‘LAGOS’ GDP RECORDS 50 PERCENT GROWTH RATE UNDER MY WATCH’ — SANWO-OLU

From the vibrant heart of Africa, Lagos State stands as a testament to the transformative power of visionary governance and strategic partnerships. Under the stewardship of Governor Babajide Sanwo-Olu, Lagos has witnessed an unprecedented economic upswing, with its GDP soaring by a staggering 50% in just five years—a growth rate that eclipses the economic output of over 40 African nations.

Governor Sanwo-Olu, addressing the esteemed audience at the 3rd AfriCaribbean Trade and Investment Forum in Nassau, highlighted the pivotal role sub-national entities like Lagos play in sculpting the continent's economic landscape. With a keen emphasis on bolstering internal revenue and fostering collaborations with federal authorities and private stakeholders, Lagos has redefined the narrative of African prosperity.

The city's journey from a fiscal deficit in the military era to a beacon of investment and innovation is nothing short of remarkable. This economic renaissance can be attributed to the relentless pursuit of enhancing business operations and harnessing the technological prowess and entrepreneurial spirit of its citizens.

"Lagos' success story is not merely a local phenomenon but a blueprint for development that resonates across the continent. The state's adeptness in Public-Private Partnerships (PPPs) has set a standard now emulated nationwide, proving that African ingenuity is key to solving African challenges."

The transformation of Lagos into Nigeria's most economically viable state is a narrative of resilience and innovation. Initiatives like the Eko Atlantic City stand as a global exemplar of environmental stewardship and climate action, while projects such as the Lekki Free Trade Zone and the Lekki Deep Seaport pave the way for a robust and enduring economy.

Governor Sanwo-Olu's administration has also tapped into the dynamism of Lagos' youth, fostering a culture of creativity and digital innovation that has given rise to fintech giants and a thriving tech ecosystem. This commitment to nurturing talent and providing an enabling environment has positioned Lagos as a global hub for digital technology.

Moreover, the Governor underscored the significance of the African Continental Free Trade Area (AfCFTA), a groundbreaking initiative poised to catalyze the full spectrum of trade potential across Africa. Lagos, with its meteoric rise, serves as a beacon of hope and a model for the future of African development.