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Lagos State has cemented its position as one of Africa’s economic powerhouses, with its Gross Domestic Product (GDP) reaching an impressive $259 billion based on purchasing power parity (PPP).
This milestone places Lagos as the second-largest economy on the continent, trailing only Cairo, Egypt.
The state’s GDP stood at US$259.75 billion in 2023, and its economy recorded significant growth in the first half of 2024, expanding to N27.38 trillion.
This growth highlights the resilience of Nigeria’s commercial capital amid economic reforms and ongoing infrastructural investments.
Looking ahead, the Lagos State government has set ambitious projections for the 2025 fiscal year, with expectations for further economic expansion and stability.
GDP Growth is projected to grow from N54.77 trillion in 2024 to N66.47 trillion in 2025, with real GDP growth ranging between 5.02% and 6.49%.
The service sector will also continue its expansion, complemented by improvements in agriculture and industrial production.
Moreso, headline inflation is projected to be 34.2%, with food inflation slightly higher at 34.9%.
Regarding Revenue Projections, Lagos State Government anticipates generating N2.79 trillion in revenue for 2025.
Despite its large economy, Lagos faces challenges such as high inflation, foreign exchange volatility, and infrastructure deficits, which must be addressed to sustain long-term growth.
