Home » Lagos Boasts 50% GDP Growth Under Sanwo-Olu’s Leadership

Lagos Boasts 50% GDP Growth Under Sanwo-Olu’s Leadership

Economic Development & Investment

by Victor Adetimilehin

Lagos, Nigeria’s commercial and economic heart, is celebrating a claimed economic boom under the leadership of Governor Babajide Sanwo-Olu.

Sanwo-Olu highlighted a near 50% increase in Lagos’ Gross Domestic Product (GDP) during his five-year term at the recent AfriCaribbean Trade and Investment Forum (ACTIF 2024). This growth, if verified by independent bodies, would position Lagos’ economy as larger than those of over 40 African countries. Sanwo-Olu presented Lagos as a model for subnational development across Africa.

A Thriving Hub Buoyed by Business Friendliness and Innovation

The governor attributes this significant economic surge to several factors implemented by his administration. A key focus has been on improving the ease of doing business in Lagos. This initiative aims to make the city more attractive to domestic and international investors by streamlining regulations and reducing bureaucratic hurdles. Additionally, the administration has actively leveraged the city’s growing technological infrastructure and the entrepreneurial spirit of its residents to fuel economic activity.

Sanwo-Olu pointed to Lagos’ remarkable journey, evolving from a state facing deficits during military rule to a thriving hub for investment and technological progress.

Lagos as a Model for Subnational Development in Africa

Sanwo-Olu used the forum as an opportunity to present Lagos as a prime example of how subnational governments, like states and provinces, can play a crucial role in driving Africa’s economic development agenda. He emphasized the importance of Public-Private Partnerships (PPPs) and highlighted Lagos’ pioneering role in this area. The state’s success with PPPs, which involve collaboration between the government and private sector on infrastructure and development projects, is now being shared as a model for other Nigerian states.

The governor stressed the significance of finding African solutions for African problems. He believes that subnational entities like states, cities, and provinces can be instrumental in achieving Africa’s development goals. These entities can act as catalysts for translating high-level aspirations into tangible improvements for the continent’s citizens. Sanwo-Olu argued that subnational governments are often closer to the people they serve and can implement effective solutions that address their specific needs.

Verification and Sustainability of Growth

While Sanwo-Olu’s claims of a near 50% GDP growth are significant, independent verification of these figures is crucial. Economists have emphasized the need for more data and analysis to substantiate the claims. Some experts caution that the reported growth might be partially due to inflation or a larger economic base, making the percentage increase appear more substantial.

Furthermore, questions remain about the sustainability of this reported growth. Critics point out that the oil and gas sector still heavily influences Lagos’ economy. Economic diversification and investments in other sectors, such as manufacturing and technology, would be crucial for long-term economic stability.

The reported economic boom in Lagos raises broader questions about Nigeria’s overall economic landscape. If verified, Lagos’ success story could serve as a model for other Nigerian states. However, it’s important to consider whether Lagos’ growth is unique or reflects a broader trend of economic improvement across Nigeria.

Source: Punch


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