The GDP of Lagos alone exceeds that of Kenya, east Africa’s beefiest economy. When Nigeria’s GDP is reassessed (“rebased”, in IMF jargon) by new criteria that include earnings not on the official balance-sheet, its gap with South Africa, the continent’s largest economy, will narrow. Nigeria’s GDP may rise, according to its own bureau of statistics, by 40% to around $350 billion, not far off South Africa’s $400-plus billion. If Nigeria goes on growing by 7% a year (as it is expected to in 2013) against South Africa’s present 3%, it will become Africa’s biggest economy within a decade. Together, the two economies already account for a good half of the GDP of sub-Saharan Africa’s 49 countries.

President Goodluck Jonathan takes as much credit as he can. “A new political culture has emerged,” he says, along with “a clear electoral process”, a reference to his victory in 2011. “Corruption and issues of governance are being vigorously tackled on all fronts.” He hails Nigeria as “the largest destination of FDI [foreign direct investment] in Africa”. Calling for a revival of the moribund farm sector, he promises that Nigeria will have “no imports of rice by 2015-2016”, whereas it is now the world’s largest buyer of it.

In Mrs Okonjo-Iweala and Akinwumi Adesina, he has two dynamic ministers, at finance and agriculture respectively. Mrs Okonjo-Iweala boasts of achieving macro-stability through fiscal rectitude, reducing debt, privatisation and encouraging a more open and diverse economy, rather than one that still relies for more than 95% of its foreign revenues on oil.
http://www.economist.com/news/middle-east-and-africa/21576135-africas-giant-waking-up-it-still-looks-unsteady-its-feet-lurching-ahead

Will a positive news like this ever make it to front page?
If it were,Nigeria's economy shrinks to size of Kenya's it would have had 2000 ethnic posts bashing Pres. GEJ

I wonder how these people come about these indices. The Lagos GDP larger than that of Nairobi and Mombasa combined, not to talk of other parts of Kenya? These figures are clearly inflated

la_unique: I wonder how these people come about these indices. The Lagos GDP larger than that of Nairobi and Mombasa combined, not to talk of other parts of Kenya? These figures are clearly inflated

Even though i hate it when Nigeria is compared to small African states to make it appear very very prosperous,instead of to Indonesia,Iran or Turkey as it should be, statistics is what it is. BTW, you say that because you haven't been to Lagos.Lagos accounts for 25% of Nigeria's GDP. It will be interesting to know if Nairobi is bigger than Kano and if Mombasa is bigger than Abuja or Port Harcourt. Anyhow,like i said, statistics is what it is.

LET THEM POVE IT TO ME BUY SHOWING ME THAT THE NUMBER OF TOUTS HAVE REDUCE,NUMBER OF JOB SEEKERS,LAGOS STILL REMAIN THE DEN FOF SCAMMERS

Chima_Adeoye:
Even though i hate it when Nigeria is compared to small African states to make it appear very very prosperous,instead of to Indonesia,Iran or Turkey as it should be, statistics is what it is. BTW, you say that because you haven't been to Lagos.Lagos accounts for 25% of Nigeria's GDP. It will be interesting to know if Nairobi is bigger than Kano and if Mombasa is bigger than Abuja or Port Harcourt. Anyhow,like i said, statistics is what it is.

lagos accounts for 12% and not 25%,though we get your point.

solomon111: lagos accounts for 12% and not 25%,though we get your point.

[b]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
[/b]

I see Kenyans on this thread

solomon111: lagos accounts for 12% and not 25%,though we get your point.

You must be confused or lying. I know which I believe given your darkly anti-SW character here that sees you foaming at the mouth bitterly over every single positive news about the region.

http://www.vanguardngr.com/2013/06/ibm-offers-tech-solution-to-lagos-traffic/

Further confirming this point of view, Dr Obafemi Hamzat, Lagos state commissioner for works and infrastructure said the state’s “blueprint for transforming our struggling infrastructure into a modern ecosystem driven by data intelligence and efficient resource management has been further authenticated by these set of recommendations from IBM.”

Lagos is West Africa’s leading commercial hub with the region’s largest air and seaports. The city generates 25% of national gross domestic product and its citizens account for 12% of Nigeria’s population.

