November 28, 2022

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Lagos is ninth greatest financial system in Africa, not third, research reveals


A report by AFP truth verify has debunked the declare by some authorities officers that Lagos state, Nigeria’s former capital and financial hub is the third greatest financial system in Africa.

Recall that not too long ago, throughout the Nigerian Bar Affiliation (NBA) convention in Lagos on August 22, Vice Presidential Candidate of the All Progressives Congress (APC) Kashim Shettima had echoed the assertion.

“Lagos is the third largest financial system in Africa,” Shettima mentioned on the annual common assembly of the Nigerian Bar Affiliation in Lagos on August 22, 2022.

He made the feedback whereas itemizing Tinubu’s achievements when he was state governor between 1999 and 2007.

Whereas official information really confirmed that the State is Nigeria’s greatest financial system, it’s not among the many prime 5 economies on the African continent.

True, the state tops the checklist of the perfect African cities for tech startups and is house to Nigeria’s busiest seaport and the nation workplaces of tech giants like Google and Microsoft, World Financial institution information reveals Lagos State shouldn’t be Africa’s third-largest financial system – whether or not it’s subtracted from or counted as a part of Nigeria’s nationwide gross home product.

In response to a report by AFP, figures from the Nationwide Bureau of Statistics (NBS) confirmed that the state had the best internally generated income (IGR) in 2020, with 419 billion naira (US$1.1 billion on the time) collected in taxes and dues. That quantity is greater than triple the income of the second-best state, Rivers, which collected 118 billion naira throughout the identical interval.

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