Examining Lagos's GDP Figures - Politics - Nairaland
Nairaland Forum / Nairaland / General / Politics / Examining Lagos's GDP Figures (4721 Views)
Key Figures In Buhari’s New Cabinet And Profiles / Oil Producing states In Nigeria - The Facts and Figures / Richest Nigerian States Ranked By GDP (2) (3) (4)
| Examining Lagos's GDP Figures by geeez: 9:02am On Jul 21, 2013 |
While Nigerians await the state-by-state breakdown of the country’s Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), it is great to see that the Lagos State government has gone ahead to calculate its own estimated GDP. The move by the state is not surprising considering it has been in the forefront of economic development in the country. The state currently has one of the best and most complete economic statistics in the country. The state’s GDP figures released in September 2012 provide some interesting insights into the Lagos economy. The state has a GDP figure put in excess of N12 trillion or $81 billion as of 2010. Its economic size is about 35.6 percent of Nigeria’s 2010 GDP but a significant 62.3 percent of Nigeria’s non-oil GDP. However, on the African continent, Lagos State GDP figures rank fourth below Cairo ($145 billion), Johannesburg ($110 billion), and Cape Town ($103 billion). The figures show that the Lagos State GDP is higher than 14 of the 51 states in the United States of America. It is also estimated to be bigger than the GDPs of 22 of the 27 states in Brazil, and higher than 42 individual states in Africa, including Kenya with a GDP of $66 billion, Ghana with a GDP of $61.97 billion, and Tanzania with a GDP of $58.44 billion. Seven different sectors dominate economic activities in Lagos State, led by manufacturing which, interestingly, contributes 29.60 percent of the state’s GDP figures. Road transport follows closely contributing an average of 26.47 percent of economic activities in the state. Other sectors in order of dominance include building and construction (19.60 percent); wholesale and retail (8.39 percent); telecommunications (3.71 percent); financial institutions (3.51 percent); and real estate (2.01 percent). The seven sectors account for 93.39 percent of economic activities in the state. The Lagos State Bureau of Statistics also breaks down the state’s GDP based on sectors. Livestock is the biggest economic activity in the agricultural sector. This is closely followed by forestry, and then fisheries which is about half the size of the livestock sector. Crop production is almost insignificant in the agricultural sector, contributing just 0.004 percent of economic activities. Road transport is the giant in the room in the transportation sector in Lagos State, making up more than 90 percent of economic activities in the sector. The road transport sector is only slightly smaller than manufacturing. Manufacturing and road transport activities actually make up an average 56 percent of all economic activities taking place in Lagos. This explains the Lagos State government’s emphasis on road transport infrastructure within the state as both sectors actually feed on each other. The roads need manufacturing goods and passenger traffic while manufacturing needs the roads to move goods from production centres to the market. The financial services sector of the Lagos State economy is dominated by financial institutions, with the insurance sector almost a negligible player in the sector. Insurance sector’s contribution to economic activities in Lagos State stands at just 0.30 percent compared to 3.51 percent by financial institutions. In the communications sector, telecommunications dominates, with broadcasting and postal services making marginal contribution (0.03 percent). Under utilities, electricity dominates, but it contributes just an insignificant 0.47 percent of economic activities in Lagos State, a reflection of the challenges faced in the sector in the country. The contribution by the water sector is even more insignificant at just 0.03 percent. In a more ideal situation, these two sectors would be ranking among the highest contributors to economic activities because they are essential to modern living. Unfortunately, this is not the case here. The negligible contribution of these sectors hides the strong growth potential