Lagos now Africa’s 7th largest economy as GDP soars to N41trn

In a landmark revelation during a ministerial press briefing to mark the first year in office of Governor Babajide Sanwo-Olu’s second term, the Lagos State Government has announced a monumental surge in its Gross Domestic Product (GDP).

Commissioner for Economic Planning and Budget, Ope George, disclosed that the state’s GDP has soared from N27 trillion to a staggering N41 trillion.

This significant growth places Lagos State as the 7th largest economy in Africa, a testament to its pivotal role in Nigeria’s economic landscape. George highlighted that despite facing substantial challenges in recent years, such as the impacts of COVID-19 and the Endsars protests, Lagos has managed to weather the storm and emerge stronger.

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“We are currently riding the curve and we are coming out on a better side,” stated the commissioner, emphasizing the resilience and upward trajectory of Lagos’ economic indicators. With the state contributing over 20 percent of Nigeria’s GDP, the growth in GDP from N27 trillion to N41 trillion showcases the positive momentum and direction under Governor Sanwo-Olu’s leadership.

The news of Lagos’ GDP surge underscores the state’s position as a vital economic hub and a significant player on the continent. As Lagos continues its trajectory of growth, it solidifies its status as a key driver of Nigeria’s economic prosperity and development.