Lagos Will Soon Be Third Largest Economy In Africa – Ambode

SAN FRANCISCO, December 26, (THEWILL) – The Lagos State Governor, Mr. Akinwunmi Ambode has stated that  frantic efforts were being made by his administration to make the state Africa’s third largest economy  from its present fifth position in the continent.

Speaking at the Christmas Eve Dance organised by the Yoruba Tennis Club, he stated that the state government would achieve this by focusing on Education (especially vocational training), and scaling up of its health facilities, including renewal and building of world class infrastructure in the coming year.

The Governor reiterated the commitment of his administration to making the state globally competitive, adding that by virtue of its indices, Lagos had become a major city-state in the world.

He added that Lagos is currently home to 65 percent 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.

“We are Africa's fastest growing market and still the fifth largest economy in Africa with a GDP of $91billion. The drop in our GDP value from $131billion 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 said.