Lagos Emerges as Africa’s Second-Largest City Economy with $259 Billion GDP
…Governor Sanwo-Olu’s Economic Reforms Drive Unprecedented Growth
Lagos State has solidified its position as Africa’s second-largest city economy, with its Gross Domestic Product (GDP) reaching $259 billion based on Purchasing Power Parity (PPP). This remarkable achievement, announced during the official launch of the Lagos Economic Development Update (LEDU) 2025, reflects the effectiveness of Governor Babajide Sanwo-Olu’s strategic economic policies.
The report revealed that Lagos’ economy grew significantly in the first half of 2024, expanding to N27.38 trillion, a substantial increase from N19.65 trillion in 2023. This growth underscores the state’s resilience amid national economic reforms and sustained infrastructure investments.
Despite the impressive expansion, the report highlighted the need for improved tax-to-GDP ratio, currently at 2.3%, signaling the necessity for enhanced revenue mobilization efforts. However, with ambitious projections set for 2025, Lagos’ GDP is expected to rise from N54.77 trillion in 2024 to N66.47 trillion in 2025, with real GDP growth projected between 5.02% and 6.49%.
