Africa: Lagos ranked second largest economy on the continent : Orishas-finance

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Africa: Lagos ranked second largest economy on the continent

13/03/2025

Source : ORISHAS FINANCE

Categories: Economy/Forex

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Africa: Lagos ranked second largest economy on the continent

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Lors du lancement official of the Lagos Economic Development Update (LEDU) 2025 held on Wednesday 12 March 2025, it was announced that Lagos is now the second largest urban economy in Africa with a gross domestic product impressive 259 billion dollars, based on purchasing power parity (PPP).

Lagos is the commercial nerve center of Nigeria. Indeed, in Africa, the former Nigerian capital is preceded by Cairo, in Egypt. In reality, Lagos's economy grew significantly in the first half of 2024, reaching 27.38 trillion naira, a substantial increase from 19.65 trillion naira in 2023. Despite this growth, the tax-to-GDP ratio remains low at 2.3%, reflecting the need to intensify revenue mobilization efforts.

For fiscal year 2025, the Lagos State Government has established ambitious projections, anticipating economic expansion and increased stability.

So, according to the government, the state's GDP is expected to increase from 54.77 trillion naira in 2024 to 66.47 trillion naira in 2025. Real GDP growth is expected to be between 5.02% and 6.49%. The service sector will continue to expand, supported by improved agricultural and industrial production. Headline inflation is expected to reach 34.2%, with food inflation just above 34.9%.

The Lagos State Government plans to generate 2.79 trillion naira in revenue by 2025, stressing the need for increased fiscal discipline and diversification of revenue sources.

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