Lagos State has solidified its position as one of Africa’s leading economic hubs, with its Gross Domestic Product (GDP) soaring to $259.75 billion based on Purchasing Power Parity (PPP).
This milestone makes Nigeria’s commercial capital the second-largest city economy on the continent, trailing only Cairo, Egypt.
The announcement was made yesterday during the launch of the Lagos Economic Development Update (LEDU) 2025.
The report underscored Lagos’s continued economic expansion, highlighting its resilience amid ongoing reforms and infrastructural investments.
According to the report, the state’s GDP stood at $259.75 billion in 2023 and witnessed remarkable growth in the first half of 2024, expanding to N27.38 trillion from N19.65 trillion in the previous year.
This surge reflects Lagos’s economic strength and its role as a hub for trade, investment, and development.
Despite the impressive growth, the report highlighted concerns over revenue mobilisation, with the state’s tax-to-GDP ratio recorded at 2.3%, indicating a need for improved fiscal policies.