“Lagos will continue to be a significant element of Africa’s economic success story, said Taiwo Otiti, IBM’s Country General Manager for West Africa. “An intelligent, interconnected logistics and transportation management system is a crucial must-have for any modern city, and this engagement with IBM’s Executive Service Corps team will further enhance the state’s ability to deploy technology-driven solutions in a timely and strategic manner.”

All these dubious statistics and approximations, just like the infamous 2006 census. I keep saying this, Nigerians don't know how to keep statistics. These statistics are sentimental rather than factual.

la_unique: All these dubious statistics and approximations, just like the infamous 2006 census. I keep saying this, Nigerians don't know how to keep statistics. These statistics are sentimental rather than factual.

Those figures are actually understated.it is obvious that the benefits of sole traders to the state purse is limited when,compared to the responsibilties of the state.
It is easy to see why the state is encouraging the establishment of shopping malls and other sectors of the formal sectors.
the GDP can be roughly defined as the aggregate of the all the economic activities for a given period.

But still lower than CAPE TOWN AND JOBURG. FACT.

.

SOUTH AFRICA ISN'T "DESPARATE FOR ATTENTION" WE WON'T SAY "CAPE TOWN AND JOBURG'S GDP IS BIGGER THAN KENYA'S AND OTHER SMALL COUNTRIES". Because we're not ATTENTION SEEKERS like Naaigerians.

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.

kwame tut: SOUTH AFRICA ISN'T "DESPARATE FOR ATTENTION" WE WON'T SAY "CAPE TOWN AND JOBURG'S GDP IS BIGGER THAN KENYA'S AND OTHER SMALL COUNTRIES". Because we're not ATTENTION SEEKERS like Naaigerians.

Why not publish current statistics the economic status of Nigeria in 2008is not the same in 2012 0r 2013 this is a 5 yrs old numbers! By the way the article is not from a nigerian newspaper it is culled from the economist which is a world renouned source for economic news around the world.
They made the comparison and not Nigeria, So i dont see any Sense in you attention Seeking allegation.

As far as economy is concerned i don't think Nigeria needs to compare itself to kenya. The difference is clear except you leave in the bubble of denial.

I THINK ONCE AGAIN THE NAAIGERIAN "HEALTH SYSTEM HERE IS IN QUESTION". I THINK U HAVE A "PROBLEM WITH YOUR EYE SIGHT". I see why Goodluck Jonathan can't go to a Naaigerian hospital now.


IF YOU LOOK PROPERLY ON THE "SOURCES ON THE BOTTOM U WILL SEE 2010". Lastly we know NOTHING HAS CHANGED AS "CAPE TOWN AND JOBURG GDP'S ARE HIGHER THAN Logos/Lagos".


ITS GONNA GET "WORSE OUR 4 MEGA CITIES IN GAUTENG ARE FINISHED". Not so long ago CHINESE bought land in Gauteng for R1 billion where they are going to build "AFRICA'S NEW YORK(16 km square)"(bigger than your tiny Eko Atlantic 10 km square). This project will be done in partnership with Gauteng goverment. CHINA wants their head quarters to be in SOUTH AFRICA. GAUTENG TO BE EXACT.

ujoinme:

Why not publish current statistics the economic status of Nigeria in 2008is not the same in 2012 0r 2013 this is a 5 yrs old numbers! By the way the article is not from a nigerian newspaper it is culled from the economist which is a world renouned source for economic news around the world.
They made the comparison and not Nigeria, So i dont see any Sense in you attention Seeking allegation.

As far as economy is concerned i don't think Nigeria needs to compare itself to kenya. The difference is clear except you leave in the bubble of denial.

STOP USING CHEAP PHONES AND USE UR LAPTOP IF U HAVE ONE. Otherwise u will continue being BLIND.

"Celebrating GDP is a CHEAP AND STU-PID ACT. GDP doesn't measure HDI Index, Good Health,Good education,Good services for citizens, Good infrustructure etc..." QUOTED: GOLDMAN SACHS.

Despite Naaigerias GDP the problems listed above by GOLDMAN SACHS still stand. Good example is their president who is in UK for MEDICATION.

SA's government servants earn WORLD CLASS SALARIES (teachers,nurses,police,doctors,traffics etc..). Hence they can afford to send their kids to best schools and live in suburbs, buy good cars.


In sports SA PSL soccer pays the HIGHEST SALARIES IN AFRICA. PSL League slaries for top players are higher than salaries in Eastern Europe and other parts of north western europe.

