The Lagos State Government has announced that its Gross Domestic Product (GDP) has increased from N27 trillion to N41 trillion in just four years of Governor Babajide Sanwo-Olu’s administration. The Commissioner for Economic Planning and Budget, Mr. Ope George, made this announcement during the ongoing ministerial press briefing to commemorate the first year of Governor Sanwo-Olu’s second term in office, which was held at Alausa, Ikeja, Lagos.
Despite facing numerous challenges in recent years, such as the COVID-19 pandemic and the EndSARS protests, Lagos State has been able to overcome these obstacles and is currently ranked 7th in terms of GDP in Africa. The state has contributed at least 20 percent of Nigeria’s GDP. During the first term of Governor Sanwo-Olu, Lagos State’s GDP increased from N27 trillion to N41 trillion, indicating that the state is moving in the right direction.
GDP is a measure of the value added through the production of goods and services in a country during a specific period. World Economics Research, London, has estimated Nigeria’s GDP to be $2.113 trillion in Purchasing Power Parity Terms (PPPT), which is 89% larger than the official estimate of $1.116 trillion at the end of 2023. World Economics has developed a database that presents GDP in PPPT, which includes estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.