The Governor of Lagos State, Babajide Sanwo-Olu, stated that over 75 per cent of Lagos’ revenue is generated internally, distinguishing it from other Nigerian states that rely heavily on federal allocations.
Sanwo-Olu made the disclosure in his remarks at the ongoing Afreximbank Trade and Investment Forum in The Bahamas.
He pointed out that the state is responsible for more than a third of Nigeria’s Gross Domestic Product (GDP), making the state the commercial hub of the country, while the state’s GDP has grown by almost 50 per cent in the last five years.
“We also account for about half of the country’s total energy demand. We have over 70% of Nigeria’s foreign trade inflow into Lagos. And unlike most other subnational governments in Nigeria, over 75% of our revenue are generated internally as opposed to being centrally collected from the national treasury,” Sanwo-Olu said.
The governor also gave insight into how the state was able to construct two-levelled interlink projects that helped boost the State’s economy in the past decades.
He explained that these projects include the massive reclamation of the Atlantic Ocean to reduce land erosion and displacement of residents in the state, adding that the projects allowed the state to create a brand-new city, the Eko Atlantic city, which has now become a global commercial hub for businesses.
