Lagos State’s Gross Home Product (GDP) has hit a powerful $259 billion based mostly on buying energy parity (PPP), making it Africa’s second-largest metropolis financial system.
With the feat, Lagos now trails solely Cairo, Egypt.
This was disclosed on Wednesday throughout the official launch of the Lagos Financial Growth Replace (LEDU) 2025.
In line with the report, the state ranks as Africa’s second-largest metropolis financial system by buying energy parity (PPP), following Cairo.
The report revealed that the state’s Gross Home Product (GDP) stood at US$259.75 billion in 2023.
The Lagos financial system recorded vital development within the first half of 2024, increasing to N27.38 trillion, a considerable enhance from N19.65 trillion in 2023.
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This development highlights the resilience of Nigeria’s business capital amid financial reforms and ongoing infrastructural investments.
Regardless of this development, the tax-to-GDP ratio stays low at 2.3%, reflecting the necessity for enhanced income mobilisation efforts.
The Lagos State authorities has set bold projections for the 2025 fiscal yr, with expectations for additional financial enlargement and stability.
The state’s GDP is projected to develop from N54.77 trillion in 2024 to N66.47 trillion in 2025. Actual GDP development is anticipated to vary between 5.02% and 6.49%, whereas the service sector will proceed its enlargement, complemented by enhancements in agriculture and industrial manufacturing.
The state’s continued financial enlargement, coupled with strategic coverage interventions, presents alternatives in infrastructure growth, expertise, actual property, and manufacturing.
