Lagos, FCT, Oyo Rank Best Performing States In Economic Performance

Lagos State, Federal Capital Territory (FCT) and Oyo State have been ranked the best performing states in economic performance.

This was stated in the ‘2023 Edition of Nigeria in Figures: A Socio-economic Databook,’ which was analysed and aggregated into a Performance Scorecard.

This shows the relative ranking of the States, thus, providing baseline data and highlighting the relative performance of the sub-national level of government in Nigeria.

Analysis of the data used in the construction of the Scorecard was based on a total of 57 relevant indicators across 12 key broad socio-economic segments, ranging from Economic Performance; Government Finance; Financial Sector; Capital Importation; Land, Housing and Sanitation.

Other segments are: Transportation; ICT Infrastructure; Energy and Environment; Industrialisation and Business Competitiveness; Education; Health and Citizens’ Livelihood and Welfare.

Lagos ranks first, having an overall score of 62.38 per cent, which is higher than the average score of 45.65 per cent for all states.

With the strongest segment in Lagos being ICT infrastructure where it ranks 1st while the weakest is health where it ranks 28th, the state also scores higher than average in Industrialisation and Business Competitiveness, and Capital Importation. However, Lagos state scores lower in other segments, among which are Health, Education, Citizens’ Livelihood and Welfare.

FCT came second in the ranking, having an overall score of 58.58 per cent, with the strongest segment in ICT infrastructure where it ranks eighth. Oyo State was ranked third, having an overall score of 54.61 per cent, with ICT Infrastructure being the strongest segment in Oyo where it ranks fourth, while the weakest is transportation where it ranks 22nd, the state scores higher than average in ICT infrastructure, Industrialisation and Business Competitiveness, and financial sector.

Presenting the scorecard, chief economist at the Analysts Data Services and Resources, Dr Afolabi Olowookere explained the essence of the scorecard, saying, this is to objectively measure the extent of progress a new administration will be making and to set measurable and realistic targets, there is a need to provide baseline data that captures the current level of the socio-economic performance of a State.

He explained that, “the scorecard seeks to fill the gap of data provision as data are often not easily made available, and when they are, they may not be in easy-to-understand, readily usable, and comparable formats.”

Speaking on policy implications as revealed in the scorecard, a Professor of Economics at the Pan-Atlantic University, Bright Eregha stated that, the sectors driven by the private sector contribute more to the socio-economic development of states and the country as a whole.

He observed that the ICT Infrastructure and Financial Sector with an average of 58.31 per cent and 51.96 per cent, constitute the major economic performance indicator.