Lagos State has solidified its position as one of Africa\u2019s leading economic hubs, with its Gross Domestic Product (GDP) soaring to $259.75 billion based on Purchasing Power Parity (PPP).<\/p>\n\n\n\n
This milestone makes Nigeria\u2019s commercial capital the second-largest city economy on the continent, trailing only Cairo, Egypt.<\/p>\n\n\n\n
The announcement was made during the launch of the Lagos Economic Development Update (LEDU) 2025.<\/p>\n\n\n\n
The report underscored Lagos\u2019s continued economic expansion, highlighting its resilience amid ongoing reforms and infrastructural investments.<\/p>\n\n\n\n
According to the report, the state\u2019s GDP stood at $259.75 billion in 2023 and witnessed remarkable growth in the first half of 2024, expanding to N27.38 trillion from N19.65 trillion in the previous year.<\/p>\n\n\n\n
This surge reflects Lagos\u2019s economic strength and its role as a hub for trade, investment, and development.<\/p>\n\n\n\n
Despite the impressive growth, the report highlighted concerns over revenue mobilisation, with the state\u2019s tax-to-GDP ratio recorded at 2.3%, indicating a need for improved fiscal policies.<\/p>\n\n\n\n
Governor Babajide Sanwo-Olu celebrated the latest economic milestone on his X handle. <\/p>\n\n\n\n
The Governor reaffirmed Lagos\u2019s economic dominance, citing its GDP of $259 billion based on PPP. He also emphasised the state\u2019s role as a powerhouse for investment, trade, and development.<\/p>\n\n\n\n
Sanwo-Olu highlighted the significance of economic indices such as PPP, which reflect real economic strength and competitiveness.<\/p>\n\n\n\n
\u201cLagos is not just growing; we are leading. With a GDP of $259 billion based on purchasing power parity (PPP), we have cemented our place as Africa\u2019s second-largest city economy. This milestone is more than a number; it reflects the strength of our economy, the resilience of our people, and our city\u2019s role as a hub for investment, trade, and opportunity.<\/p>\n\n\n\n
\u201cEconomic indices like PPP are crucial. They highlight real economic strength, competitiveness, and the cost-of-living advantage. From infrastructure to technology, tourism to manufacturing, we are driving sustainable growth,\u201d <\/p>\n\n\n\n
He further underscored the state\u2019s commitment to fostering economic expansion through key sectors, including infrastructure, technology, tourism, and manufacturing.<\/p>\n\n\n\n
\u201cLagos remains at the forefront of Africa\u2019s economic transformation, and the best is yet to come.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Lagos State has solidified its position as one of Africa\u2019s leading economic hubs, with its Gross Domestic Product (GDP) soaring to $259.75 billion based on Purchasing Power Parity (PPP). This<\/p>\n","protected":false},"author":1,"featured_media":14222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_rishi_post_view_count":170},"categories":[13],"tags":[],"class_list":["post-14223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politica","rishi-post"],"rishi__cb_customizer_meta":"","comments_count":"0","yoast_head":"\n