In case you missed this news: Lagos State Governor Babajide Sanwo-Olu has done pretty well for the Centre of Excellence in every material particular as the lawyers are wont to say. And this is no capping.
You are probably wondering if this is just about chest thumping, or mere platitudes. A short anecdote will suffice:
From available information, eons ago, Lagos State was some backstreet area almost like a jungle with the absence of many things as basic as good road networks, urban infrastructure of the type you see in many metropolises around the world. Life was short, crude and brutish, in a manner of speaking! Added to that was the years of the locust, symbolised by the days of the military junta which further made the place unliveable.
Fast forward to over two decades behind, the state has witnessed a growth trajectory unheard of anywhere in the country such that it is the envy of all even beyond the shores of the country everyone wants to be in Lagos.
From the time Asiwaju Bola Tinubu, who envisioned a new Lagos, passing the baton to Raji Fashola to Akinwunmi Ambode and now Sanwo-Olu, things have not been the same again; the state has witnessed such a level of accelerated growth that anyone would be forgiven if he describes Lagos as a country rather than just a sub-national!
In Lagos today, superstructures, superhighways, and some other hugely massive development strides dot the landscape to the pride of all, especially the country as a whole. Take its revenue profile for instance. Lagos is well ahead of its time.
There has been an upward swing in terms of its revenue generation. Over the last five years of Sanwo-Olu, there has been a significant increase in the state’s Gross Domestic Product (GDP), all thanks to the creative ingenuity, well-planned ideas and economic policies implemented by his administration. In the last five years under Sanwo-Olu, the GDP has risen by almost 50 per cent, surpassing the size of the GDPs of over 40 African countries.
The economic prosperity recorded by the state over the last two decades had shown the strength and potential that sub-national governments could offer in shaping the African growth narrative. The governor himself alluded to this fact when he addressed a packed audience at a transatlantic forum in Bahamas recently. According to him, with a strong focus on internal revenue generation and strategic partnerships with the central government and private investors, the state had demonstrated how a focused leadership at the sub-national level could re-work a nation’s economic vision to create a sustainable growth pathway for the continent.
The governor, who delivered the closing speech at the third AfriCaribbean Trade and Investment Forum (ACTIF 2024) in Nassau, addressed a large audience from Africa and Caribbean countries on the theme, ‘Global Africa, Global Lagos: The Role of Sub-Nationals in Driving the Global African Agenda’.
Former Vice President Yemi Osinbajo; and Chairman of Dangote Group, Alhaji Aliko Dangote were among the global delegates who attended the conference held simultaneously with the 31st Afreximbank Annual Meetings.
According to Sanwo-Olu, Lagos had grown from being a state in deficit during the military era, to becoming a hub for investment and technological advancements. He said that factors responsible for the growth could be linked to the government’s effort to improve the ‘Ease of Doing Business’ and the decision to leverage the technology and entrepreneurial abilities of the state’s population.
He said: “Lagos is an example of a unique African success story, shaped by an interesting mix of advantages and challenges. It is the smallest of Nigeria’s 36 states, yet is responsible for more than a third of Nigeria’s entire GDP.
“Lagos has grown to have a GDP that is greater than the GDPs of all but seven African countries. In the last five years, under my leadership, we have seen an almost 50 per cent increase in our GDP.
“As we speak now, I believe that we are currently ranked seventh in terms of GDP in Africa. “We contributed at least a minimum of over 20 per cent of Nigeria’s GDP and you will find that over a period of review, during the first term of Mr. Governor, 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”.
GDP is the standard measure of the value added created through the production of goods and services in a country during a certain period. Otherwise, it is the monetary value of all finished goods and services made within a country during a specific period.
He further said: “Lagos presents a significant context on how sub-national governments are vital in writing new stories of development and advancing the economic agenda of the continent.
“I am proud to say that we in Lagos State have, indeed, mastered the art and science of Public Private Partnerships (PPPs). Having pioneered this private sector-led development in Lagos, we are now exporting that template to other States across the country.
“Our growth stories speak to the importance of African solutions and African capacity for tackling African problems. As we work towards accomplishing our aspirations, it is clear that sub-sovereign entities, such as cities, states, provinces, regions, and municipalities, can be instrumental in translating African countries’ high-level goals into tangible outcomes.
“It is at this sub-national level that a lot of the most remarkable reforms and transformations are playing out”.
The economic growth of Lagos is undoubtedly phenomenal.
Sanwo-Olu illustrated how a set of locally envisioned economic ideas transformed Lagos to be the most viable state in the country, stressing that the state created a new economic city from a challenging environmental crisis.
He said the Eko Atlantic City project, which had since become a global model for environmental responsiveness and climate action, was one of the five key long-term initiatives developed by his predecessor, ex-Governor Tinubu (now President) to create new economic opportunities for Lagos.
Sanwo-Olu listed the other initiatives to include establishment of Lekki Free Trade Zone, construction of the Lekki Deep Seaport, building of 10-lane West African Border Highway, construction of intra-city rail infrastructure, and leveraging the entrepreneurial spirit of young people. These, he said, had led to the building of a resilient economy for the state.
He added” “We have leveraged the power of the young people in driving creativity, innovation, and digital connectivity, which are critical pillars for economic prosperity.
“Lagos has, in the last decade, become a globally renowned hub for digital technology and innovation, and this is because of our young people, their energy, talent and enthusiasm.
“Through this, we have minted a number of fintech unicorns, like Interswitch, Paystack and Flutterwave. This ferment of innovation has not happened by chance. Even as they have been driven by immensely talented and entrepreneurial Nigerians, successive administrations in Lagos have paid close attention to these ecosystems, and worked to ensure an enabling environment, through various policies and incentives”.
Sanwo-Olu also shared the gains resulting from adoption of African Continental Free Trade Area (AfCFTA), describing the trade initiative as a “historic, revolutionary idea” seeking to unlock the full potential of free trade areas being created across Africa.
