Lagos GDP Hits N41tn From N27tn

The Lagos State Government has disclosed that its Gross Domestic Product (GDP) has grown from N27trn to N41 trillion.

The disclosure was made on Thursday by the Commissioner for Economic Planning and Budget, Ope George, during a ministerial press briefing to commemorate the first year in office of the second term of Governor Babajide Sanwo-Olu, held at Alausa, Ikeja.

In 2016, the Lagos Bureau of Statistics put the estimated GDP of Lagos at N27.125 trillion.

In terms of GDP in Africa, George said the state is currently ranked 7th, adding that Lagos contributes at least a minimum of over 20 percent of Nigeria’s GDP.

The commissioner 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 contributed at least a minimum of over 20 per cent 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 N27trn 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.”

Recall that while speaking at the Africa Gaming Expo Lagos 2024 in March, Sanwo-Olu said Lagos contributes over 25 percent of Nigeria’s GDP.

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.”