IMF: Lagos will grow by 4% to $136b in 2019

Lagos State economy would grow by four per cent in 2019, the Governor, Akinwunmi Ambode, said.

Ambode, who spoke at separate meetings on Tuesday in an address he delivered to the state’s foremost social clubs – the Yoruba Tennis Club and Island Club, 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.”

The governor, who echoed the IMF’s (International Monetary Fund’s (IMF’s) forecast, said the state’s growth projection will exceed that at the federal level.

He said: “With its Gross Domestic Product (GDP) currently standing at $136 billion, Lagos economy will record four per cent growth in 2019, while the national economy will grow by 2.8 per cent, the International Monetary Fund (IMF) has predicted.

Unlike the national economy, Ambode pointed out that the social intervention initiatives of its administration would also go a long way to facilitate reduction in unemployment rate, saying the 2019 economic outlook was quite positive.

In his words: “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.”

Ambode, whose speech  was witnessed, among others by former Commissioner for Works, Alhaji 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.

Read also: LCCI: Economy grows lower than IMF’s, ERGP’s projections

“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.

According to 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,” Ambode stated