Lagos State’s Gross Domestic Product (GDP) has hit an impressive $259 billion based on purchasing power parity (PPP), making it Africa’s second-largest city economy.
With the feat, Lagos now trails only Cairo, Egypt.
This was disclosed on Wednesday during the official launch of the Lagos Economic Development Update (LEDU) 2025.
According to the report, the state ranks as Africa’s second-largest city economy by purchasing power parity (PPP), following Cairo.
The report revealed that the state’s Gross Domestic Product (GDP) stood at US$259.75 billion in 2023.
The Lagos economy recorded significant growth in the first half of 2024, expanding to N27.38 trillion, a substantial increase from N19.65 trillion in 2023.
This growth highlights the resilience of Nigeria’s commercial capital amid economic reforms and ongoing infrastructural investments.
Despite this growth, the tax-to-GDP ratio remains low at 2.3%, reflecting the need for enhanced revenue mobilisation efforts.
The Lagos State government has set ambitious projections for the 2025 fiscal year, with expectations for further economic expansion and stability.
The state’s GDP is projected to grow from N54.77 trillion in 2024 to N66.47 trillion in 2025. Real GDP growth is expected to range between 5.02% and 6.49%, while the service sector will continue its expansion, complemented by improvements in agriculture and industrial production.
The state’s continued economic expansion, coupled with strategic policy interventions, presents opportunities in infrastructure development, technology, real estate, and manufacturing.
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