Out of the 54 countries in Africa, only seven of them have the Gross Domestic Products (GDPs) bigger in size than that of Lagos State, Governor Babajide Sanwo-Olu has said.
According to Sanwo-Olu, the state’s GDP has grown by almost 50 percent in the last five years under his administration.
The governor attributed the responsible factors to this growth to efforts by the state government to improve the ease of doing business and the decision to leverage technology and entrepreneurial abilities of its population for economic activities.
He stated this in his speech at the 3rd AfriCaribbean Trade and Investment Forum (ACTIF 2024) in Nassau, Bahamas.
“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 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 per cent increase in our GDP.
“Lagos presents a significant context on 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 (PPPs). 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,” a statement on Thursday by Sanwo-Olu’s Special Adviser, Media and Publicity, Gboyega Akosile, quoted him as saying.
He said the Eko Atlantic City project was one of the five key long-term initiatives developed by former Governor, Bola Tinubu, now Nigeria’s President, to create new economic opportunities for Lagos.
The governor listed other initiatives to include establishment of Lekki Free Trade Zone, construction of the Lekki Deep Seaport, building of 10-lane West African Border Highway, construction of intracity rail infrastructure and leveraging the entrepreneurial spirit of young people, adding that these have led towards building a resilient economy for the state.
He said: “We have leveraged the power of the young people in driving creativity, innovation, and digital connectivity, which are critical pillars for economic prosperity. Lagos has, in the last decade, become a globally renowned hub for digital technology and innovation, and this is because of our young people, their energy, talent and enthusiasm.
“Through this, we have minted a number of fintech unicorns, like Interswitch, Paystack and Flutterwave. This ferment of innovation has not happened by chance. Even as they have been driven by immensely talented and entrepreneurial Nigerians, successive administrations in Lagos have paid close attention to these ecosystems, and worked to ensure an enabling environment, through various policies and incentives.”
Despite Africa having a combined GDP estimated to be $3.4 trillion, intra-African trade is less than 17 percent. The African Continental Free Trade Area (AfCFTA) is expected to increase trade between countries on the continent. Speaking on the gains resulting from adoption of AfCFTA, Sanwo-Olu described the trade initiative as “historic, revolutionary idea” seeking to unlock the full potential of free trade areas being created across Africa.
The forum, which was attended by notable figures from Africa and Caribbean countries had the theme: “Global Africa, Global Lagos: The Role of Sub-Nationals in Driving the Global African Agenda.”
Lagos GDP Surpasses All African Countries Except Seven — Sanwo-Olu is first published on The Whistler Newspaper