PSL LEAGUE SALARIES
1. TOP PLAYERS
=R200 000-RR600 000 Per month. excluding bonuses for wins/CUPS.
2. EXPERIENCED PLAYERS
=R100 000-R190 000. excluding bonuses for wins/CUPS.
3. AVERAGE PLAYERS PLAYERS
=R50 000-R100 000

4. NEW PLAYERS (Promoted from developemnt) PLAYERS
=R20 000-R40 000

This system is the same in other sporting codes like RUGBY, CRICKET AND BOXING.

While Naaigerians have to GO OVERSEAS TO MAKE BIG MONEY.

All this does not negate the fact that the economist reported that Lagos state GDP is greater than that of the country of kenya. thats a fact you can foam in the mouth all you want and publish irrelevant stats.

It doesnt change that fact the GDP of Lagos State is Far Higher than Kenyas GDP!

ujoinme: All this does not negate the fact that the economist reported that Lagos state GDP is greater than that of the country of kenya. thats a fact you can foam in the mouth all you want and publish irrelevant stats.

It doesnt change that fact the GDP of Lagos State is Far Higher than Kenyas GDP!

ujoinme
Your post doesn change the FACT THAT JOBURG'S GDP IS $164 BILLION AND CAPE TOWN IS $103BN. Far bigger than Lagos double and triple the GDP of Ghana and Kenya. BUT WE DON'T MAKE NOISE ABT THAT.


Nigeria is currently in the middle of a constitutional review and one of the key proposals being looked at by legislators is how to give the diasporans a vote. Diaspora communities want to be able to take part in general elections due in 2015.



Nigeria’s States by GDP



1 Lagos State $33,679,258,023

2 Rivers State $21,073,410,422

Total Diaspora $21bn (World Bank Estimate)

3 Delta State $16,749,250,544

4 Oyo State $16,121,670,484

5 Imo State $14,212,637,486

6 Kano State $12,393,103,864

US Diaspora $12,26bn (World Bank Estimate)

7 Edo State $11,888,446,884

8 Akwa Ibom State $11,179,887,963

9 Ogun State $10,470,415,017

10 Kaduna State $10,334,763,785

11 Cross River State $9,292,059,207

12 Abia State $8,687,442,705

13 Ondo State $8,414,302,623

UK Diaspora $7,76bn (World Bank Estimate)

14 Osun State $7,280,597,521

15 Benue State $6,864,209,262

16 Anambra State $6,764,219,562

17 Katsina State $6,022,655,197

18 Niger State $6,002,007,080

19 Borno State $5,175,165,142

20 Plateau State $5,154,059,937

21 Sokoto State $4,818,615,261

22 Bauchi State $4,713,858,180

23 Kogi State $4,642,794,262

24 Adamawa State $4,582,045,246

25 Enugu State $4,396,590,769

26 Bayelsa State $4,337,065,923

27 Zamfara State $4,123,829,498

28 Kwara State $3,841,827,534

29 taraba State $3,397,790,217

30 Kebbi State $3,290,847,166

31 Nassarawa State $3,022,828,885

32 Jigawa State $2,988,014,405

33 Ekiti State $2,848,372,512

34 Ebonyi State $2,732,472,739

35 Gombe State $2,500,467,306

36 Yobe State $2,011,499,000
- See more at: http://www.nigerianwatch.com/news/1420-diasporans-contribute-more-to-nigerias-gdp-than-34-of-its-36-states#sthash.NlWbIOmE.dpuf
http://www.nigerianwatch.com/news/1420-diasporans-contribute-more-to-nigerias-gdp-than-34-of-its-36-states

The informal sector of the Lagos economy is huge. I've always believed Lagos will exceed $100 billion in GDP. SUCCESSIVE MILITARY RULE AND VARIOUS POLITICAL UNREST have all affected Nigeria's economy over the years but if the current democratic system is sustained with good political restructuring and needful reforms, Nigeria will become Africa's biggest economy in no time.
I hope the government of Lagos can succeed in its train infrastructures and if it can also achieve the Lekki economic corridor coupled with the city's ever growing population, it should be ahead of others in two decades.
Lagos will continue to play a leading role in Nigeria's economy for a long time to come and its status as an international city will continue to grow.its worth celebrating because Nigeria has not had it so good and its a good feelings. For those who are waiting to praise the President, they should go ahead, the reform has started during Obasanjo's regime in which telecom's sector was liberalized but corruption which has become endemic lately as being reported by Nigeria media has taken a heavy toll and the way the Banking reforms were carried out was to say the least uneconomical!
If corruption can be tamed, Nigeria's economic growth is boud to move at a very high rate.

