Lagos State has been ranked as the second-largest city in Africa, trailing only Cairo, Egypt, following a significant rise in its Gross Domestic Product (GDP). The state’s GDP, based on Purchasing Power Parity (PPP), has surged to $259 billion, marking a remarkable economic milestone.
The announcement was made on Wednesday during the official launch of the Lagos Economic Development Update (LEDU) 2025 report.
The report revealed that Lagos’ economy expanded to N27.38 trillion in the first half of 2024, a substantial increase from N19.65 trillion recorded in 2023.
Key budget projections for 2025 indicate that Lagos State’s GDP is expected to grow further, rising from N54.77 trillion in 2024 to N66.47 trillion in 2025. This growth underscores Lagos’ position as a major economic hub on the continent, driven by its thriving industries, infrastructure development, and strategic investments.
The LEDU 2025 report highlights the state’s resilience and economic potential, despite challenges such as population growth and urbanization. Lagos continues to attract local and international investments, contributing to its status as a leading commercial and financial center in Africa.
This achievement reinforces Lagos’ reputation as a key player in Africa’s economic landscape, with its GDP growth reflecting the state’s ongoing efforts to foster sustainable development and improve the quality of life for its residents.
As Lagos continues to expand, stakeholders are optimistic about its potential to drive broader economic transformation across Nigeria and the continent.
