Nigeria’s commercial capital, Lagos, has made another economic leap, as its Gross Domestic Product (GDP) rose to US$259.75 billion based on Purchasing Power Parity (PPP), cementing the state’s position as one of Africa’s economic forces.
The new economic milestone was announced during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday, March 12.
The report stated that Lagos has become the second-largest economy on the continent, only behind the Egyptian capital, Cairo, due to its impressive development.
According to the report, the state’s Gross Domestic Product (GDP) stood at US$259.75 billion in 2023.
It also noted that Lagos’s economy witnessed significant growth in the first half of 2024, expanding to N27.38 trillion, representing a substantial increase from N19.65 trillion in 2023.
This growth highlights the robustness of Nigeria’s commercial capital, which has continued to show resilience amid economic reforms and ongoing infrastructural investments.
However, the growth reflected a need for enhanced revenue mobilisation efforts, as shown in the tax-to-GDP ratio, which was unimpressive at 2.3%.
