Quoting IMF, Ambode says Lagos economy to hit $136bn in 2019

Ambode: Lagos will grow by 4% in 2019
PHOTO CREDIT: Twitter/@followlasg

Lagos State Governor, Akinwunmi Ambode, has disclosed that the economy of the state is projected to grow by 4% in 2019.

Speaking separately at the Yoruba Tennis Club and Island Club, Lagos on Tuesday, Ambode said, “Lagos on a stand-alone basis in the year under reference would achieve four per cent growth in its GDP, which is currently valued at $136 billion.”

Reiterating a forecast by the International Monetary Fund’s (IMF), he said Lagos’ 2019 growth rate will surpass that of the larger nation, which the IMF had projected at 2.8%.

Ambode also said that the social intervention initiatives of his administration will go a long way in reducing unemployment in the state, saying the 2019 economic outlook for Lagos remained positive.

“According to IMF, the Nigeria GDP will grow from 1.9 per cent in 2018 to 2.8 per cent in 2019. Lagos on a stand-alone basis will achieve over four per cent growth in GDP. By implication, this could be more if the congestion at the port and the negative effect this has on the economy is addressed,” he said.

Ambode, whose speech was witnessed, among others by former Commissioner for Works, Femi Okunnu; Chairman, Yoruba Tennis Club, Prof. Adetokunbo Fabanwo; his Island Club counterpart, Olabanji Oladapo and the governorship candidate of the All Progressives Congress (APC) in the state, Babajide Sanwo-Olu, said the state’s 2019 budget will be dedicated towards the completion of ongoing infrastructure projects, creation of more jobs, supporting businesses to thrive, and strengthening the security architecture of the state.

He recalled the activities of his administration in the last three and a half years, saying that it was particularly fulfilling that the state has made tremendous progress in all sectors of the economy and has become more globally competitive and strategically positioned among the major city-states worldwide.

“Three and a half years down the line, our state has progressed in all sectors of the economy. We have charted a clear path to the destination we have all dreamt about and desired.

Quoting Bloomberg, Ambode said, “Today, our Lagos has become more globally competitive and strategically positioned among the major city-states of the world. Our state has become a top destination for business and tourism and it can only get better.

“We have undertaken projects in all sectors of the economy with the sole intention of making life better for our people. All of these and similar initiatives were made possible by the personal taxes of high net worth residents of our state represented at this gathering which account for a significant percentage of our IGR. I want to use this opportunity to thank you so much for providing the resources, which have empowered us to make a positive difference in the lives of all citizens of our state.”

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.