JOBURG WILL ALWAYS RULE AFRICA. Nigerians live with that.
things are gonna get WORSE when our 4 mega cities in Gauteng are done. Worse again CHINESE have bought land for R1billion to build AFRICA'S NEW YORK in GAUTENG. In future JOBURG, SANDTON CITY, WATERFALL CITY,STEYN CITY,ZONK'I ZIZWE AND THIS NEW CITY IN MODDERFONTEIN WILL BE "ONE CITY/GAUTENG CITY". Stretching from Joburg to Pretoria.

Richest cities and urban areas in 2020
Rank

City/Urban area

Country

Est GDP in 2020 in US$bn

Est annual growth 2005-2020
1
Tokyo Japan
1602

2.0%
2
New York USA
1561

2.2%
3
Los Angeles USA
886

2.2%
4
London UK
708

3.0%
5
Chicago USA
645

2.3%
6
Paris France
611

1.9%
7
Mexico City Mexico
608

4.5%
8
Philadelphia USA
440

2.3%
9
Osaka/Kobe Japan
430

1.6%
10
Washington DC USA
426

2.4%
11
Buenos Aires Argentina
416

3.6%
12
Boston USA
413

2.4%
13
Sao Paulo Brazil
411

4.1%
14
Hong Kong China
407

3.5%
15
Dallas/Fort Worth USA
384

2.4%
16
Shanghai China
360

6.5%
17
Seoul South Korea
349

3.2%
18
Atlanta USA
347

2.6%
19
San Francisco/Oakland USA
346

2.4%
20
Houston USA
339

2.5%
21
Miami USA
331

2.4%
22
Toronto Canada
327

3.0%
23
Moscow Russia
325

4.0%
24
Mumbai India
300

6.0%
25
Madrid Spain
299

3.2%
26
Detroit USA
287

2.3%
27
Istanbul Turkey
287

5.2%
28
Seattle USA
269

2.5%
29
Beijing China
259

6.6%
30
Metro Manila Philippines
257

5.9%
31
Rio de Janeiro Brazil
256

4.1%
32
Sydney Australia
256

2.7%
33
Jakarta Indonesia
253

6.5%
34
Delhi India
229

6.2%
35
Phoenix USA
228

2.5%
36
Guangzhou China
227

6.9%
37
Minneapolis USA
224

2.5%
38
Kolkata India
224

5.9%
39
San Diego USA
220

2.4%
40
Singapore Singapore
218

3.6%
41
Cairo Egypt
212

5.3%
42
Barcelona Spain
201

2.4%
43
Melbourne Australia
200

2.6%
44
Denver USA
190

2.6%
45
Rome Italy
187

2.9%
46
Bangkok Thailand
180

4.8%
47
Montreal Canada180
180

2.8%
48
Milan Italy
174

2.8%
49
Tehran Iran
172

4.5%
50
Riyadh Saudi Arabia
167

5.0%
51
Pusan South Korea
165

3.8%
52
Bogotá Colombia
163

4.3%
53
Santiago Chile
160

3.8%
54
Monterrey Mexico
157

4.8%
55
Baltimore USA
157

2.4%
56
Tel Aviv-Jaffa Israel
153

3.5%
57
St Petersburg Russia
151

3.9%
58
St Louis USA
146

2.5%
59
Tampa/St Petersburg USA
142

2.5%
60
Johannesburg South Africa
131

3.4%
61
Lisbon Portugal
130

3.3%
62
Cleveland USA
129

2.4%
63
Belo Horizonte Brazil
129

4.6%
64
Portland USA
128

2.6%
65
Vienna Austria
127

2.1%
66
Karachi Pakistan
127

5.8%
67
Dhaka Bangladesh
126

6.1%
68
Lima Peru
123

4.2%
69
Vancouver Canada
121

2.9%
70
Cape Town South Africa
121

3.3%
71
Stockholm Sweden
121

3.2%
72
Guadalajara Mexico
119

4.6%
73
Pittsburgh USA
115

2.4%
74
Tianjin China
112

6.3%
75
Jiddah Saudi Arabia
111

4.8%
76
Bangalore India
110

6.2%
77
Dublin Ireland
99

4.8%
78
Ho Chi Min City Vietnam
98

6.5%
79
Birmingham UK
