Fluctuation in forex forced Lagos GDP from $131bn to $91bn in 2016—Ambode
Lagos State Governor, Mr. Akinwunmi Ambode has vowed to focus on the growth of Small and Medium Enterprises (SMEs) in 2017, saying sustainable economic growth of any strategic economy is based on the contributions of the sub sector.
Explaining plans to reposition the state’s economy next year, Ambode said he is committed to making the state globally competitive.
He said “We are Africa’s fastest growing market and still the 5th largest economy in Africa with a GDP of $91bn. The drop in our GDP value from $131bn is as a result of the fluctuation in foreign exchange, but our ultimate goal is to grow our GDP to move from 5th to 3rd largest in Africa,” Ambode added.
According to him, key strategy to reverse the trend and make the state’s GDP look up again will be to focus on education, especially vocational training, adding that health facilities would be rehabilitated, while renewal and building of world-class infrastructure would continue in 2017.
Disclosing that “Lagos is currently home to 65 per cent of Nigeria’s businesses, with a presence of over 2,000 manufacturing companies, 200 financial institutions and the largest collection of small and medium enterprises in Africa,” he noted that the government had already set out about N25bn access fund for new businesses to grow their business.
The governor was upbeat that with an estimated population of about 24 million people, over 15.2 million were within the ages of 15 and 64, which had positioned Lagos as the state with the largest working population in sub-Saharan Africa.
