section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  The city of Lagos is a major economic focal point in Nigeria, generating around 10% of the country's GDP. Most commercial and financial businesses are carried out in the central business district situated on the island. This is also where most of the country's commercial banks, financial institutions, and major corporations are headquartered. Lagos is also the major information communications and telecommunications (ICT) hub of West Africa. Lagos is developing a 24-hour economy.
  
  The globalisation of Lagos' economy is rated "beta minus" by the GaWC. This is equivalent to Manchester or Edinburgh in the UK. Lagos is thus the most "globalised" city in West and Central Africa. 5 out of 7 African tech "unicorns" operate out of Lagos (see below). Lagos is home to more tech centres than any other city in Africa.
  
  Yves Bellinghausen from the German magazine ZEIT summarises: ‘Lagos is Africa's Hollywood, Manhattan and Silicon Valley all rolled into one.’