Lagos To Emerge 13th Largest Economy In Africa By 2014 by Gbawe: 12:41pm On Jul 03, 2013 |
Lagos to Emerge 13th Largest Economy in Africa by 2014
The planned rebasing of Nigeria’s Gross Domestic Product (GDP) is expected to raise Lagos State to Africa's 13th biggest economy by 2014, a report assessing the respective economies of the 36 states of the federation has shown.
In its latest report titled, “Nigeria Unveiled: Thirty Six Shades of Nigeria” Renaissance Capital (RenCap), an investment and financial advisory firm, also said that with a per capita income of approximately $4,000, which is more than double the national average of $1,700, the wealthiest people in Nigeria reside in the Federal Capital Territory (FCT).
Abuja’s per capita income is equivalent to that of Tunisia and Ukraine. With a per capita income of $2,900, Abuja is followed by Lagos with second wealthiest residents in the country, which puts it at par with Morocco and Sri Lanka.
The report showed that while much has been written in recent years about Nigeria’s rising economic significance, very little is known about the country’s 36 states.
It said Lagos State’s economy would be equivalent to the Ghanaian economy post-GDP rebasing, adding that the heart of Nigeria’s $284 billion GDP economy is clearly in Lagos.
Rencap said: “We base our analysis on states’ internally generated revenue, which make up 15 per cent of state government revenue, and consumption data, as proxies for state income.
“Lagos State produces about 12 per cent of Nigeria’s GDP, which is equivalent to $32 billion by 2013 ending. Post rebasing, which we now expect in early 2014, we estimate a 40 per cent upward revision in the country's national income.
“By our estimates, the Lagos State economy will become Africa's 13th biggest economy in 2014 at approximately $45 billion – equivalent to that of Ghana.”
According to the report, Nigeria’s second wealthiest state is in the north. “ Kano State is Nigeria’s second wealthiest economy, with an economy of $17 billion, by our estimates, which is equivalent in size to Botswana’s economy.
“Kano State is the anchor state of poorer northern Nigeria. Historically, Kano State has been a commercial and agricultural state. In pre-colonial times, Kano city, the state capital, served as the southernmost point of the famous trans-Sahara trade routes.
“Kano State has produced some of Nigeria’s most influential and wealthiest people, including Africa’s richest man, Aliko Dangote. Interestingly, Dangote’s great grandfather, Alhassan Dantata was the wealthiest man in West Africa during the colonial period.
“Central Bank of Nigeria (CBN) Governor Sanusi Lamido Sanusi’s grandfather held the influential position of Emir of Kano,” the report said. The RenCap report further showed that Jigawa, which is bordered by the Republic of Niger to the north, is home to Nigeria’s poorest people, with average per capita income of $850, which puts it at par with that of Zimbabwe.
“We believe the state’s low per capita income partially reflects its very low rate of urbanisation. Nine out of 10 people in Jigawa State live in rural areas.”
In terms of demographics, the report stated that the populations of Kano and Lagos State – Nigeria’s most populous states – are equivalent to that of Portugal.
“Kano and Lagos are each home to 7 per cent of the country’s 170 million population, implying that each has a population of an estimated 10 million people,” the investment firm said in the report.
The report also delved into other areas of the north-south divide showing that there is a notable difference between both regions in terms of household sizes.
“Nigeria’s (richer) south-west states have smaller household sizes than its (poorer) northern counterparts. As is true globally, middle-class families tend to have fewer children, and invest more in each individual child.
“The states with the biggest household sizes are the two northern, neighbouring states of Bauchi and Gombi, where households are, on average, made up of over seven people.
“Lagos is among the states with the smallest household sizes – (4.9 people). Given that Lagos State is the most densely populated state in Nigeria, and its average household size is relatively small, the implication is that property prices (per square metre) must be expensive compared with those in other states,” the report stated.
The report also showed that Lagos has the highest net primary school completion ratio in Nigeria at 70.6 per cent, adding that the south-west population is more likely to have completed primary school than its counterparts in northern Nigeria.
“The most educated workforce in coming years will also be apparent in the south and south-west, where at least 60 per cent of the children complete secondary school.
“We think education levels in the south and south west are likely to spur even faster growth, as we have seen in emerging markets globally.” Focusing on the middle class, the report said consumer companies are likely to find the greatest opportunities in states with the greatest purchasing power such as Lagos, Abuja, Oyo, Osun, Kaduna and Nassarawa, as well as the Niger Delta states.
