National Telescope national telescope newspaper
Lilian Edward|
Governor Babajide Sanwo-Olu has announced a significant 50% increase in Lagos State’s Gross Domestic Product (GDP) over the past five years.
This achievement places Lagos’ GDP ahead of those of more than 40 African countries.
Speaking at the AfriCaribbean Trade and Investment Forum (ACTIF 2024) in the Bahamas, Sanwo-Olu attributed this economic growth to robust internal revenue generation and strategic partnerships with both the federal government and private investors.
He emphasized the critical role sub-national governments can play in Africa’s economic development.
The forum, themed “Global Africa, Global Lagos: The Role of Sub-Nationals in Driving the Global African Agenda,” featured prominent figures such as former Vice President Yemi Osinbajo and Dangote Group Chairman Aliko Dangote.
Sanwo-Olu highlighted Lagos’ transformation from a deficit-ridden state during the military era to a thriving hub of investment and technological advancement.
Key factors in this growth include improvements in the “Ease of Doing Business” and leveraging the state’s technological and entrepreneurial capabilities.
“Lagos is a unique African success story,” said Sanwo-Olu. “Despite being the smallest of Nigeria’s 36 states, it contributes more than a third of Nigeria’s GDP. Under my leadership, we have achieved nearly a 50% increase in GDP over the last five years.”
He also praised Lagos’ pioneering role in Public-Private Partnerships (PPPs) and noted how the state is now sharing its development template with other Nigerian states.
According to Sanwo-Olu, the growth of Lagos underscores the importance of sub-national entities in achieving Africa’s economic goals.
Sanwo-Olu also discussed the Eko Atlantic City project, a globally recognized model for environmental responsiveness and climate action, as well as other significant initiatives like the Lekki Free Trade Zone, Lekki Deep Seaport, and intra-city rail infrastructure.
These projects, initiated by former Governor Bola Tinubu, have bolstered Lagos’ economic resilience.
He pointed out that the youthful population of Lagos has been instrumental in driving creativity, innovation, and digital connectivity, crucial for economic prosperity.
The state’s focus on enabling environments through policies and incentives has led to the rise of fintech unicorns such as Interswitch, Paystack, and Flutterwave.
Additionally, Sanwo-Olu highlighted the benefits of the African Continental Free Trade Area (AfCFTA), describing it as a “historic, revolutionary idea” aimed at unlocking the potential of free trade across Africa.
