Lagos Will Be Third Economy In Africa Soon Ambode Tells Nigerians

Governor Akinwunmi Ambode on Saturday stated that one of his administration’s objectives was to propel Lagos State to the third largest economy in Africa.

To achieve this, he said the administration would focus more on education, especially vocational training, adding that health facilities would be rehabilitated, while renewal and building of world-class infrastructure would continue in 2017.

Ambode, who spoke at the Christmas Eve Dance, organised by the Yoruba Tennis Club, Onikan, said he remained committed to making the state globally competitive.

He said, “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.”

The governor added that with an estimated population of about 24 million people, over 15.2 million were between the ages of 15 and 64, which had positioned Lagos as the state with the largest working population in sub-Saharan Africa.

“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.

Congratulating the club on its 90th year anniversary, the governor said he was committed to delivering a safe, clean and prosperous Lagos.

Ambode expressed optimism that with the 2017 Golden Jubilee Budget currently undergoing consideration by the state House of Assembly, the state was adequately positioned to record milestone developments in the coming year.

“Apart from the Golden Jubilee Anniversary celebration, 2017 will witness the commencement and completion of critical infrastructure that will create new economies in the state, facilitate growth and propel the state economy to enviable heights,” he said.