The consistent traffic gridlock on Lagos roads has been discovered to be a major setback for businesses in the country’s commercial hub.

According to economic experts the business community in Lagos loses not less than N11 billion monthly as a result of daily traffic gridlock in the city.

According to an economist, Wole Sowunmi, research has shown that the more time people spend in traffic jams, the more money is lost in business transactions that they would have made while they were in the traffic.

He lamented that many people fail to reach their work places in time every morning because of the dreadful traffic condition, resulting in reduction in productive hours at work places and consequently huge financial losses, thus impacting negatively on the state’s economy in particular and the country’s economy in general.