In an impressive economic feat, Lagos State has witnessed a substantial surge in its Gross Domestic Product (GDP), catapulting from N27 trillion to an astounding N41 trillion under the visionary leadership of Governor Babajide Sanwo-Olu.
The revelation came to light during the ministerial press briefing held at Alausa, Ikeja, Lagos, marking the first anniversary of Governor Sanwo-Olu’s second term in office. Mr. Ope George, the Commissioner for Economic Planning and Budget, underscored the remarkable growth trajectory amidst challenges such as the COVID-19 pandemic and the Endsars protests.
“Despite facing significant adversities, we are navigating through the storms and emerging stronger,” George remarked. “Lagos continues to assert its position as a formidable economic hub, currently standing as the 7th largest GDP contributor on the African continent.”
The significance of GDP as a barometer of economic vitality cannot be overstated. It reflects the value generated by the production of goods and services within a specific timeframe, showcasing the economic prowess of a region.
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Moreover, while official estimates place Nigeria’s GDP at $1.116 trillion, recent data from World Economics Research in London paints a more comprehensive picture. Their analysis, incorporating Purchasing Power Parity Terms (PPPT) and adjustments for the informal economy, suggests Nigeria’s GDP could be as high as $2.113 trillion, substantially larger than the official figures.
The surge in Lagos’s GDP not only underscores its resilience but also its potential as a global economic powerhouse. As the state continues on this upward trajectory, it solidifies its position as a key player in Africa’s economic landscape, poised for even greater achievements in the years to come.
