Economic Prosperity Of Lagos, Case Study For Potential Of Sub-National Govts- Sanwo-Olu

Lagos State Governor, Mr. Babajide Sanwo-Olu has said the Economic prosperity recorded by Lagos State over the last two decades has shown the strength and potential which any sub-national government can offer in shaping the African growth narrative.

Sanwo-Olu who stated this at a transatlantic forum in Bahamas said with a strong focus on internal revenue generation and strategic partnerships with the central government and private investors, the state had demonstrated how a focused leadership at sub national level could re-work a nation’s economic vision to create a sustainable growth pathway for the continent.

The Governor, who delivered the closing speech at the ongoing 3rd AfriCaribbean Trade and Investment Forum (ACTIF 2024) in Nassau, addressed a large range of audience from Africa and Caribbean countries on the theme: “Global Africa, Global Lagos: The Role of Sub-Nationals in Driving the Global African Agenda.”

Former Vice President, Yemi Osinbajo and chairman of Dangote Group, Alhaji Aliko Dangote, were among the global delegates attending the conference held simultaneously with the 31st Afreximbank Annual
Meetings.

Sanwo-Olu said Lagos had grown from being a State in deficit in the military era to becoming a hub for investment and technological advancements.

He said the GDP of Lagos, in the last five years under his administration, had risen by almost 50 per cent, surpassing the size of the GDPs of over 40 African countries.

The responsible factors, the Governor said, could be linked to the unending effort 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 said: “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.”

Sanwo-Olu illustrated how a set of locally envisioned economic ideas transformed Lagos to be the most viable State in the country, stressing that the State created a new economic city from a challenging environmental crisis.