According to a report released by Financial Derivatives Company (FDC) Limited, which is led by famous economist, Bismarck Rewane, people over the age of 55 who live in Lagos State have spent nearly 7 years of their life stuck in traffic.
According to the FDC’s 2021 forecast, Lagos residents spend more than 1,000 hours a year stuck in traffic.
While according to the Nigerian research and investment organization, the figure dwarfs the amount of time individuals in London spend stuck in traffic.
According to FDC, this amounts to 12.5% of the time in a year or 6.76 years with a life expectancy of 55 years.
Other cities where citizens spend 140 hours in traffic include Paris (134), Brussels (134), Palermo (109), Moscow (108), Rome (107), Chicago (104), Lyon (102), New York (102), and Bucharest (102). (98).
Despite government initiatives, such as road expansions and traffic control, Lagos, with a population of 20 million people, remains congested.
The situation has cost the people and businesses in Nigeria’s commercial hub man-hours and billions of Naira.
According to investigations, Lagosians are still enraged by the 2019 ban on bike services supplied by tech companies Gokada and Opay.
Many argue that further investments in water transportation, as well as the construction of alternative highways, flyovers, and rail lines, are the only way out.
The Lagos state government however has stated that the Blue and Red Rail Lines will be finished by 2022.
Following that the House of Assembly accepted Governor Babajide Sanwo-Olu’s request for a loan of N18,225,336,103 for the Lekki-Epe road development last week.
While financing for other projects will be provided by the Federal Ministry of Finance, Budget, and National Planning.