Lagos Contributes Over 25% Of Nigeria’s GDP – Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu has said that the state contributes over 25 percent of Nigeria’s gross domestic product (GDP).

Sanwo-Olu disclosed this on Wednesday at the ongoing Africa Gaming Expo Lagos 2024, held in Victoria Island with the theme: “Exploring the Future of the Africa Gaming Market: Emerging Trends, Prospects and Opportunities”.

According to World Economics, Nigeria’s official GDP estimate at the end of 2023 “in purchasing power parity terms” was $1.115 trillion.

Citing the International Monetary Fund (IMF) 2023 data on growth rate estimates, which it applied to its GDP data, World Economics estimates the country’s GDP to be $2.112 trillion – 89 percent larger “than official estimates.”

The governor said Lagos has developed a Tourism Master Plan and Tourism Policy designed to make the sector not only a huge revenue earner but also a model for economic regeneration as seen in cities such as Zanzibar, Johannesburg and Cape.

The gaming market in Africa is currently estimated at $7.8 billion. Sanwo-Olu expressed optimism that the Africa Gaming Expo would provide an opportunity to review the present industry practices against global best standards and chart a new course for the future of the industry.

Sanwo-Olu noted that the state provides investment opportunities for those interested in investing in the entertainment, gaming and tourism industry.

He said: “For us in Lagos State, as an emerging smart city, the sub-theme of the Expo – “Entertainment, Gaming and Tourism: A Nexus for Economic Growth” would appear more germane as it speaks to the integral part of the State’s economic agenda and priorities.

“Lagos is indeed well-known for its commercial and political grandeur. It is regarded as the commercial and entertainment capital of Africa and has remained committed to the development of the nation’s tourism sector through entertainment and cultural export across various entities like movie, music, fashion and recently gaming, to mention but few.

“No doubt, we are indeed in the right place. Convening the African Gaming Expo in Lagos could not have come at a better time as it portends to strategically reinforce the State Government’s Development Agenda as encapsulated in T.H.E.M.E.S+ Agenda, specifically the sixth pillar – Entertainment and Tourism.

“Today, Lagos State is one of the top 10 fastest growing cities in the World, ranks 6th in GDP in Africa and contributes over 25 percent of the GDP in Nigeria. However, Lagos State still needs more support in terms of investment in the Entertainment and Tourism sector.

“The State has one of the best protocols for ease of doing business. This Expo would provide our partners insight into the investment opportunities waiting to be explored in our Entertainment, Gaming and Tourism industry in the State.”

The governor called for collaboration among the stakeholders for new ideas and strategies that would lead to the full realisation of the socio-economic potentials of the gaming, entertainment and tourism industry on the continent.