Lagos Economist furious that Tanzania and Kenya should beat Nigeria in Gross Domestic Product
The commissioner for economic planning and budget in Lagos State, Ọpẹ George, seems furious that Nigeria is missing from Africa’s top ten economy ranking.
The International Monetary Fund (IMF) report of April 2024 shows that while countries like Tanzania, Kenya and Ethiopia are listed in Africa’s top ten economies for having GDPs exceeding USD 40 billion, Nigeria is not among them.
Africa’s top economies with over USD 40 Billion Gross Domestic Product include South Africa (USD 373bn), Egypt (USD 347bn), Algeria (USD 266bn), Ethiopia (USD 205bn), Morocco (USD 152bn), Kenya (USD 104bn), Angola (USD 92bn), Ivory Coast (USD 86.9bn), Tanzania (USD 79.6bn) and Ghana (USD 75bn).
While he may not have problem with rich countries like Egypt and South Africa making into the list, the Lagos State economist is surely perturbed that lesser names, including those from East Africa, should thrash Nigeria.
Apparently, George believes that Nigeria should be at least slotted at Number 7 as far as leading Gross Domestic Product (GDP) in Africa is concerned, not being left out altogether.
But Nigeria’s Foundation for Investigative Journalism (FIJ) dismisses the commissioner’s claims that the Lagos State’s has shot up to USD 34.17 billion which happens to be far from the truth, according to credible data.
“Over the last couple of years, Lagos has faced numerous challenges particularly when global pandemic COVID-19 struck. And so, we have had a lot of shocks within our system over the last couple of years and with everything going on around the world,” George maintained.
“We are currently riding the curve and we are coming out on a better side. You hear sometimes when they say Lagos is one of the largest economies in Africa and truly, it’s not static, we will continue to move based on what’s going on in the world.
“As we speak now, I believe that we are currently ranked seventh in terms of GDP in Africa,” George insists.
“We contribute at least a minimum of over 20 percent of Nigeria’s GDP, and you will find that over a period of review, we are moving in the right direction…”
“…Our GDP has moved from about N27 trillion to N41 trillion; everything shows that our indices are climbing in the right direction despite all the shocks and all the problems we have witnessed in the past,” concludes the Commissioner.
However, Lagos is not in the top 10 African economies ranked by GDP as measured by reliable institutions.
George failed to state the source used to compare Lagos to other economies on the continent, but based on more recent and reliable estimates, the commissioner’s claim was an ambitious one.
GDP rankings for African cities are a work in progress. Lagos is often ranked behind South Africa’s Johannesburg, Cape Town and Egypt’s Cairo as the African cities with the largest economy by GDP.