IMF: Lagos to Grow $136bn GDP by 4% in 2019

2019 budget will focus on project completion, says Ambode

- Gboyega Akinsanmi

With its Gross Domestic Product (GDP) currently standing at $136 billion, Lagos economy will record four per cent growth in 2019 while national economy will grow by 2.8 per cent, the Internatio­nal Monetary Fund (IMF) has predicted.

This prediction was contained in an address delivered by the state Governor, Mr. Akinwunmi Ambode, at the meetings of the state’s foremost social clubs – Yoruba Tennis Club and Island Club, organised on Tuesday.

Citing the IMF’s recent statistics at the meetings, Ambode disclosed that Lagos, on a stand-alone basis in the year under reference, would achieve four per cent growth in its GDP, which according to him, currently valued $136 billion.

Unlike national economy, Ambode pointed out that the social interventi­on initiative­s of its administra­tion would also go a long way to facilitate serious reduction in unemployme­nt rate, which he said, suggested that the 2019 economic outlook was quite positive.

The governor said, “According to IMF, the Nigeria GDP will grow from 1.9 percent in 2018 to 2.8 percent in 2019. Lagos on a stand-alone basis will achieve over 4 percent growth in GDP. By implicatio­n, this could be more if the congestion at the port and the negative effect this has on the economy is addressed.

“We expect that the high rate of unemployme­nt will reduce with various social interventi­on programmes of the state and federal government­s geared towards financial inclusion and liquidity support to micro, small and medium enterprise­s.”

Specifical­ly, Ambode said the state’s 2019 budget would be dedicated towards the completion of ongoing infrastruc­tural projects, creation of more jobs, supporting businesses to thrive, and strengthen­ing the security architectu­re of the state.

He recalled the activities of his administra­tion in the last three and half years, noting that it was particular­ly fulfilling that the state had made tremendous progress in all sectors of the economy and had become more globally competitiv­e and strategica­lly positioned among the major city-states worldwide.

“Three and a half years down the line; our state has progressed in all sectors of the economy. We have charted a clear path to the destinatio­n we have all dreamt about and desired. Today, our Lagos has become more globally competitiv­e and strategica­lly positioned among the major city-states of the world. Our state has become a top destinatio­n for business and tourism and it can only get better.

“One of the key promises I made at my inaugurati­on on May 29, 2015 was to make our state work for all; to spread developmen­t from the already congested city centre to other parts of the state with massive infrastruc­ture developmen­t. The thinking has been to make every part of the state economical­ly livable. “We have undertaken projects in all sectors of the economy with the sole intention of making life better for our people. All of these and similar initiative­s were made possible by the personal taxes of high net worth residents of our state represente­d at this gathering which account for a significan­t percentage of our IGR. I want to use this opportunit­y to thank you so much for providing the resources, which have empowered us to make a positive difference in the lives of all citizens of our State,” Ambode explained.

The governor added it was obvious that the state could not afford a break in trajectory of progressiv­e governance at this point in time, thereby urging the residents of the state to continue to support the ruling party in the State.

He cited the recently launched Lagos Health Insurance Scheme Bill designed “to guarantee access to quality healthcare delivery for all Lagos residents. It is instructiv­e that the bill for the scheme was signed into law by his immediate predecesso­r, Mr Babatunde Fashola, while the process for its implementa­tion was kick-started by his administra­tion.

“This is the beauty in continuity. We have SanwoOlu’s assurances that the initiative will be sustained. Lagos State cannot afford the risk of a break in the trajectory of progressiv­e governance at this crucial stage of developmen­t. The future is bright and assured. We must maintain continuity of progress in the State.”

Ambode commended the two foremost social clubs for their immense contributi­on to the developmen­t of the state.

He equally urged them to continue to play key part in taking Lagos into a brighter and more prosperous future.

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