Transport
Lagos transport sector has greatly improved over the recent past.
The return on investment in transport ranges from 12% to 15%
Industry Highlights
KEY DRIVERS
Lagos airport accounts for about 83% of international flight arrivals in the country
Lagos freight traffic is projected to increase by 10-14 times over the next 30 years
Lagos port accounts for about 70% of total cargo freight into the country and its forecast t have a real growth of 5.3% in the next 4 years
Lagos rail transit is forecast to have a real growth of 110% in the first 8years and an annualized growth of9.8%
Lagos has a high end transportation service, called Uber transport system that moves riders from one location to another in a more comfy and luxurious atmosphere
Lekki deep seaport estimated to cost $1 6 billion which could be the gateway to West Africa market. is being constructed to decongest Apapa port and Tin can island
Ropeways Transport Limited investment of about $275 million in cable cars project to cover about 12.8km
Total Traffic Passenger
7 miillion Passenger trips/day
Road Network Population
0.6km/1000 populationy
Project frieght traffice forecast
Increase by 10 – 14 times over the next 30 years
Project rail traffice forecast
110% in the first 8 years and an annual growth of 9.8%
Total Cargo Freight into the Country
70% and forecast real growth of 5.3% in the next 4 Years
Recent development
Stimulation of private sector investment in ferry services
Investing in Bus Rapid Transit
The existing BRT system serves about 2000, 000 passengers daily which accounts for about 3% of total daily road users in the state. Pssenger demand for BRT has thus, supassed the available buses and it is estimated that over 300 buses would be needed to fully satisfy the demand.
The road network density of 0.6km per 1000 population is low by the standard of other mega cities and increase volume of vehicular movement demands for the provison of a corresponding high number of functional road infrastructures.
Average investment required
$2 million - $12 million
ROl 12%-22%
Payback period 5 years
Investing in Ferry Services
Lagos is covered by 1/5th of water but just only 10% of the population use it to get around the city on a daily basis
Opportunity exist for ferry shuttles between lagos island and the mainland as well as within the riverine areas.
Investing in Rail Services
The existing roads are very overcrowded with Lagos residents spending upto 6hours of their work day commuting in heavy traffic and this drives the need for constrcution of 193km inter-modal light rail system across 5 corridors in the state.
Average investment required
$70 million - $100 million
ROl
30%-35%
Payback period 5 years
The cost of buses and stations would account for 65%