of the Lagos State economy if both sectors are repositioned to play their proper role in economic activities. Currently, the NBS is compiling GDP figures for about six states of the federation. Ahead of the release of these figures, which was expected in March 2013, BusinessDay research will soon be releasing its report on the states of the Nigerian federation. The report is an in-depth analysis of the macroeconomic environment and fiscal plans of Nigeria’s 36 states and Abuja. It shows what the states are going to spend and how they are going to spend it. It is also a deep analysis of the financial profile of each state, showing internal revenue projections and history, debt overhang, projections and sustainability, projected expenditure-to-consumption ratios, and major projects in each state. Due to non-availability of the GDP figures for the 36 states and Abuja, BusinessDay Research will be using NBS figures on consumption patterns in the states as a proxy for GDP figures. The report is an invaluable guide to anyone seeking to do business with or in the states and also to state governments wanting to know how their expenditure plans and macroeconomic environment compare competitively with other states and to the needs of the states. http://businessdaynigeria.com/examining-lagos-state-gdp-figures 1 Like 2 Shares |
| Re: Examining Lagos's GDP Figures by geeez: 9:04am On Jul 21, 2013 |
wholesale and retail (8.39 percent) |
| Re: Examining Lagos's GDP Figures by Randerl: 9:53am On Jul 21, 2013 |
Poster thanks alot for ur post. Very interesting and informative. |
| Re: Examining Lagos's GDP Figures by bloggernaija: 12:32pm On Jul 21, 2013 |
What this show is that the state needs to target the transportation sector for revenues. All those 100 naira /drop bribe extorted by area boys ,police officers and union chiefs should be going to the state's purse. |
| Re: Examining Lagos's GDP Figures by Nobody: 1:01pm On Jul 21, 2013 |
bloggernaija: What this show is that the state needs to target the transportation sector for revenues. All those 100 naira /drop bribe extorted by area boys ,police officers and union chiefs should be going to the state's purse.I Tell you this area boys (agberos) are making it big. I would love to see another party win lagos polls in 2015(definitely not pdp) as the ACN seems to be helpless with this area boys wahala. @topic lagos is really doing great but I would love to see more |
| Re: Examining Lagos's GDP Figures by kettykin: 1:38pm On Jul 21, 2013 |
Seven different sectors dominate economic activities in Lagos State, led by manufacturing which, interestingly, contributes 29.60 percent of the state’s GDP figures. Road transport follows closely contributing an average of 26.47 percent of economic activities in the state. Other sectors in order of dominance include building and construction (19.60 percent); wholesale and retail (8.39 percent); telecommunications (3.71 percent); financial institutions (3.51 percent); and real estate (2.01 percent). The seven sectors account for 93.39 percent of economic activities in the state. Seven different sectors please does any body have an idea of the manufacturing companies in Lagos that contribute 29.60 of N12 trillion or $81 billion reasons are that it equals to N3.55 trillion GDP if that is the case Sates that have an equally bouyant Manufacturing sectors would be clocking a GDP or more than N3.55 trillion . Also what does importation contribute that is done through the ports that has made most people to make Lagos the headquarters of their Business of importance the Dangote sugar , flour and the Numerous petrol and diesel importation going on in Lagos. if this was put under wholesale and retail (8.39 percent) then these figures are now another fall out of Nigeria's funny and often confusing and manipulated statistics |
| Re: Examining Lagos's GDP Figures by Nobody: 2:55pm On Jul 21, 2013 |
Good we now know the Lagos state GDP in relation to the national GDP. But can we also know the contribution of Lagos state to national CORRUPTION? It will be good to also break down CORRUPTION on a state-by-state basis. The Lagos State Govt should help us calculate its CONTRIBUTION to corruption in Nigeria. |
| Re: Examining Lagos's GDP Figures by EkoIle1: 2:59pm On Jul 21, 2013 |
