The Lagos State Government announced on Thursday that its Gross Domestic Product (GDP) has increased from N27 trillion to N41 trillion within four years of Governor Babajide Sanwo-Olu’s administration to date.
The State Commissioner for Economic Planning and Budget, Mr Ope George, made this revelation during the ongoing ministerial press briefing at Alausa, Ikeja, commemorating the first year in office of Governor Sanwo-Olu’s second term.
George, while acknowledging the challenges faced over the last couple of years, stated that the state was currently on an upward trajectory and “coming out on a better side,” contributing at least a minimum of over 20 percent of Nigeria’s GDP, and “currently ranked 7th in Africa.”
“Over the last couple of years, Lagos has faced numerous challenges, particularly when COVID-19 and #EndSARS struck.
“And so, we have had a lot of shocks within our system over the last couple of years and with everything going on around the world. We are currently riding the curve, and we are coming out on a better side.
“You hear sometimes when they say Lagos is one of the largest economies in Africa, and truly, it’s not static; we will continue to move based on what’s going on in the world.
“As we speak now, I believe that we are currently ranked 7th in terms of GDP in Africa.
“We contribute at least a minimum of over 20 percent of Nigeria’s GDP, and you will find that over a period of review, during the first term of Mr. Governor, we are moving in the right direction.
“Our GDP has moved from about N27 trillion to N41 trillion; everything shows that our indices are climbing in the right direction despite all the shocks and all the problems we have witnessed in the past,” he stated.
George acknowledged that the Year 2024 Budget was performing well, pointing out that the state’s ability to increase its Internally Generated Revenue (IGR) had been helpful in the budget performance.
The commissioner noted that year in year out, the state had been improving in budget performance, explaining that it started slowly but later improved, particularly in the area of IGR.
According to him, a sum of N300 billion was realized in the first quarter of the year 2024, stating that the state targeted a total sum of N800 billion for the year.
Regarding the ease of doing business in the state, George said it had significantly improved in the last year through the deployment of technologically driven initiatives to assist stakeholders in the business community to contribute effectively to the state’s GDP without unnecessary bottlenecks.
He explained that the deployment of these ease-of-doing-business initiatives was in consideration of the fuel subsidy removal and global economic hardship currently being witnessed.
The commissioner said his ministry had innovatively introduced strategies to keep the state’s economy rising despite economic challenges to boost investor confidence, assuring that the state government would continue to introduce economic policies in line with global practices to improve the living standards of Lagos residents.