Lagos State has been named the fifth largest economy in Africa.

Governor Akinwunmi Ambode expressed delight at the development while receiving a delegation from the from the Nigerian-British Chamber of Commerce.

Ambode said his administration was about to set up and Economic team which maintain the state’s growing status.

Ambode said, “Very soon we would be setting up what we would refer to as an Economic Management Team to drive the fifth largest economy, because that’s the way we need to envision our self and this Economic Management Team will involve nominees from the Chambers and other people in the private sector, so that we can collaborate because majorly this economy is driven by the private sector, our duty is to create an enabling environment and fuse all that together, I think that synergy can just catapult Lagos into that global city state that we want it to be.”

Ambode further added: “I think it is very instructive to clearly state that the economy of Lagos is in the hands of the private sector and beyond the fact that Lagos is now the fifth largest economy in Africa, the drive to take Nigeria out of recession actually resides in the private sector and willingness on the part of the public sector.

“Because our economy is in the hands of the private sector and we are willing to allow them drive it, that is why we have decided to formulate policies and decisions that will make the private sector to thrive in this State and that is why in the last 18 months, we have been running this administration on a tripod of security, job opportunities and infrastructure development.”

Azeez