Lagos GDP Hits N41trn, Ranks 7th In Africa

Lagos State government has disclosed that its Gross Domestic Product (GDP) has moved from N27 trillion to N41 trillion within four years of Governor Babajide Sanwo-Olu administration till date.
The commissioner for economic planning and budget, Mr. Ope George, revealed this at the ongoing ministerial press briefing tmark the first year in office of the second term of Governor Sanwo-Olu, held at Alausa, Ikeja, Lagos.

George said, “Over the last couple of years, Lagos had faced numerous challenges particularly when COVID-19 and #EndSARS struck. And so, we have had a lot of shocks within our system over the last couple of years and with everything going on around the world.

“We are currently riding the curve and we are coming out on a better side. You hear sometimes when they say Lagos is one of the largest economies in Africa and truly, it’s not static, we will continue to move based on what’s going on in the world.

“As we speak now, I believe that we are currently ranked 7th in terms of GDP in Africa. We contribute at least a minimum of over 20 percent of Nigeria’s GDP and you will find that over a period of review, during the first term of Mr Governor, we are moving in the right direction.

“Our GDP has moved from about N27 trillion to N41 trillion, everything shows that our indices are climbing in the right direction despite all the shocks and all the problems we have witnessed in the past,” he said.

The commissioner added that the state government has realised a total revenue of N433.408 billion in the first quarter of the 2024 fiscal year.

Sanwo-Olu had on January 15, 2024, signed into law the 2024 Bppropriation Bill of N2.267 trillion, tagged: “The “Budget of Renewal”. Georg said, “The total revenue recorded a quarterly performance of 92 percent/N433.408 billion. The total recurrent expenditure performed at 80 percent/ N189,624bn. The total capital expenditure recorded a performance of 54 performance/N178,728 billon. The total expenditure (budget size) recorded a Performance of 65 percent/N368,352.

“The approved Y2024 budget has a total revenue of N1.880 trillion, deficit financing of N387.125bn; capital expenditure of N1.315trn and recurrent expenditure of N952.431bn (including debt charges), establishing a capital to recurrent ratio of 58:42.”