Sunday, July 27, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » News » Lagos now Africa’s Second Largest City Economy, As GDP Hits $259b

Lagos now Africa’s Second Largest City Economy, As GDP Hits $259b

March 13, 2025
in News
0
543
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

Lagos State has become Africa’s second largest city economy as its Gross Domestic Product hit $259 billion based on Purchasing Power Parity.

This was revealed during the official launch of the Lagos State Economic Development Update (LEDU) 2025 report on Wednesday.

According to the report, the state ranks as Africa’s second-largest city economy by PPP.

It is second behind Cairo, the capital city of Egypt.

ReadAlso

Gov. Soludo: ‘President Tinubu Rescued The Economy From The Tipping Point, Returned Public Finance To Solvency’

Is the U.S. Heading Into a Recession Under Trump?

The report showed that the state’s Gross Domestic Product stood at $259.75 billion in 2023.

It is also noted that the Lagos economy recorded significant growth in the first half of 2024, expanding to N27.38 trillion, a substantial increase from N19.65 trillion in 2023.
This development highlights the resilience of Nigeria’s commercial capital amid economic reforms and ongoing infrastructure investments.

ADVERTISEMENT

Despite this growth, the tax-to-GDP ratio remains low at 2.3%, reflecting the need for enhanced revenue mobilisation efforts.

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:

GDP Growth: The state’s GDP is projected to grow from N54.77 trillion in 2024 to N66.47 trillion in 2025. Real GDP growth is expected to range between 5.02 percent and 6.49 percent.

Sectoral Growth: The service sector will continue its expansion, complemented by improvements in agriculture and industrial production. Economic stability is expected to be aided by a decline in PMS (petrol) prices and a stable naira/dollar exchange rate.

Inflation Forecast: Headline inflation is projected to be 34.2 percent, with food inflation slightly higher at 34.9 percent.

Revenue Projections: The Lagos State Government anticipates generating N2.79 trillion in revenue for 2025, emphasising the need for increased fiscal discipline and diversification of revenue sources.

Implications for Investors and Businesses

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

The state’s continued economic expansion, coupled with strategic policy interventions, presents opportunities in infrastructure development, technology, real estate, and manufacturing.

However, observers note that while Lagos enjoys a large economy, challenges such as high inflation, foreign exchange volatility, and infrastructure deficits must be addressed to sustain long-term growth.
The National Bureau of Statistics is set to rebase Nigeria’s Gross Domestic Product (GDP) this year, using 2019 as the new base year instead of 2010.

The base year for GDP calculations is being updated from 2010, which has been in use for the past 15 years, to 2019.

The rebasing process includes extensive updates in the scope of economic activities captured, with particular focus on the following:
Digital Economic Activities: Inclusion of e-commerce, fintech, and other online services.

Emerging Sectors: Data from modular refineries, pension fund administrators, and quarrying industries.

Social Programs: Activities from the National Health Insurance Scheme (NHIS) and the Nigerian Social Insurance Trust Fund.

Tags: economyLagos state
ADVERTISEMENT
Previous Post

Catholic Archbishop on Surge in Kidnappings of Members of the Clergy in Nigeria — “God will fight for us”

Next Post

Okunerere Adoration Ground Demolished in Nsukka, Former Enugu State Governor Ugwuanyi Linked to the Controversial Destruction

You MayAlso Like

News

Ogilisi Igbo Sails to Mexico from Houston, Advocates for Tourism Growth in Nigeria

July 26, 2025
News

Devastating UK aid cuts are a matter of life and death for women in Africa

July 25, 2025
News

Heat And Pests Are Creating A Deadly Cocktail For Our Foods

July 25, 2025
News

Kidnapped Nigerian Catholic Priest Regains Freedom after 51 Days in Captivity

July 25, 2025
News

Federal Government Strengthens Inter-Agency Partnership to Advance Civil Servants’ Welfare Initiatives

July 25, 2025
News

‘I Was Born to Sing’ – Sarah Alpheaus Wins BGTT

July 25, 2025
Next Post

Okunerere Adoration Ground Demolished in Nsukka, Former Enugu State Governor Ugwuanyi Linked to the Controversial Destruction

Judge Found Guilty Of Forcing Young Woman To Work As Slave

Discussion about this post

Experts reveal the truth about cholesterol – and how it impacts your health

Celebrating Dr. Prince Lawrence Ezeh at 55

Kidnapped Nigerian Catholic Priest Regains Freedom after 51 Days in Captivity

Gov Mbah Reshuffles Cabinet, Swears-in Head of Service, 6 Commissioners

EXPOSED: How Delta State Polytechnic Chairman Lied About Governor’s Directive in Certificate Scandal

WWE legend Hulk Hogan dies, aged 71

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1238 shares
    Share 495 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1065 shares
    Share 426 Tweet 266
  • Flight Attendant Sees Late Husband On Plane

    969 shares
    Share 388 Tweet 242
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    902 shares
    Share 360 Tweet 225
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Israel Airdrops Food Into Gaza As It Rebuffs Famine Claims

July 27, 2025

Ogilisi Igbo to FG: ‘Super Falcons’ Success is Just the Beginning—Invest in Sports to Unlock Nigeria’s Talent

July 27, 2025

Nigeria came from two goals down to defeat Morocco 3-2 in final Women’s Africa Cup of Nations

July 27, 2025

Ogilisi Igbo Sails to Mexico from Houston, Advocates for Tourism Growth in Nigeria

July 26, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.