Lagos named fourth richest city in Africa

A new report has ranked Lagos ahead of Abuja and fourth among the 10 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 though Lagos is not the capital of Nigeria, it serves as 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 10 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 eighth position was Pretoria in South Africa with $48 billion, Casablanca (Morocco) $42 billion and Accra (Ghana) $38 billion at 10th position.