Lagos’ economy has taken a giant leap, with Governor Babajide Sanwo-Olu announcing that the state’s GDP based on purchasing power parity (PPP) reached $259.75 billion in 2023.
The figure was revealed during the launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday.
“Lagos is not just growing; we are leading,” Sanwo-Olu declared.
He added that the milestone underscores the strength of the economy, the resilience of the people, and Lagos’ status as a major hub for investment, trade, and opportunity – a position second only to Cairo in Africa.
The governor’s announcement comes amid impressive economic growth, with the state’s GDP climbing from N19.65 trillion in 2023 to N27.38 trillion in the first half of 2024.
However, officials noted that the tax-to-GDP ratio remains low at just 2.3 percent.
Looking ahead to 2025, projections indicate a further expansion with GDP expected to rise from N54.77 trillion in 2024 to N66.47 trillion.
Real GDP growth is forecast to range between 5.02 percent and 6.49 percent, buoyed by a growing service sector and improvements in agriculture and industrial production.
Economic stability is also on the horizon, with expectations of a decline in petrol prices and a steady naira/dollar exchange rate.
The report projects headline inflation at 34.2 percent, with food inflation slightly higher at 34.9 percent, and anticipates revenue generation of N2.79 trillion in 2025.
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