With the Gross Domestic Product (GDP) of Lagos State hitting an impressive $259 billion based on Purchasing Power Parity (PPP), the state cemented its position as one of Africa’s economic powerhouses.
This milestone places Lagos as the second-largest economy on the continent, trailing only Cairo, Egypt.
This was made known during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday, March 12, 2025.
According to the report, the state ranks as Africa’s second-largest city economy by purchasing power parity (PPP), following Cairo.
The report reveals 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 mobilization efforts.
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