The Lagos State Governor, Babajide Sanwo-Olu, has stated that the gross domestic product of Lagos has increased by about 50% over the last five years under his administration, surpassing the GDPs of over 40 African countries.
The governor attributed the main elements to his administration’s ongoing efforts to increase the ease of doing business and the decision to leverage its population’s technological and entrepreneurial potential for economic operations.
According to Sanwo-Olu, Lagos has transformed from a deficit state during the military regime to a hub for investment and technical growth.
Sanwo-Olu stated this while delivering the closing speech at the ongoing 3rd AfriCaribbean Trade and Investment Forum (ACTIF 2024) in Nassau on the theme “Global Africa, Global Lagos: The Role of Sub-Nationals in Driving the Global African Agenda.”
“Lagos is an example of a unique African success story, shaped by an interesting mix of advantages and challenges. It is the smallest of Nigeria’s 36 states, yet it is responsible for more than a third of Nigeria’s entire GDP.
“Lagos has grown to have a GDP that is greater than the GDPs of all but seven African countries. In the last five years, under my leadership, we have seen an almost 50 percent increase in our GDP,” Sanwo-Olu was quoted as saying in a statement on Thursday by his spokesman, Gboyega Akosile.
He added, “Lagos presents a significant context for how sub-national governments are vital in writing new stories of development and advancing the economic agenda of the continent.
“I am proud to say that we in Lagos State have indeed mastered the art and science of public-private partnerships. Having pioneered this private sector-led development in Lagos, we are now exporting that template to other states across the country.
“Our growth stories speak to the importance of African solutions and African capacity for tackling African problems.
“As we work towards accomplishing our aspirations, it is clear that sub-sovereign entities, such as cities, states, provinces, regions, and municipalities, can be instrumental in translating African countries’ high-level goals into tangible outcomes. It is at this sub-national level that a lot of the most remarkable reforms and transformations are playing out.”
