The Lagos State Government reported a capital importation inflow of US$2,782.41 million in the first quarter of 2024.
This amount, exceeding the entire capital importation of 2023, represented 82.42 percent of the total capital imported into Nigeria in Q1 2024.
The state also noted that it generates over 76 percent of its Internally Generated Revenue (IGR) independently of federal allocations and contributes over 18 percent to the country’s Gross Domestic Product (GDP).
Commissioner for Economic Planning and Budget, Opeyemi George, revealed this information at the Y2025 Budget Consultative Forum held at Lagos State University, Ojo.
George highlighted that Lagos generates the highest internal revenues of all Nigerian states and is currently ranked the fifth wealthiest city in Africa.
FG Approves Tax Exemptions
George announced, “The Federal Government has introduced tax exemptions for small businesses, producers, and manufacturers, along with reduced tax rates for low-margin businesses.
“These measures are expected to boost economic growth and attract investments in Lagos State, despite potential short-term reductions in tax revenue.
“The long-term benefits include increased business activity, job creation, and a more robust local economy.”
37.67 Percent Inflation Rate
He reported, “Inflation remains high but shows signs of slowing down, reflecting the impact of mitigation strategies.
“As of May 2024, the inflation rate is 37.67 percent, a slight increase from 37.56 percent in April, marking a 0.11 percentage point rise compared to the 2.72 percentage point increase from March to April.”
₦43.1 Trillion Economic Growth
The commissioner added that the state’s economy grew from ₦33.1 trillion in 2022 to ₦43.1 trillion in 2023, achieving a growth rate of 6.59 percent.