96

2.0%
80
Wuhan China
96

6.4%
81
Fukuoka Japan
96

2.0%
82
Manchester UK
96

2.2%
83
Hyderabad India
92

6.1%
84
Chennai India
91

6.0%
85
Athens Greece
91

1.5%
86
Berlin Germany
88

1.1%
87
Ankara Turkey
87

5.0%
88
Chongqing China
87

6.3%
89
Lyon France
85

2.8%
90
Turin Italy
84

2.5%
91
Porto Alegre Brazil
82

4.3%
92
Brasilia Brazil
82

5.1%
93
Warsaw Poland
80

3.5%
94
Ahmadabad India
78

6.2%
95
Hamburg Germany
78

2.0%
96
Recife Brazil
77

4.4%
97
Pune India
76

6.3%
98
Lagos Nigeria
76

6.2%
99
Salvador El Salvador
75

4.6%
100
Munich Germany
73

2.6%
101
Fortaleza Brazil
73

4.6%
102
Algiers Algeria
73

5.0%
103
Hanoi Vietnam
73

6.6%
104
Bandung Indonesia
69

6.7%
105
Naples Italy
69

3.2%
106
Curitiba Brazil
68

4.9%
107
Shenyang China
68

6.3%
108
Leeds UK
67

2.2%
109
Lahore Pakistan
67

5.9%
110
Alexandria Egypt
66

5.4%
111
East Rand South Africa
65 JOHANNESBURG EAST. They doing an "INFIL THAT WILL MAKE THIS PART OF JOBURG SOON". GAUTENG CITY.

3.5%
112
Medellin Colombia
65

4.4%
113
Helsinki Finland
65

2.7%
114
Izmir Turkey
62

4.9%
115
Auckland New Zealand
61

2.6%
116
Zurich Switzerland
61

2.4%
117
Amsterdam Netherlands
60

2.5%
118
Prague Czech Republic
58

3.2%
119
Surat India
57

6.5%
120
Rotterdam Netherlands
57

2.4%
121
Copenhagen Denmark
56

2.1%
122
Brussels Belgium
55

2.2%
123
Chengdu China
51

6.3%
124
Khartoum Sudan
51

5.6%
125
Caracas Venezuela
50

3.9%
126
Budapest Hungary
49

0.9%
127
Puebla Mexico
48

4.0%
128
Xian China
48

6.4%
129
Casablanca Morocco
47

4.5%
130
Taegu South Korea
45

1.9%
131
Oslo Norway
44

2.2%
132
Changchun China
42

6.9%
133
Kanpur India
41

6.3%
134
Cologne Germany
40

2.0%
135
Baghdad Iraq
39

4.0%
136
Chittagong Bangladesh
39

6.3%
137
Jaipur India
38

6.4%
138
Lille France
37

2.1%
139
Lucknow India
35

6.3%
140
Yangon Burma
33

4.8%
141
Luanda Angola
29

6.0%
142
Kinshasha Congo
25

6.4%
143
Faisalabad Pakistan
24

6.0%
144
Abidjan Ivory Coast
22

4.9%
145
Kabul Afghanistan
22

6.1%
146
Nairobi Kenya
20

6.3%
147
Addis Ababa Ethiopia
18

6.2%
148
Kano Nigeria
14

5.4%
149
Dar es Salaam Tanzania
13

6.0%
150
Krakow Poland
13

1.9%
151
Pyongyang North Korea
13

1.5%

JOBURG GROWING FROM ALL "ANGLES" FROM JOBURG, SAND CITY TO PRETORIA THERES CRANES AND CONSTRUCTION. NOT WISHY WASHY LIP SERVICE.

While Lagos is GETTING OVER POPULATED EVERYDAY.


NEW CITY IN GAUTENG a 1 600 hectare site/16km square, while "small eko atlantic is 10km sqm".

Wednesday Nov 06, 2013

Chinese to build 'New York of Africa' in Gauteng

Explosives and chemicals firm AECI had given preference to Chinese land developers in the sale of a 1 600 hectare site as they could buy a larger portion of its Modderfontein property with more than R1 billion up front, chief financial officer Mark Kathan said yesterday.