It also stated that there are opportunities for banks to expand services and employees into states with a combination of high income and high population density, adding that this would provide the footfall required for branch expansion.
According to the report, states with such opportunities include Anambra, Imo, Abia, Akwa Ibom, Rivers and Osun. Continuing, it said: “Consumers are more likely to buy branded goods in the FCT, Lagos, Delta and Rivers States. This, we infer from these states’ relatively low food spend/total consumption expenditure, which implies relatively high discretionary income.
“We think these states may also drive air travel, and may prove to be higher value-added customers for telecoms companies. “We believe food retailers have expansion opportunities in states beyond the southern region that are characterised by relatively high food spend, such as Nassarawa, Niger and Kaduna.”
http://www.lagosindicatoronline.com/Lagos_to_Emerge_13th_Largest.html Source: http://www.thisdaylive.com/
7 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:15pm On Jul 03, 2013 |
ALL NA WASH AS THEY SAY 3 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:16pm On Jul 03, 2013 |
Impressive. Hale Lagos! Lagos is alive!!! 3 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Krasid(m): 2:22pm On Jul 03, 2013 |
Haba nairaland.This news is recycled.it was brought to the front page on may 9,2013.pls don't recycle news again. 4 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by adrainuche(m): 2:24pm On Jul 03, 2013 |
First time when I enter front page Eko Ni Baje oooo !!!! |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by blacksta(m): 2:25pm On Jul 03, 2013 |
obadiah777: ALL NA WASH AS THEY SAY How- Jealousy is a disease - I think it is to be expected with successive progressive leadership who is able harness the large population and infrastructure potentials |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by ghetomum: 2:25pm On Jul 03, 2013 |
eko ile,eko o ni baje oooo |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:26pm On Jul 03, 2013 |
Thanks to Governor Fashola. Eko o ni Baje o......lai lai!!!!! |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:27pm On Jul 03, 2013 |
blacksta:
How- Jealousy is a disease - I think it is to be expected with successive progressive leadership who is able harness the large population and infrastructure potentials NOT GOING TO HAPPEN. WW3. ALL CITIES OF THE WORLD WOULD BE DESTROYED INCLUDING LAGOS 2 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Gbawe: 2:29pm On Jul 03, 2013 |
http://www.lagosindicatoronline.com/With_masses_oriented_policies.htmlWith masses-oriented policies, Lagos bridges the rich-poor gap
24 June, 2013
A simple description of good governance could be seen in an effective management of public resources to benefit all cadres of people living in the society. Ideally, current administration in Lagos State has in all ways demonstrated its commitment to delivering good governance in all ramifications of it, but its dedication to bridging the age-long gap between the rich and the poor through its masses-oriented policies is exceptional and highly commendable.
Aside its development of the State’s healthcare facilities as well as its transformation of public schools, (which are the only affordable recourse for the poor people) bringing them up to the same level with private facilities, which only the rich can afford, the State Government is also making a solid statement in bridging the gap with its housing policy. For instance, under the Lagos Home Ownership Scheme, which is targeted at making many Lagosians their own landlord, the government has carefully designed the scheme in such a way that the rich and the poor co-habit the same environment and in the same building.
This, the state government is set to achieve by its development of estates that comprises buildings of different types of flats. Specifically designed to meet the need of low income earners as well as the high income earners, it is not surprising to have in the same building: one bedroom flat, 2 bedroom; 3, as well as 4 bedroom flats, which brings different categories of people together under one roof.
But the Babatunde Fashola led administration is not done yet, hence, its recent launch of the Liquefied Petroleum Gas LPG) Cylinder initiative came as another great step towards bridging the gap between the rich and the poor in the State. The initiative which is geared towards taking the people away from the old fashioned and harmful ways of cooking with firewood and charcoal will also help the State in maintaining clean and green environment.
But most importantly is the role this initiative is going to play bringing the liquefied petroleum gas, which hitherto remained for the exclusive use of the rich, to the kitchens of poor masses in Lagos state. By this initiative, cooking gas is expected to be made available to people of the state at affordable price, thus becoming a replacement for other old means.
Speaking at the launch, Governor Babatunde Fashola had reiterated the commitment of the administration to making sure that every Lagosian lives a better life. According to the Governor, with this latest initiative, Lagos state has demonstrated that cooking gas is no longer the preserve of the rich alone.