Sincere 9gerian: Good we now know the Lagos state GDP in relation to the national GDP. But can we also know the contribution of Lagos state to national CORRUPTION? It will be good to also break down CORRUPTION on a state-by-state basis. The Lagos State Govt should help us calculate its CONTRIBUTION to corruption in Nigeria. Stay on topic and curb your usual need to pollute and desecrate good topics with your senseless and irrelevant rants. Start your own thread if you need to discuss corruption in Nigeria and make sure you start with your Abuja thieves, crooks and liars network... 11 Likes |
| Re: Examining Lagos's GDP Figures by geeez: 8:01am On Jul 25, 2013 |
So what are the Igbo traders' contribution to the GDP? Abi na wash or through fraud? 6 Likes |
| Re: Examining Lagos's GDP Figures by geeez: 12:09pm On Jul 25, 2013 |
Sincere 9gerian: Good we now know the Lagos state GDP in relation to the national GDP. But can we also know the contribution of Lagos state to national CORRUPTION? It will be good to also break down CORRUPTION on a state-by-state basis. The Lagos State Govt should help us calculate its CONTRIBUTION to corruption in Nigeria. What is this one saying? 2 Likes |
| Re: Examining Lagos's GDP Figures by Peinstein: 12:20pm On Jul 25, 2013 |
Sincere 9gerian: Good we now know the Lagos state GDP in relation to the national GDP. But can we also know the contribution of Lagos state to national CORRUPTION? It will be good to also break down CORRUPTION on a state-by-state basis. The Lagos State Govt should help us calculate its CONTRIBUTION to corruption in Nigeria. maybe you should create a thread for that while we keep discussing on this thread. I like the breakdown as it puts things into perspective. What the government needs to do now is to enhance the salient sectors that define lagos' economy, bottlenecks notable in such sectors should be removed so that investors can focus on their business. For example since transport contributes so much, a lot needs to be done to improve roads and infrastructure for other existing forms of transport. |
| Re: Examining Lagos's GDP Figures by kwametut: 10:22am On Nov 22, 2013 |
|
| Re: Examining Lagos's GDP Figures by veraponpo(m): 11:47am On Nov 22, 2013 |
kwame tut: Thank God for Lagos- Fashola and Tinubu. Always putting Nigeria on world map for good things... 3 Likes |
| Re: Examining Lagos's GDP Figures by veraponpo(m): 11:54am On Nov 22, 2013 |
geeez: So all the claims by our Igbo brothers and sisters that they are the ones building Lagos economy is totally insignificant. So they are the ones enjoying Lagos by making money.... Thank God for a report like this. Whole sale/Retail meaning commercial activities are less than 9% of the economy of Lagos. All the Ladipo, Alaba, Trade fair market people are just making money for themselves... They will travel to the East in December to spend money made in Lagos. 3 Likes |
| Re: Examining Lagos's GDP Figures by iterator25: 12:01pm On Nov 22, 2013 |
veraponpo:lol...true 1 Like |
| Re: Examining Lagos's GDP Figures by geeez: 12:12pm On Nov 22, 2013 |
veraponpo: Thank God for Lagos because their economies only get stimulated in the SE in December Rather than asking Lagos to be grateful for having them around, they and their states should have Lagos to thank Their businesses aren't making a difference in the economy of Lagos and her income 2 Likes |
| Re: Examining Lagos's GDP Figures by jimmysho(m): 12:34pm On Nov 22, 2013 |
If south west were to be a country, several homes in south east will depend largely on repatriation from Lagos |
| Re: Examining Lagos's GDP Figures by kwametut: 1:17pm On Nov 22, 2013 |
@veraponpo The IGBOS can only "CLAIM AND LIE" its in their DNA. Biafra was a country it will be "ONE OF THE POOREST IN AFRICA". FACT. Am South African of Ghanaian(mom) and SA(father) descent but can tell u by now. We which nation is USELESS LOUD MOUTHS in Nigeria. veraponpo: 2 Likes |
| Re: Examining Lagos's GDP Figures by kwametut: 1:27pm On Nov 22, 2013 |
