Lagos State GDP Forecast Spurs Growth for Auctioneers

Lagos State's gross domestic product (GDP) is forecasted to hit N73.15 trillion by 2026, which has led auctioneers to seek a significant role in the state's economic expansion. The Certified Institute of Auctioneers Nigeria, Lagos State chapter, is advocating for amendments to the 2015 auction law to establish a legal framework that empowers certified operators across various sectors.

This initiative is expected to enhance the auction profession's transparency and effectiveness in asset disposal. Key stakeholders, including Cian Sundai, emphasized the importance of the auction profession in wealth generation and asset distribution.

The Lagos State Government, under Governor Babajide Sanwo-Olu, is committed to improving the business environment to attract investment. The proposed legislative amendments will be reviewed by the Ministry of Justice, with the aim of integrating the auction profession into the broader economic landscape.

The auction sector is seen as a vital contributor to the state's GDP, which accounts for 26.70% of Nigeria's total GDP.