“Our support for this initiative is reflected in the State Government’s intervention of providing some financial assistance in reducing the initial cost of specific cylinder sizes to our citizens, particularly those in the rural areas and/or in the low income bracket. This is our support for the poor for whom we remain committed to deliver a better life,” he said.
The Governor added, “In this way we hope to bridge the gap between the rich and poor by raising the quality of life of our vulnerable people. In this way we expect that we will begin to move our people away from the risk of death by fuel explosion when they desperately search for kerosene and lose their lives in a country that has so much proven gas reserves”.
To achieve its target of the initiative, Governor Fashola explained that the State Government has established a partnership with the LPG group at the Lagos State Chamber of Commerce through its members such as Oando, Gas Terminalling, Chimons and Tewa Gas to name a few; who already have on ground certified, and safe cylinders of various sizes. Governor Fashola gave a commitment that the present administration will continue with its sensitization and advocacy programme to the public on the need to be vigilant, understand the safety aspects of the cylinders and its proper use and also request that members of the public report uncertified cylinders/unscrupulous suppliers to the relevant authorities.
“Today, we are launching the first Skid-mounted LPG Plant right here in Surulere. There will be further skid-mounted plants deployed in various Local Government Areas (LGA) and Local Council Development Areas (LCDA) for gas availability and easy refill of LPG, so that LPG becomes as omnipresent as other cooking fuels currently are. The beauty of these Skid plants is that our citizens are able to go there and refill their empty cylinders with little or as much gas as they can afford. It is pay as you go and pay as you can afford, but it will no longer be the exclusive preserve of the rich”, the Governor stated. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by stevekenny: 2:36pm On Jul 03, 2013 |
Good stride |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by edoyad(m): 2:37pm On Jul 03, 2013 |
My sweet Kd. If only positive kaduna would be seperated from Negative kaduna |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by MostHigh: 2:42pm On Jul 03, 2013 |
obadiah777: NOT GOING TO HAPPEN. WW3. ALL CITIES OF THE WORLD WOULD BE DESTROYED INCLUDING LAGOS Every city Sire. 3 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Gbawe: 2:43pm On Jul 03, 2013 |
@Post.
No doubt good governance is critical but the large population of Lagos has also, in real terms, being an asset overall. Highly challenging to manage such a large population but there are advantages too. For example, the construction boom seen in the private sector is largely due to the high demand residential and commercial units. Increased availability of private sector funding has driven the construction sector over the past decade in the right direction. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by free2ryhme: 2:44pm On Jul 03, 2013 |
ShyM-X: Impressive.
Hale Lagos!
Lagos is alive!!! Does this mean Abuja is Dead |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Gbawe: 2:45pm On Jul 03, 2013 |
obadiah777: NOT GOING TO HAPPEN. WW3. ALL CITIES OF THE WORLD WOULD BE DESTROYED INCLUDING LAGOS No yawa. You can live your life focused on that. The rest of us will just live life to the fullest and deal with whatever the future brings as and when that time is upon us. 2 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by plaindealer: 2:45pm On Jul 03, 2013 |
Laogos is destined to be the largest economy after SA especially by the time all the major economics factors and projects like the lagos Badagry express way, the trade some, sea port, lekki refinery, Eko Atlantic, and commercial oil production and the state's participating in commercial oil and gas business come in line.
Their leaders in Lagos are very smart, very focused and forward looking . |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by plaindealer: 2:50pm On Jul 03, 2013 |
free2ryhme:
Does this mean Abuja is Dead Abuja is a political capital with no present and future economic or manufacturing value. Abuja is destined to dissolve and mostly end up with the north @ eventual breakup of Nigeria. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:50pm On Jul 03, 2013 |
Eko ile kom out o,haha.Ma guy don c watin he go use brag. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Omexonomy: 2:51pm On Jul 03, 2013 |
gheto mum: eko ile,eko o ni baje oooo idiota.just say thanks to the igbos. 2 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by plaindealer: 2:52pm On Jul 03, 2013 |
gheto mum: eko ile,eko o ni baje oooo Eko Ile. Eko o ni baje o.. 1 Like |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Omexonomy: 2:53pm On Jul 03, 2013 |
plaindealer: Laogos is destined to be the largest economy after SA especially by the time all the major economics factors and projects like the lagos Badagry express way, the trade some, sea port, lekki refinery, Eko Atlantic, and commercial oil production and the state's participating in commercial oil and gas business come in line.
