Vice President Yemi Osinbajo has said that Ekiti State has a higher Gross Domestic Product (GDP) than several African countries.
He said this on Thursday while delivering an address during the Fountain Summit 2021 hosted by Ekiti State.
“Two Saturdays ago, I represented Mr President at the swearing-in ceremony of the new president of the Sao Tome and Principe Republic.
“As I sat in that well-appointed hall and took in the solemn grandeur of the oath-taking of the new democratically elected president, I reflected. Here was a country whose GDP is $472 million and it’s a nation.
“It has one vote in the United Nations just as we have. Ekiti State has a GDP of $2.8 billion – five times the GDP of the nation of Sao Tome and Principe but it’s not just Sao Tome and Principe,” VP Osibanjo said.
“Ekiti’s GDP is higher than that of the nation of Gambia. Gambia has a GDP of $1.9 billion and also a higher GDP than that of Cape Verde with a GDP of $1.7 billion or Seychelles, the lovely tourist destination which has just $1.1 billion.
“Ekiti’s GDP is the same as the GDP of Liberia which just has $2.95 billion and we’re talking about Ekiti State now, we’re not even talking about Lagos.
“So the Nigerian sub-national is indeed a peculiar animal such that even a relatively small state (in terms of population in particular) and even allocations, has a bigger economy than many African nations”.
The Vice President, therefore, said there’s a need for sub-nationals to begin to maximise this fact and start to think like a sovereign state.
“So hopefully, the useful point to be made here, is that there has to be a collective change of mindset. There’s a need for a sub-national to think like a sovereign state – you have a bigger GDP and even more revenue than many nations”.
Tagged: Investment Attractiveness and Economic Development: Lessons for Sub-Nationals, other key speakers at the event include the Governor of Lagos State, Babajide Sanwo-Olu; Governor of Edo State, Godwin Obaseki; Governor of Kaduna State, Nasir El-rufai, and the host Governor, Kayode Fayemi
