Governor Ambode pledges to make Lagos State the third largest economy in Africa

GOVERNOR Akinwunmi Ambode has pledged that his administration is committed to making Lagos State the third largest economy in Africa as its ongoing economic diversification programme continues unabated.

 

Currently the bedrock of the Nigerian economy, Lagos State accounts for one quarter of Nigeria's gross domestic product (GDP) and about a third of non-oil GDP. Also, about 95% of Nigeria's foreign direct investment goes to Lagos State and it also accounts for over 50% of the countries value added tax.

 

While Nigeria's 35 other states are struggling to generate internal revenue, Lagos State is soaring ahead with ambitious expansion plans that include the building of the Eko Atlantic City. This involves the construction of an artificial island with an airport, sea port and a business district that will include a free trade zone.

 

Speaking yesterday on Victoria Island in Lagos at the public presentation of a book titled Making Africa Work, Governor Ambode said this process will continue unabated. This book was co-authored by former president Chief Olusegun Obasanjo, Greg Mills, Jeffrey Herbst and Davies Dickie, all of the Brenthurst Foundation.

 

Governor Ambode commended Chief Obasanjo, who chairs the foundation, and his co-authors for the book. He noted that some of the principles expounded in the book would help the state in its vision of becoming Africa's third largest economy.

 

“Africa can be salvaged from its present seemingly difficult situation if the continent can invest heavily in human capital formation that can elicit an innovative and people-oriented leadership. If we have to make Africa work, then Nigeria, the largest economy in Africa, must work and I also believe that Nigeria will work better if Lagos, the fifth largest economy in Africa, works,” Governor Ambode added.

 

Chief Obasanjo identified poor implementation of development policies by African governments as a big impediment to the prosperity of the continent. He said African governments were never in want of sound development policies but most of them suffered setbacks owing to little or no implementation.

 

In addition, Chief Obasanjo blamed the situation on the lack of political will by leaders, poor funding and a lack of continuity in governance. He urged African countries to be more determined about their development goals to propel prosperity.

 

“Why do we have the problem of implementation? I will say the problem is mainly due to leadership, lack of continuity in governance and finance.” Chief Obasanjo added.

 

He also urged African nations to fight poverty and create opportunities through wealth creation and employment generation. Mr Herbst said Nigeria could witness great development if it tackled unemployment and allowed youths to participate in decision-making.

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