Lagos state GDP hits $259 billion and ranks as Africa’s second-largest city economy

NAIRAMETRICS

Lagos state has cemented its position as one of Africa’s economic powerhouses, with its Gross Domestic Product (GDP) reaching an impressive $259 billion based on purchasing power parity (PPP).

This milestone places Lagos as the second-largest economy on the continent, trailing only Cairo, Egypt.

This was made known during the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday.

According to the report, the state ranks as Africa’s second-largest city economy by purchasing power parity (PPP), following Cairo.

The report reveals that the state’s Gross Domestic Product (GDP) stood at US$259.75 billion in 2023.

Looking ahead, the Lagos State government has set ambitious projections for the 2025 fiscal year, with expectations for further economic expansion and stability. The key assumptions include:

Lagos remains a key destination for investors looking to tap into Nigeria’s vibrant economic landscape…