Lagos is a heavily-populated city and fewer parts of it are more populous than the areas that Mile 2 serves as a major terminus. From Mile 2 Estate, Festac Town,, Satellite Town, Trade Fair Complex, Ojo Town and Barracks, Lagos State University, Alaba International market, Okokomaiko, Ajangbadi, Ijanikin, Agbara all the way to Badagry and Seme border into Benin Republic. I have not yet mentioned Apapa with its port and Tin Can Island.
Mile 2 serves as the intersection of Lagos-Badagry and Apapa Oshodi Express way which are 2 major roads in Lagos.
Like Oshodi, it has Mile 2 Oke (Upper Mile 2) and Mile 2 Isale (Lower Mile 2). Mile 2 is essentially the bridge that vehicles coming from or heading to Apapa take to by-pass Lagos-Badagry Expressway.
You can get buses going to most parts of Lagos from Mile 2 and there are many interstate buses heading to different parts of Lagos too. The interstate transport operators also have Masa-Masa which is the next bus stop after Mile 2 heading towards Festac as an hub. There are many bus services to other West African countries at Masa-Masa with a few at Mile 2 itself. So, if you want to travel to Benin Republic, Togo, Ghana and beyond by road, you probably have to pass through Mile 2.
Work is presently going on the Lagos light rail project linking Lagos Island to Okokomaiko in its first phase and ultimately heading for Badagry on completion with Mile 2 as a major train station.
Mile 2 also serves as a jetty for ferry services easily linking Apapa and Lagos Island. This means of transport is not yet used to its full potential in Mile 2 and other parts of Lagos.
Like with other major bus stops in Lagos, Mile 2 is also a market where different things are sold, foodstuff, clothes, books and others. Not too far away from Mile 2 is the Berger car market, the largest 'Tokunbo' (imported used car) market in Nigeria. Most cars in Lagos are bought at this matket which is amazing when you think of it.
Mile 2 is an important bus stop in Lagos and as the Badagry axis of Lagos continues to develop, it can only get more important in the future.