SOUTH AFRICAN PROVINCES VS NIGERIAN STATES [b]SA's provinces: quick facts [b]EASTERN CAPE Capital: Bisho Major city: Port Elizabeth Languages: 78.8% isiXhosa, 10.6% Afrikaans, 5.6% English Population: 6 562 053 (2011) Share of total SA population: 12.7% Area: 168 966 km2 Share of total SA area: 13.9% Population density: 39 people per km2 Gross regional product: R220.9-billion (2010)/$22Billion higher than Nigerias 2nd state. Share of total SA GDP: 7.7% FREE STATE Capital: Bloemfontein Languages: 64.2% Sesotho, 12.7% Afrikaans, 7.5% isiXhosa Population: 2 745 590 (2011) Share of total SA population: 5.3% Area: 129 825km2 Share of total SA area: 10.6% Population density: 21 people per km2 Gross regional product: R166.4-billion (2010) Share of total SA GDP: 5.5% GAUTENG Capital: Johannesburg Languages: 19.8% isiZulu, 12.4% Afrikaans, 11.6% Sesotho, 13.3% English Population: 12 272 263 (2011) Share of total SA population: 23.7% Area: 16 548km2 Share of total SA area: 1.4% Population density: 675 people per km2 Gross regional product: R1,67trillion (2010)/$167Billion higher than Lagos state. Share of total SA GDP: 33.7% KWAZULU-NATAL Capital: Pietermaritzburg Major city: Durban Languages: 77.8% isiZulu, 13.2% English Population: 10 267 300 (2011) Share of total SA population: 19.8% Area: 94 361km2 Share of total SA area: 7.7% Population density: 109 people per km2 Gross regional product: R450,6-billion (2010)/$45Billion higher than Nigerias 2nd state. Share of total SA GDP: 15.8% LIMPOPO Capital: Polokwane Languages: 52.9% Sepedi, 17% Xitsonga, 16.7% Tshivenda Population: 5 404 868 (2011) Share of total SA population: 10.4% Area: 125 755 km2 Share of total SA area: 10.3% Population density: 43 people per km2 Gross regional product: R191,9-billion (2010) Share of total SA GDP: 7.2% MPUMALANGA Capital: Mbombela Languages: 27.7% siSwati, 24.1% isiZulu, 10.4% Xistonga, 10.1% isiNdebele Population: 4 039 939 (2011) Share of total SA population: 7.8% Area: 76 495km2 Share of total SA area: 6.3% Population density: 53 people per km2 Gross regional product: R187.4-billion (2010) Share of total SA GDP: 7% NORTHERN CAPE Capital: Kimberley Languages: 53.8% Afrikaans, 33.1% Setswana Population: 1 145 861 (2011) Share of total SA population: 2.2% Area: 372 889km2 Share of total SA area: 30.5% Population density: 3 people per km2 Gross regional product: R61,2-billion (2010) Share of total SA GDP: 2.3% NORTH WEST Capital: Mahikeng Major city: Potchefstroom Languages: 63.4% Setswana, 9% Afrikaans Population: 3 509 953 (2011) Share of total SA population: 6.8% Area: 106 512km2 Share of total SA area: 8.7% Population density: 34 people per km2 Gross regional product: R189.1-billion (2010) Share of total SA GDP: 6.7% WESTERN CAPE Capital: Cape Town Languages: 49.7% Afrikaans, 24.7% isiXhosa, 20.2% English Population: 5 822 734(2011) Share of total SA population: 11.3% Area: 129 462 km2 Share of total area: 10.6% Population density: 45 people per km2 Gross regional product: R390.3-billion (2010)/$39Billion higher than Nigerias 2nd state. [/b]Share of total GDP: 14.1% [/b] Rank State PPP GDP (2010; in millios of USD) 1 Lagos State US$74,674[2] 2 Rivers State US$21,073 3 Delta State US$16,749 4 Oyo State US$16,121 5 Imo State US$14,212 6 Kano State US$12,393 7 Edo State US$11,888 8 Akwa Ibom State US$11,179 9 Ogun State US$10,470 10 Kaduna State US$10,334 11 Cross River State US$9,292 12 Abia State US$8,687 13 Ondo State US$8,414 14 Osun State US$7,280 15 Benue State US$6,864 16 Anambra State US$6,764 17 Katsina State US$6,022 18 Niger State US$6,002 19 Borno State US$5,175 20 Plateau State US$5,154 21 Sokoto State US$4,818 22 Bauchi State US$4,713 23 Kogi State US$4,642 24 Adamawa State US$4,582 25 Enugu State US$4,396 26 Bayelsa State US$4,337 27 Zamfara State US$4,123 28 Kwara State US$3,841 29 Taraba State US$3,397 30 Kebbi State US$3,290 31 Nassarawa State US$3,022 32 Jigawa State US$2,988 33 Ekiti State US$2,848 34 Ebonyi State US$2,732 35 Gombe State US$2,501 36 Yobe State US$2,011
|
| Re: Examining Lagos's GDP Figures by kwametut: 1:38pm On Nov 22, 2013 |
| A South African government worker earns(nurse,teacher,doctor,police,Engineers in municipalities at) a WORLD CLASS SALARY. Same can be said in football PSL league/TOP EARNERS IN AFRICA. FACT. TOP PLAYERS R200 000-R600 000 EXPERIENCED PLAYERS R100 000-R200 000 AVERAGE PLAYERS R50 000-R90 000 YOUNG STARS (new comers/promoted to 1st team to PSL) R20 000-R40 000. RUGBY, CRICKET, BOXING, MMA ITS THE SAME. while Nigerians have to go to WEST to make money.
