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Lagos economy experiences growth as it records over 50 billion cash transaction last December


Lagos State Governor
1 min read

Commissioner for Tourism, Arts and Culture, Mr. Steve Ayorinde, said the Lagos State economy has received a major, unprecedented boost in the entertainment, hospitality and creative sectors during four weeks of the yuletide season.

Reports from the Lagos State Government over the four weeks in December, particularly during the yuletide season covered an estimated spending well above N50bn in cash transactions, a record slightly higher than December.

The monitored reports attributed the achievement to the peak in entertainment activities; huge influx of people from neighboring states, neighboring countries and holiday makers from abroad who either chose Lagos as their primary destination or transit to other parts of Nigeria last December.

Ayorinde noted that the surge in the creative enterprise over the yuletide period felt by all and sundry; was statistically measurable and is now a subject of discussion among analysis.

According to him, the high volume of economic activity that were connected to tourism-related visits, entertainment and leisure called for a significant chunk of the total value of transactions in the State of 21million residents whose estimated GDP of $136bn in 2018 is regarded as the fifth largest in Africa, after Nigeria, South Africa, Egypt and Algeria.

Mr ayorinde also applauded the Governor of Lagos State, Akinwunmi Ambode, for its commitment to the development of infrastructure, security and ideas that improves tourism, shopping and entertainment.

Written By - Sunday Moshood
Edited By - Ruth Olatunde

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