Kashim Shettima, the vice-presidential candidate of the All Progressives Congress (APC), claimed that Lagos is the third biggest economy in Africa.
In a video shared multiple times on Twitter, Kashim Shettima can be seen making a case for Bola Tinubu, the presidential candidate of the APC, stating why he stands out among candidates vying for Nigeria’s presidency.
“What Nigeria needs right now is the leadership that will drive the transformation process…Asiwaju Bola Ahmed Tinubu has a track record of excellence, Lagos is now the third largest economy in Africa,” Shettima said in the video.
The video was first shared on August 5 by a Twitter handle named @Progressive4BAT, known for championing the cause of Bola Tinubu. On that handle alone, the video had gathered over 128, 800 views.
The next day, the same video was posted on Twitter with the caption, “well said, your excellency” by Festus Keyamo, minister of state for labour and employment, who doubles as spokesman of the APC presidential campaign council.
Tinubu once called Lagos ‘largest economy in Africa’
In a news report published by Daily Trust in April, Tinubu — while recounting qualities that stand him out in the run-up to the APC presidential primaries — said his administrative prowess as former governor of Lagos has resulted in Lagos being the “largest” economy in Africa.
“I was raised to be courageous and this has been working for me. With zero allocation from FAAC, I turned Lagos State around and today, the state has become the largest economy in Africa. I reserve the right to brag. I want to bring same to bear as President of Nigeria,” Tinubu was quoted as saying.
TheCable checked to verify if Shettima or Tinubu was right with their claims on the size of Lagos’ economy.
If Lagos were a country
With respect to gross domestic product (GDP) and despite being far smaller than Africa’s biggest economies, Lagos is oftentimes compared with other nations as if it were a country.
Checks by TheCable show that Lagos is Africa’s seventh largest economy if it were to be a country.
According to a 2016 report by Quartz Africa, Lagos with a GDP of $90 billion was the seventh in Africa behind Nigeria, South Africa, Egypt, Algeria, Angola and Morocco.
“On its own, Nigeria’s economic capital would rank as Africa’s seventh-largest economy,” reads part of another report by The Africa Report in 2020.
Lagos has remained a leading light and a benchmark for other states in the country, considering the internally generated revenue (IGR), which has increased from 600m monthly in 1999 to over 45 billion monthly presently.
What does the Africa wealth report say?
According to the 2022 Africa wealth report which ranks the wealthiest cities in Africa, the “total wealth” of a city is the personal wealth held by all the individuals living in it.
South Africa, with a GDP of $419.95 billion as of 2021, is the most developed and wealthiest nation in Africa. South Africa alone has four of its cities within the top ten of the richest cities on the continent. They include Johannesburg, Cape Town and Durban-Umhlanga and Pretoria.
Johannesburg, also known as the city of gold, is the wealthiest in Africa. Founded in 1886, Joburg as it is fondly called has a total wealth of $239 billion. It is the commercial capital and financial heartbeat of South Africa.
The second largest city is Cape Town, with a total wealth of $131 billion dollars. It is the city with the highest prime residential rates in Africa, and also well known as an important hub for financial services, retail and tourism.
Cairo, the capital of Egypt, has a total wealth of $128 billion. It is the third largest economy in Africa. Some of its key sectors include financial services, real estate and construction.
Lagos was the former national capital of Nigeria until December 1991 when Ibrahim Babangida, former military president, decided to move the nation’s capital to Abuja.
According to the African wealth report, Lagos has a total wealth of $97 billion. Over the years, it has served as the major gateway for Nigeria’s exports. It is also the flourishing capital for Nigerian music and the movie industry – Nollywood. Lagos is Africa’s largest metropolis, as well as one of the fastest-growing cities in the world.
Others in the top ten of Africa’s wealthiest cities, according to the Africa wealth report include Durban (South Africa): $60 billion, Nairobi (Kenya): $48 billion, Pretoria (South Africa): $45 billion, Casablanca (Morocco): $43 billion, Accra (Ghana): $35 billion and Luanda (Angola): $32 billion.
Verdict
By several standards both claims are false. Lagos is neither the third largest economy nor the largest economy in Africa, as posited by Tinubu and Shettima.
