Lagos GDP rises to N41 trillion, ranks 7th in Africa
Ayodele Olalere
Lagos State Commissioner for Economic Planning and Budget, Ope George has revealed that the state’s Gross Domestic Product, GDP, has increased from N27 trillion to N41 trillion between 2019 and 2014.
Ope George gave the revelation on Thursday at the ongoing Ministerial Press Briefing in Alausa while reeling out achievements of the Ministry under Governor Babajide Sanwo-Olu since 2019 till date.
The Commissioner said over the last couple of years, the state had faced numerous challenges with the COVID-19 pandemic and Endsars which ‘ had a lot of shocks within our system over the last couple of years.’
He, however, noted that the state is coming out of the shock and is currently riding the curve and 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 contribute at least a minimum of over 20 percent 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. I think our GDP has moved from about 27 to 41 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,” he said.
Ope George further said the state recorded a revenue of N433,408 billion in the first quarter of 2024 representing a 92% performance for the quarter while the total recurrent expenditure performed at 80% at ₦189,624billion.
The Total Capital expenditure, he noted, recorded a performance of 54% at N178,728 billion and the total expenditure (Budget Size) recorded a performance of 65% at N368,352 billion.
As for the 2023 budget of N1.768 trillion, the commissioner noted that the state had a total revenue of N1.417 billion and deficit financing of N350.410 billion.
He added that the capital to recurrent ratio for 2023 stood at 58:42 with capital expenditure of N1.006 trillion and a recurrent expenditure of N761.219billion.
He said as at the end of 2023, the budget performance was N1.538 trillion representing 87% of the year’s budget size.
Other achievements of the Ministry includes registration of 688,759 heads of poor and vulnerable households and 2,681,507 members of households as validated by the National Social Safety-Nets Coordinating Office, NASSCO, depending on the mining process, collaborations with other stakeholders
such as the Office of the First Lady of Lagos State, UNDP, UNICEF, World Bank, and Stanbic IBTC Bank among others.