The Thriving Business of Private Car Parks in Lagos

Lagos is home to more than 21 million people and is seen as the fastest growing city in Africa. However this status does come with its challenges. One of such challenges is the issue of transportation. This article focuses on the thriving business of Private Car Parks in Lagos.

Although there are over 21 million people living and working in Lagos, not every one of the inhabitants of the city are car owners. In 2013, data from the Lagos State Ministry of Transportation suggested that at least 1.1 million vehicles were registered in Lagos

Albeit, even with the fact that only about 11-12% of the populace are registered car owners, the city has the worst traffic anomalies in the country and consequently finding a parking space for your car in peculiar locations can be a hard nut to crack.

Statistics elsewhere show that Lagos now plays host to over two million cars out of the about 15 million vehicles in Nigeria. Experts project that about one million vehicles or more ply Lagos roads daily.

This huge number of vehicles does come with its attendant traffic issues and subsequently the challenge of finding a spot to park cars properly to avoid your vehicle being impounded. .

There is no major event centre, entertainment hub, shopping mall, market or hangout spot where the challenge of finding a parking space is not imminent. One of such places where finding a place to park your vehicle is almost a dead end, is the ever busy but controversial computer village in Ikeja.

Little wonder you would find at least two spacious private parking lot in areas close to Nigeria’s biggest market hub of phones and computers. Going to the major shopping malls in city at weekends will also lay credence to the fact that the city’s infrastructures overstretched.

That notwithstanding, it doesn’t change the fact that private car park business in Lagos is thriving in the city with reckless abandon.

All I am saying invariably is that, as a result of the enormous amount of vehicles plying Lagos roads and the ever increasing rate of social and commercial activities in Nigeria’s most populous city, business minded Nigerians have since taken advantage of this obvious problem to smile to the banks.

Private parking lots now besiege major event centres and locations that have a high number of people in attendance on a daily basis.

If almost one quarter of the cars that ply Nigerian roads can be found in Lagos, then think about how lucrative the business of private car parks in Lagos is?

In the light of this development, the Lagos state government has turned its searchlights on this thriving business venture in the city.

The Lagos division of Appeal Court has affirmed the power of Local Governments in Lagos State to generate revenue from private car parks and car lots within the State.

The Appellate Court, in a judgment on Wednesday, 19^th July, 2017 dismissed an appeal filed by a telecommunication firm, Airtel Network Limited against the judgment of Justice Y. O. Idowu of the Lagos High Court and affirmed that private parking lots are revenue sources for Local Governments in Lagos State.

Albeit is this a justifiable means of driving revenue growth?

Whichever way the Pendulum swings, for Lagos state it is business as usual.