-nigeria/
Nweke, M. (2017, January 3). How the Recession Shaped Real Estate in 2016. The Sun. Retrieved from http://sunnewsonline.com/how-recession-shaped-real-estate-in-2016/
MacroTrends. (n.d.). Nigeria poverty rate 1985-2022. Retrieved December 3, 2022, from https://www.macrotrends.net/countries/NGA/nigeria/poverty-rate
Trading Economics. (n.d.). Nigeria unemployment RATE2022 data - 2023 forecast - 2006-2021 historical. Nigeria Unemployment Rate - 2022 Data - 2023 Forecast - 2006-2021 Historical. Retrieved December 3, 2022, from https://tradingeconomics.com/nigeria/unemployment-rate
Ojumu, O., & Osho, G.S. (2023). The Effect of Global Oil and Gas Prices and Production Fluctuations on the Economy of Nigeria. Journal of Applied Business and Economics, 25(7). https://doi.org/10.33423/jabe.v25i7.6642
Osho, G.S., & Adishi, O. (2019). The effects of macroeconomic variables on Lagos State economy: As Lagos’s economy goes, so does Nigeria’s economy. Journal of Economics and Development Studies, 7, 1–9.
Romer, P.M. (2015). Mathiness in the Theory of Economic Growth. American Economic Review, 105(5), 89–93.
Sasu, D.D. (2022, October 19). Nigeria: Literacy rate. Statista. Retrieved December 3, 2022, from https://www.statista.com/statistics/1268372/literacy-rate-in-nigeria/
Susarla, A., & Aggarwal, V.K. (2020). Police brutality: A global perspective. Annual Review of Political Science, 23, 319–338. Retrieved from https://www.annualreviews.org/doi/abs/10.1146/annurev-polisci-051117-044318
Solow, R.M. (1956). A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1), 65–94. doi: 10.2307/1884513
World Bank. (2023). Economic growth: A review of the theoretical and empirical literature. World Bank.
