Ọpẹ George, the commissioner for economic planning and budget in Lagos State, has told journalists that Lagos has the 7th-ranked GDP in Africa after growing its gross domestic product (GDP) from N27 trillion in 2019 to N41 trillion. This is, however, far from the truth, according to credible data.
Geaorge said this while marking the first year of Governor Sanwo-Olu’s second term in office on Thursday.
“Over the last couple of years, Lagos has 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,” multiple sources quoted George as saying.
“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 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.
“Our GDP has moved from about N27 trillion 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.”
Lagos is not in the top 10 African economies ranked by GDP.
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George failed to state the source used to compare Lagos to other economies on the continent, but based on more recent and reliable estimates, the commissioner’s claim was an ambitious one.
Lagos’s GDP, according to George, stands at N41 trillion. This means that the state’s GDP is $34.17 billion (converting ₦ to $ at N1,200 per dollar).
An International Monetary Fund report in April shows that Africa’s top ten economies (not counting Nigeria) all had GDPs exceeding $40 billion.
These economies are South Africa ($373bn), Egypt ($347bn), Algeria ($266bn), Ethiopia ($205bn), Morrocco ($152bn), Kenya ($104bn), Angola ($92bn), Ivory Coast ($86.9bn), Tanzania ($79.6bn) and Ghana ($75bn).
GDP rankings for African cities are a work in progress. Lagos is often ranked behind South Africa’s Johannesburg, Captown and Egypt’s Cairo as the African cities with the largest economy by GDP.
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