The governorship candidate of the All Progressives Congress in Lagos State, Mr. Akinwunmi Ambode, says if elected governor, his administration will ensure that the GDP of the state which currently stands at $91bn, is doubled.

According to a statement by his Director of Media and Communications, Mr. Steve Ayorinde, Ambode said this during meetings with business leaders in the state.

Ambode explained that the GDP of Lagos State is estimated at $91bn, which is higher than the GDP of 42 countries in Africa including Kenya with $66bn, Ghana with $61.7bn and Tanzania with $58.44bn.

“In fact Lagos’ GDP is equivalent to the GDP of 19 African countries added together! I dare say that Lagos’ GDP could double the estimated amount, as these figures do not take into account the informal sector, which is believed to be just as large if not larger than the formal sector,” he said.

Ambode, who holds a Master’s degree in Accounting, said his administration would ensure improved security and by so doing, create a 24-hour economy.

The former Accountant General of the state said, “Lagos will be open for business 24 hours a day and seven days a week, making it a true 24/7 economy. For a mega city to thrive, we must have a holistic plan to make the city attractive and investment-friendly both domestically and internationally.

“The importance of Lagos and how its resources are managed have national implications, either positively or otherwise. Lagos is the most populous city in Nigeria and the seventh fastest growing city in the world. We are home to approximately 21 million people, and we are the economic heartbeat of this great nation and indeed West Africa at large. It is in the interest of this country that we all jointly and collectively play our part in ensuring that Lagos remains prosperous.”

Ambode noted that electricity was a major necessity for businesses and industries to flourish.

He said his government would ensure that the burden of running cost which is compounded by the use of generators would be reduced by providing Independent Power Plants.

He said, “How do we then reduce the present overhead cost of doing virtually all businesses in terms of power? 40 per cent of Business Operational Expenses go to alternative power supply. Your contemporaries in the West only spend four per cent of their OPEX on power. This shows me that you are 36 per cent at a comparative disadvantage on your balance sheet. The state government has set the pace by introducing IPPs that provide safe, reliable and sustainable power to some of its critical infrastructure like hospitals, water supply, schools, administrative buildings and streetlights.”

He said his government would protect Small and Medium Enterprises by identifying and stopping multiple taxation.