Lagos GDP reaches N3.86tn

The Central Office of Statistics in the Lagos State Ministry of Economic Planning and Budget on Monday said the Gross Domestic Product for the state had reached N3.68tn ($29.028bn) as at the end of 2007.

The figure, according to a statement released by the ministry, represents 17.5 per cent of Nigeria‘s GDP, which stands at N24.5tn ($165.69bn).

The statement said Lagos was the single largest contributor among the states in the country.

It attributed this achievement to the sustained efforts by the government in transforming the state‘s infrastructure.

It further disclosed that the figure produced by the ministry corroborated the ranking of Lagos by the City Mayors Review as the 6th among African cities and 118th among cities of the world.

Commenting on the figure, the state Commissioner for Economic Planning and Budget, Mr. Ben Akabueze, noted that the computation of the GDP was an essential part of the administration‘s commitment to effectively monitor the level of economic growth and well-being of its people.

He said the GDP was equal to that of Kenya and greater than those of Cameroon, Cote d‘lvoire and Ghana, adding that this development would enhance the state‘s economic profile internationally.

Akabueze, who presented the result of the computation during the review of the 2008 budget performance, stated that the ministry would continue to monitor budget performance and assist ministries, departments, and agencies to realise the set goals of government.

Commenting on the 71.5 per cent performance of the 2008 budget, he said the meeting was held to jointly explore the possibilities of realising the 90 per cent minimum budget performance benchmark set by the Governor, Mr. Babatunde Fashola.

He also disclosed that the government had adopted a nine-sector classification of functions of government in line with international standard while adopting best practices in both the preparation and management of the 2009 budget.

He further said that there was a need for people to take tax payment seriously since it was the principal way by which government sourced funds to execute programmes and policies.

The Commissioner insisted that the government, had not introduced new taxes or rates, but will enforce the relevant laws.

He also noted and commended the going tread of voluntary tax payment by Lagosians, as evidenced by the increasing number of people embracing self-assessment.