Lagos GDP has grown from N27trn to N41trn in 5 years – Sanwo-Olu

The Lagos state government Tuesday said its Gross Domestic Products (GDP) grew from N27 trillion to N41 trillion under the administration of Governor Babajide Sanwo-Olu.

That implies that the state GDP grew by N14 trillion in five years.

The government believes the phenomenal growth has been made possible by initiating and implementing deliberate policies and intentional strategies to facilitate and promote conducive environment for business to thrive.

This was disclosed at the extraordinary 9th Lagos Corporate Assembly, LCA which is the 4th in the series of the Babajide Olusola Sanwo-olu Meets With Business Community held at Eko Hotel, Lagos.

Speaking on the theme; “Unpacking Barriers to Ease of Doing Business: Accelerating Business Growth,” Governor Sanwo-olu said LCA has become a virile public-private engagement platform through which the state government and the business community interact and discuss issues that are germane to ease doing business and business prosperity in the state.

The governor who was represented by his deputy, Dr Kadri Obafemi Hamzat, said: “This gathering is a testament to our unwavering commitment to fostering a conducive environment for businesses to thrive in Lagos state.

“Lagos, the economic hub of Nigeria, is home to a diverse and dynamic business community. As your governor, I am profoundly aware of the critical role you play as the engine driving the economy of our state. Your resilience, innovation, and contributions have been instrumental in positioning Lagos as a beacon of prosperity and progress.

“With this role that you play, it is always very exciting to reiterate that Lagos occupies the enviable position of the fifth largest economy in Africa. Its economy remains exceedingly active with 14 industrial estates and four Central Business Districts(CBD). It hosts 70 percent of the country’s total industrial 60 percent of the nation’s commercial activities, contribute 30 percent of Nigeria’s Gross Domestic Product (GDP) and 50 percent of the none oil GDP.

“As the most urbanised cosmopolitan city in West Africa and largest market in sub Saharan Africa, Lagos has the fourth highest GDP in Africa after Cairo, Johannesburg and Cape Town. Its GDP is equivalent to twenty-four African countries combined.

“Let me state here that through our T.H.E.M.E.S+ Development Agenda, we remain steadfast in our commitment to sustaining an enabling environment for businesses to grow and thrive. This agenda encapsulates our vision for a Greater Lagos, particularly the 4th Pillar M, which is ‘Making Lagos a 21st Century Economy’.

“Using the instrument of the agenda, we have introduced numerous policy reforms to ease the doing of business in Lagos. We are simplifying regulatory processes, improving infrastructure, and leveraging technology to streamline interactions between businesses and government agencies.”