|
| Re: Examining Lagos's GDP Figures by ikweremilitant: 2:20pm On Nov 22, 2013 |
geeez: So what are the Igbo traders' contribution to the GDP?am expectng u to tek us wat d yoruba agberos re contributng to lagos |
| Re: Examining Lagos's GDP Figures by kwametut: 3:56pm On Nov 22, 2013 |
SOUTH AFRICA IS IN THE SAME LEVEL WITH "NORTH AFRICA ARAB STATES IN MANY THINGS". THIS TREND OF S.A. AND NORTH AFRICA TOPPING AFRICA IN HDI INDEX WILL CONTINUE UNTIL YEAR 2300 TILL JESUS COMES BACK.
|
| Re: Examining Lagos's GDP Figures by Nobody: 4:04pm On Nov 22, 2013 |
The foools forgot that Igbos owns 600% of the manufacturing firms in lagos. We own lagos and you guys can't shiit about it. |
| Re: Examining Lagos's GDP Figures by geeez: 4:12pm On Nov 22, 2013 |
chidindufrank: The foools forgot that Igbos owns 600% of the manufacturing firms in lagos. We own lagos and you guys can't shiit about it. You own no brain cells that function That's so evident in your post You don't even own 100% of trading which contributes less than 9% to our GDP in Lagos Yorubas are typically industrialists while Igbos are traders Most of the factories in Lagos not owned by Yorubas are owned by multinational companies I'm a member of MAN Lagos and the chambers of commerce and Igbos don't make up to 20% where Yorubas constitute over 50% 2 Likes 1 Share |
| Re: Examining Lagos's GDP Figures by mapet: 4:13pm On Nov 22, 2013 |
..and which party? APGA  Obiagelli: |
| Re: Examining Lagos's GDP Figures by Nobody: 4:16pm On Nov 22, 2013 |
geeez:Liar!!!!!!!!!! The only thing owned by yorubas are Trado-medic shops where they cure infections |
| Re: Examining Lagos's GDP Figures by Nobody: 4:23pm On Nov 22, 2013 |
such a pity a supposedly educative thread turned upside down by big.ots, can't we have decent and matured discussions in this section. |
| Re: Examining Lagos's GDP Figures by Nobody: 4:26pm On Nov 22, 2013 |
mapet: ..and which party? APGAif they can provide a good candidate, btw am not a fan of apga. |
| Re: Examining Lagos's GDP Figures by ASL33: 4:33pm On Nov 22, 2013 |
Obiagelli: such a pity a supposedly educative thread turned upside down by big.ots, can't we have decent and matured discussions in this section.The ninth post brought bigotry into the thread and guess who made the post?. |
| Re: Examining Lagos's GDP Figures by MagicBishop: 4:39pm On Nov 22, 2013 |
So why are the SW not advocating for Regional autonomy? Could it be that oil revenues and the larger Nigerian Economy are directly related to Lagos Economic growth? Stop beating your chest. Whatever gains you have in Lagos was NOT solely dependent to Lagos but Lagos being a part of the most populous and largest oil producer in Africa. |
| Re: Examining Lagos's GDP Figures by Nobody: 4:46pm On Nov 22, 2013 |
ASL33: The ninth post brought bigotry into the thread and guess who made the post?.oops, OP messed his own thread up. #pity. |
| Re: Examining Lagos's GDP Figures by Nobody: 4:48pm On Nov 22, 2013 |
ikwere militant: am expectng u to tek us wat d yoruba agberos re contributng to lagos 26.47 , way better than 8.39. Lol Magic Bishop: So why are the SW not advocating for Regional autonomy? Who has been the champion of regional autonomy since a long time ago? |
APC; GMB/OSINBAJO 2015 PRESIDENTIAL ELECTION MANIFESTO / You Think PMB Is Tall Right? Then You Need To See This...!!! (Photo) / What Ihejirika Wrote About Igbos On His Facebook Wall?…… Foolish Igbos.
(Go Up)
| Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 80 |