Lagos State has solidified its status as one of Africa’s leading economic hubs, with its Gross Domestic Product (GDP) reaching $259.75 billion based on purchasing power parity (PPP). This positions Lagos as the second-largest city economy on the continent, behind Cairo.
The milestone was announced during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday. The report revealed that Lagos’ economy recorded significant growth in the first half of 2024, expanding to ₦27.38 trillion — a notable increase from ₦19.65 trillion in 2023.
The impressive growth reflects the resilience of Nigeria’s commercial capital, bolstered by economic reforms and ongoing infrastructural development. Despite this progress, the state’s tax-to-GDP ratio remains low at 2.3%, underscoring the need for improved revenue mobilisation strategies to sustain long-term economic stability.
Looking ahead, the Lagos State Government has set ambitious targets for the 2025 fiscal year, projecting further economic expansion and stability. The state’s strategic position as a financial and commercial hub continues to attract domestic and foreign investments, positioning Lagos as a key driver of Nigeria’s overall economic growth.
 reaching ...){kind=link}