The Lagos State Commissioner for Economic Planning and Budget, Ọpẹ George, has claimed that Lagos has the 7th-ranked GDP in Africa, having grown from ₦27 trillion in 2019 to ₦41 trillion.
However, reliable data shows this assertion is inaccurate.
Examining the Commissioner’s Claim
George made the statement while marking the first year of Governor Sanwo-Olu’s second term in office. He cited the state’s economic growth and resilience in the face of challenges such as COVID-19 and the #EndSARS protests.
According to George, Lagos’ GDP has grown significantly, and the state contributes at least 20% of Nigeria’s GDP. He claimed this places Lagos as the 7th-largest economy in Africa.
The Facts
However, the commissioner’s claim does not align with more reliable data on African economies. An International Monetary Fund report from April 2024 shows that Africa’s top ten economies (excluding Nigeria) all have GDPs exceeding $40 billion.
These top African economies are:
South Africa ($373 billion)
Egypt ($347 billion)
Algeria ($266 billion)
Ethiopia ($205 billion)
Morocco ($152 billion)
Kenya ($104 billion)
Angola ($92 billion)
Ivory Coast ($86.9 billion)
Tanzania ($79.6 billion)
Ghana ($75 billion)
Converted to naira at an exchange rate of ₦1,200 per dollar, Lagos’ GDP of ₦41 trillion equates to approximately $34.17 billion, which would not place it among the top 10 African economies.
Conclusion
The commissioner’s claim that Lagos has the 7th-largest GDP in Africa is not supported by reliable data. While Lagos is undoubtedly a significant economic hub on the continent, it does not currently rank among the top 10 African economies based on GDP. Accurate and up-to-date information is crucial for understanding the true economic landscape in Africa.
