Lagos GDP Hits N41trn, Ranks 7th in Africa

2nd May 2024

The Lagos State Government has revealed that its Gross Domestic Product (GDP) has moved from N27trn to N41 trillion within four years of Governor Babajide Sanwo-Olu’s administration.

Commissioner for Economic Planning and Budget, Ope George, disclosed this on Thursday, during the on-going ministerial press briefing to commemorate the first year in office of the second term of Governor Sanwo-Olu, held at Alausa, Ikeja, Lagos.

According to George, “Over the last couple of years, Lagos had face 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.”

GDP is the standard measure of the value added created through production of goods and services in a country during a certain period.

Otherwise, is the monetary value of all finished goods and services made within a country during a specific period.

Meanwhile, World Economics Research, London, showed the official estimate for Nigeria’s GDP was $1.116 trillion at the end of 2023 in Purchasing Power Parity Terms, PPPT.

World Economics has developed a database presenting GDP in PPPT with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.

World Economics estimated Nigeria’s GDP to be $2.113 trillion- 89% larger than official estimate.