Lagos becomes Africa’s 2nd largest City economy With $259B GDP

Lagos State has solidified its status as one of Africa’s leading economic hubs, with its Gross Domestic Product (GDP) reaching $259 billion based on purchasing power parity (PPP)

This milestone places Lagos as the second-largest city economy on the continent, behind Cairo.

The announcement was made on Wednesday during the official launch of the Lagos Economic Development Update (LEDU) 2025. According to the report, Lagos’ GDP stood at $259.75 billion in 2023. The economy also showed significant growth in the first half of 2024, expanding to N27.38 trillion, up from N19.65 trillion in 2023.

This progress underscores the resilience of Nigeria’s commercial capital amid economic reforms and ongoing infrastructure investments. However, despite its rapid expansion, Lagos’ tax-to-GDP ratio remains low at 2.3%, highlighting the need for improved revenue mobilization.

Looking ahead, the Lagos State Government has set ambitious economic projections for the 2025 fiscal year, aiming for sustained growth and stability.

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