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, Mr. Ope George, disclosed this on Thursday, during the ongoing ministerial press briefing to commemorate the first year in office of the second term of Governor Sanwo-Olu, held at Alausa, Ikeja, Lagos.
GDP is the standard measure of the value added created through the production of goods and services in a country or state during a certain period. It is used to assess the economy while investors can use GDP to make forward-looking decisions with regard to their portfolio strategies.
According to George, “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.”
