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The Lagos State Government has said it controls over 90 per cent of foreign exchange inflows into the country.
The Commissioner for Finance, Mr. Akinyemi Ashade, said this in a presentation made to capital market stakeholders in Lagos titled: ‘Funding Lagos State Government’s Economic Agenda through Debt Capital Market’.
He said with over 23 million residents, Lagos was now the most populous city in Africa. Ashade described the city as Africa’s fastest growing market and the fifth largest economy on the continent, contributing over 30 per cent of Nigeria’s Gross Domestic Product. “Lagos State accounts for over 90 per cent of Nigeria’s forex inflows,” he stated.
He added, “We have explosive increase in population at five per cent per annum; 123,000 people migrate to Lagos daily. “Current demand for trips in Lagos metropolitan area by all modes (including walking) is approximately 18 million per day, with over seven million public transport passenger trips per day.
Photo Caption: Lagos State Commissioner for Finance, Mr. Akinyemi Ashade