Their leaders in Lagos are very smart, very focused and forward looking . what about those agberos and those yaruba women that loves to marry four husband at the same time. Where are we going to put them. Idiota. Sorry for calling you that. Next time say thanks to the igbos for making that possible. https://www.nairaland.com/1345852/failure-pay-market-fee-criminal. 1 Like |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:53pm On Jul 03, 2013 |
melojames: Thanks to Governor Fashola. Eko o ni Baje o......lai lai!!!!! guy wat does fashola as to do with lagos bin d 14th largest economy in africa.Thank ur fellow nigerians like d igbos and hausa,they are d ones increasing the GDP of lagos. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Nobody: 2:55pm On Jul 03, 2013 |
obadiah777: NOT GOING TO HAPPEN. WW3. ALL CITIES OF THE WORLD WOULD BE DESTROYED INCLUDING LAGOS hahahahaha,abeg no injure my ribs 4 me o. 1 Like |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Gbawe: 2:56pm On Jul 03, 2013 |
plaindealer: Laogos is destined to be the largest economy after SA especially by the time all the major economics factors and projects like the lagos Badagry express way, the trade some, sea port, lekki refinery, Eko Atlantic, and commercial oil production and the state's participating in commercial oil and gas business come in line.
Their leaders in Lagos are very smart, very focused and forward looking . My brother, most people don't even know the half of it because they don't actually know that much more is going on than is assumed . Below are collations of project (completed, ongoing and planned) for the SW. Lagos, impressively, has a lot going on. We have to bear in mind that the representations below are not exhaustive but good for gaining a general picture. http://www.skyscrapercity.com/forumdisplay.php?f=2985Anyone interested in the rest of Nigeria can use the link below and click on region of interest. http://www.skyscrapercity.com/forumdisplay.php?f=2961Construction projects, mainly private sector driven, such as that seen below are changing the looks of Lagos. http://www.skyscrapercity.com/showthread.php?t=1511294Lake Point Towers, Banana Island, Ikoyi. Lagos. 3 Likes |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Demswear4u: 2:59pm On Jul 03, 2013 |
I am very impressed with kano. They've been able to silently grow their economy even in the midst of BH. The Niger-delta states are coming up massively,and would have done far better if they had control of their oil wealth. They would have been the richest states in the country. The SE states are also not doing badly. Overall,it seems Nigeria would clinch Africa's largest economy status by 2018 at the latest. True federalism is the way to go. 1 Like |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Fishout(m): 3:01pm On Jul 03, 2013 |
very imprenssive.EKO KONI BAJE,may God spare our life to witness d adventures |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Fishout(m): 3:02pm On Jul 03, 2013 |
very imprenssive |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Demswear4u: 3:02pm On Jul 03, 2013 |
plaindealer:
Abuja is a political capital with no present and future economic or manufacturing value. Abuja is destined to dissolve and mostly end up with the north @ eventual breakup of Nigeria. pls tell me how much washington contributes to the US national Economy. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Demswear4u: 3:03pm On Jul 03, 2013 |
plaindealer:
Abuja is a political capital with no present and future economic or manufacturing value. Abuja is destined to dissolve and mostly end up with the north @ eventual breakup of Nigeria. pls tell me how much washington DC contributes to the US national Economy. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Gbawe: 3:04pm On Jul 03, 2013 |
Demswear4u?: I am very impressed with kano. They've been able to silently grow their economy even in the midst of BH. The Niger-delta states are coming up massively,and would have done far better if they had control of their oil wealth. They would have been the richest states in the country. The SE states are also not doing badly. Overall,it seems Nigeria would clinch Africa's largest economy status by 2018 at the latest. True federalism is the way to go. This is the thing. Let Government at the centre give all corners of Nigeria the tools to grow and develop optimally. The FG should wake up to its role, in this day and age, of being an 'enabler'. |
Re: Lagos To Emerge 13th Largest Economy In Africa By 2014 by Omexonomy: 3:06pm On Jul 03, 2013 |
blacksta:
How- Jealousy is a disease - I think it is to be expected with successive progressive leadership who is able harness the large population and infrastructure potentials what about those agberos and those yaruba women that loves to marry four husband at the same time. Where are we going to put them. Idiota. Sorry for calling you that. Next time say thanks to the igbos and the hausas for making that possible. https://www.nairaland.com/1345852/failure-pay-market-fee-criminal. |