Home » Lagos, FCT, Oyo emerge Nigeria’s best performing economies

Lagos, FCT, Oyo emerge Nigeria’s best performing economies

by Azeez Buki

Two states from the South-west, Lagos, Oyo and the Federal Capital Territory (FCT) have emerged as best performing economies in Nigeria, according to a recent report by Analysts Data Services and Resources (ADSR).

Dr Afolabi Olowookere, Managing Director and Chief Economist, ADSR, made the disclosure on Tuesday during a Webinar series with the theme: “The Socioeconomic Scorecard of Nigerian States (2023 Baseline Edition),” NAN reported on Tuesday.

Olowookere said that while Nigeria’s average was pegged at 45.79 per cent, the best performing states- Lagos, FCT and Oyo scored 62.5 per cent, 58.9 per cent and 58 per cent respectively.

According to him, a total of 57 relevant indicators were used in the construction of the scorecard across 12 key broad socio-economic segments namely Economic Output; Government Finance; Financial Sector; and Capital Importation.

Others were Land, Housing and Sanitation, Transportation, ICT Infrastructure, Energy and Environment, Industrialisation and Business Competitiveness, Education, Health, and Citizens’ Livelihood and Welfare.



He stated that generally across all states, the best performing segments were the Information and Communication Technology (ICT) at 58.31 per cent, financial sector at 51.96 per cent.

The economist revealed that the least performing sectors were transportation 34.24 per cent, citizens’ livelihood and welfare at 37.14 per cent.

He added that the least performing states were Yobe at 34.5 per cent, Gombe State at 35 per cent and Sokoto State at 36.8 per cent.

According to him, after the elections earlier this year, many of the state governors constituted their cabinets and some are already revising or putting together their States’ Economic Development Plan and Strategy Documents.

“The usual promise is to improve the socio-economic status of the citizens of a state in the next four years and beyond.

“To objectively measure the extent of progress a new administration will be making and set measurable and realistic targets, there is a need to provide baseline data, capturing the current level of the socio-economic performance.

“Such data are often not easily made available, and when they are, they may not be in easy to understand, readily usable, and comparable formats and this scorecard, therefore, seeks to fill this gap.

“The aim is to provide baseline data and highlight the relative performance of, and aid effective policy making at, the sub-national level of government in Nigeria,” he added.


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