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Examining Lagos's GDP Figures - Politics - Nairaland

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Examining Lagos State GDP Figures / Lagos GDP Hits N13trn / Lagos GDP Exceeds Kenya East Africa Beefiest Economy - The Economist. (1) (2) (3) (4)

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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
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 Obiagelli(f): 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 Sincere9gerian: 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
grin grin grin grin grin grin

Re: Examining Lagos's GDP Figures by veraponpo: 11:47am On Nov 22, 2013
kwame tut: grin grin grin grin grin grin

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: 11:54am On Nov 22, 2013
geeez:



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).


http://businessdaynigeria.com/examining-lagos-state-gdp-figures

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:

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.
lol...true

1 Like

Re: Examining Lagos's GDP Figures by geeez: 12:12pm On Nov 22, 2013
veraponpo:

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.

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.
grin grin grin grin grin grin
Biafra was a country it will be "ONE OF THE POOREST IN AFRICA". FACT. grin grin grin grin grin

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. grin grin grin

veraponpo:

Thank God for Lagos- Fashola and Tinubu. Always putting Nigeria on world map for good things...

2 Likes

Re: Examining Lagos's GDP Figures by kwametut: 1:27pm On Nov 22, 2013
SOUTH AFRICAN PROVINCES VS NIGERIAN STATES

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%



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
grin grin grin grin grin grin
A South African government worker earns(nurse,teacher,doctor,police,Engineers in municipalities at) a WORLD CLASS SALARY. grin grin grin grin grin

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.
grin grin grin grin grin grin

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?

Abi na wash or through fraud?
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. grin grin grin

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%

1 Like

Re: Examining Lagos's GDP Figures by mapet: 4:13pm On Nov 22, 2013
..and which party? APGA
Obiagelli:
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 Nobody: 4:16pm On Nov 22, 2013
geeez:

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

Liar!!!!!!!!!! The only thing owned by yorubas are Trado-medic shops where they cure infections
Re: Examining Lagos's GDP Figures by Obiagelli(f): 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 Obiagelli(f): 4:26pm On Nov 22, 2013
mapet: ..and which party? APGA
if 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 Obiagelli(f): 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 Aigbofa: 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 grin


Magic Bishop: 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.


Who has been the champion of regional autonomy since a long time ago?

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