An artist's impression of the proposed development.

Kathan said that local buyers 'never made firm offers' and only expressed interest to buy small pieces of the 1 600ha of undeveloped land which is managed by AECI's Heartland subsidiary.

Hong Kong Stock Exchangelisted Shanghai Zendai Property will develop the mixed-use site over a period of 10 years and has expressed an interest in collaborating with local developers on projects.

Shanghai Zendai planned to transform the Modderfontein property, in eastern Johannesburg, into a 'New York of Africa' with investments of R80bn over the next 15 years, chairman Dai Zhikang said.

The company will build a financial hub, 35 000 houses, an educational centre and a sport stadium. The site was home to an explosives factory that opened in 1896 to support the gold mining industry. It included a wetlands area that would be protected, and could be the equivalent of Central Park in New York, Dai said.

The AECI site.

'It will become the future capital of the whole of Africa,' Dai said. 'This will be on par with cities like New York in America or Hong Kong in the Far East.'
According to the company's local legal adviser, Edward Nathan Sonnebergs (ENS), the development will include an African heritage theme park and a convention centre.

However, ENS Africa said: 'No plans have been approved yet as the deal was conditional on contractual undertakings in the following months on behalf of both the buyer and the seller.'

The development, which is yet to be named, would become a hub for Chinese firms investing in sub-Saharan Africa, Dai said. The deal is set to create nearly 22 000 jobs over the next 10 years, 65 percent of which will be semi-skilled and unskilled. The firm estimates direct and indirect benefits for the economy will total R14bn over the same period.

AECI chief executive Mark Dytor said: 'The problem is in the South African economy, there are not many guys that can come with that much money up front, knowing it would take such a long time to develop and to get the returns - so this was ideal for us.'

He said the sale of this large tract of land would help AECI focus on its core strategy, which was mainly specialty chemicals and explosives. 'The land business has never been a competence of ours because what we really do is open up the land but we never build top structures on the land.'




Business Report

Joburg GDP is about $ 164bn (is gonna be more than this with Waterfall City, Sandton City,Steyn City,Zonk izizwe, then NEW CITY IN MODDERFONTEIN), Kaapstadt/Cape Town $ 103bn, Durbs $23bn etc..but SOUTH AFRICANS WILL NEVER STOOP LOW TO A LEVEL OF SAYING THEIR CITIES GDP'S IS BIGGER THAN MOST AFRICAN COUNTRIES.

Only a Naaigerian DESPARATE MENTALITY can do this.

kwame tut: Joburg GDP is about $ 164bn (is gonna be more than this with Waterfall City, Sandton City,Steyn City,Zonk izizwe, then NEW CITY IN MODDERFONTEIN), Kaapstadt/Cape Town $ 103bn, Durbs $23bn etc..but SOUTH AFRICANS WILL NEVER STOOP LOW TO A LEVEL OF SAYING THEIR CITIES GDP'S IS BIGGER THAN MOST AFRICAN COUNTRIES.

Only a Naaigerian DESPARATE MENTALITY can do this.

We are talking about the GDP of lagos State being greater than the GDP of The country of kenya as reported by an internationally renowned magazine The Economist, and you are screaming jo'burg and quoting irrelevant statistics.

The truth is the truth Lagos state GDP trumps Kenya's GDP the earlier you accept that the better for you! keep living in denial and exposing your ignorance in social media for the world to see.

Folks like you give Africans a bad name, learn to read with comprehension.

kwame tut: Joburg GDP is about $ 164bn (is gonna be more than this with Waterfall City, Sandton City,Steyn City,Zonk izizwe, then NEW CITY IN MODDERFONTEIN), Kaapstadt/Cape Town $ 103bn, Durbs $23bn etc..but SOUTH AFRICANS WILL NEVER STOOP LOW TO A LEVEL OF SAYING THEIR CITIES GDP'S IS BIGGER THAN MOST AFRICAN COUNTRIES.

Only a Naaigerian DESPARATE MENTALITY can do this.

Dude, you're a Ghanian, why are you famzing South Africa?

Your case is like that of a Nigerian with UK residency permit comparing UK to Other African countries.

Be proud of your Country. Stop claiming something that you have no contribution in.

You're an Economic immigrant.