Lagos GDP hits $136Bn

Lagos State governor, Akinwunmi Ambode, has described the state as the fastest growing mega city in the world, just as he revealed that its Gross Domestic Product GDP has hit $136 billion.

He also said the state accounts for over 90 per cent of Nigeria’s foreign trade flow, which invariably contributes 30 per cent to the country’s GDP and also accounts for 65 per cent of its manufacturing activity.

The governor who spoke through his Special Adviser on Overseas Affairs and Investment , Professor Ademola Abass, in Alausa, Ikeja, yesterday added that it attracted over  293  investors in a year.

Even with economic recession, he said, government had attracted more foreign direct investments in the first two years of the present administration than it did in the past 15 years.

His words:” Lagos, as the economic capital of Nigeria and the West African sub region with a 136 billion USD GDP, accounts for over 90 per cent of Nigeria’s foreign trade flow, contributes 30 per cent to the country’s GDP and also accounts for 65 per cent of its manufacturing activity”.

“It is our desire to see a prosperous Lagos that we will all be proud of, in terms of investment, open for business for the benefit of all.”

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Since inception, Office of Overseas, Affairs and Investment has encouraged investor’s confidence in Lagos, as a place to conduct business and live in, he said.

Meanwhile the state has raked in N20.774 billion on land related transactions in the past one year. This is against the 2015 revenue of N9.2 billion.

The Special Adviser (Urban Development), Mrs. Yetunde Onabule, made the disclosure in Alausa, Ikeja.

She also revealed that a total sum of N2, 022 billion was paid as compensation to individuals and groups whose lands and property were acquired for  overriding public interest.

The beneficiaries of the compensation according to her include, the  Abule Egba Link Bridge, Oko Baba Sawmill, Isale Igangan Regeneration Project, Olorunsogo Market (Shops), Epe Road Expansion and Mosafejo Community/Olorunsogo Ultra-Modern Market.

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The governor’s aide also said that since the inception of the Governor Akinwunmi Ambode-led administration, a total of 4, 445 Electronic Certificate of Occupancy (E-C of O) had been signed by the governor.