The Nation Newspaper

Tag: Lagos GDP

  • Lagos GDP hits $259b, becomes Africa’s 2nd largest city economy

    Lagos GDP hits $259b, becomes Africa’s 2nd largest city economy

    Lagos State has solidified its position as one of Africa’s leading economic hubs, with its Gross Domestic Product (GDP) soaring to $259.75 billion based on Purchasing Power Parity (PPP).

    This milestone makes Nigeria’s commercial capital the second-largest city economy on the continent, trailing only Cairo, Egypt.

    The announcement was made yesterday during the launch of the Lagos Economic Development Update (LEDU) 2025.

    The report underscored Lagos’s continued economic expansion, highlighting its resilience amid ongoing reforms and infrastructural investments.

    According to the report, the state’s 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.

    This surge reflects Lagos’s economic strength and its role as a hub for trade, investment, and development.

    Read Also; A woman’s world?

    Despite the impressive growth, the report highlighted concerns over revenue mobilisation, with the state’s tax-to-GDP ratio recorded at 2.3%, indicating a need for improved fiscal policies.

    Lagos State Governor, Babajide Sanwo-Olu, took to his X handle to celebrate the state’s latest economic milestone.

    The governor reaffirmed Lagos’s economic dominance, citing its GDP of $259 billion based on PPP.

     He also emphasised the state’s role as a powerhouse for investment, trade, and development.

    Sanwo-Olu highlighted the significance of economic indices such as PPP, which reflect real economic strength and competitiveness.

    “Lagos 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’s 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’s role as a hub for investment, trade, and opportunity.

    “Economic 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,”

    He further underscored the state’s commitment to fostering economic expansion through key sectors, including infrastructure, technology, tourism, and manufacturing.

    “Lagos remains at the forefront of Africa’s economic transformation, and the best is yet to come,” the governor said

  • Lagos GDP hits $259bn, becomes Africa’s second largest city economy

    Lagos GDP hits $259bn, becomes Africa’s second largest city economy

    Lagos State has solidified its position as one of Africa’s leading economic hubs, with its Gross Domestic Product (GDP) soaring to $259.75 billion based on Purchasing Power Parity (PPP).

    This milestone makes Nigeria’s commercial capital the second-largest city economy on the continent, trailing only Cairo, Egypt.

    The announcement was made during the launch of the Lagos Economic Development Update (LEDU) 2025.

    The report underscored Lagos’s continued economic expansion, highlighting its resilience amid ongoing reforms and infrastructural investments.

    According to the report, the state’s 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.

    This surge reflects Lagos’s economic strength and its role as a hub for trade, investment, and development.

    Read Also; El-Rufai protesters demand removal of SDP National Secretary Agunloye

    Despite the impressive growth, the report highlighted concerns over revenue mobilisation, with the state’s tax-to-GDP ratio recorded at 2.3%, indicating a need for improved fiscal policies.

    Governor Babajide Sanwo-Olu celebrated the latest economic milestone on his X handle. 

    The Governor reaffirmed Lagos’s economic dominance, citing its GDP of $259 billion based on PPP. He also emphasised the state’s role as a powerhouse for investment, trade, and development.

    Sanwo-Olu highlighted the significance of economic indices such as PPP, which reflect real economic strength and competitiveness.

    “Lagos 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’s 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’s role as a hub for investment, trade, and opportunity.

    “Economic 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,” 

    He further underscored the state’s commitment to fostering economic expansion through key sectors, including infrastructure, technology, tourism, and manufacturing.

    “Lagos remains at the forefront of Africa’s economic transformation, and the best is yet to come.”

  • Tourism pumps N4.1tr into Lagos GDP

    Tourism pumps N4.1tr into Lagos GDP

    The tourism industry is becoming a powerful engine for economic growth in Lagos, contributing N4.1 trillion to the state’s Gross Domestic Product (GDP), according to insights shared at the 2024 World Tourism Day celebration.

    The event, organised by the Lagos State Ministry of Tourism, Arts, and Culture, emphasised the sector’s growing influence, with projections suggesting that tourism would account for around 10 per cent of the state’s GDP in the coming years.

    Delivering a keynote address, Oba Abdulwasiu Lawal, the Oniru of Iru-land, underscored the sector’s contribution to the economic expansion witnessed under Governor Babajide Sanwo-Olu’s administration, which saw Lagos’ GDP rise from N27 trillion to N41 trillion over the past four years.

    Oba Lawal highlighted Lagos as a city poised to become a global tourism hub, ‘’thanks to its rich cultural history, dynamic arts scene and picturesque waterfronts, making it a prime destination for local and international visitors.’’

    Read Also: On the proposed monthly rent collection in Lagos

    The Oniru said Lagos attracted millions of visitors annually, with the city’s beachfronts alone drawing in 1.2 million visitors every year.

    Key tourist hotspots such as Elegushi and Oniru beaches experience a surge of 500,000 visitors during peak seasons.

    The monarch said the Oniru axis of Lagos had seen substantial investments, surpassing N100 billion and covering about 300,000 square metres.

    ‘’These developments have created over 10,000 jobs linked to tourism-related activities.

    “Tourism has a unique potential to generate employment, reduce poverty and promote peace,” Oba Lawal noted, citing examples of how festivals such as Ejiwa Elegba festival played a significant role in job creation, while preserving the cultural heritage of Lagos communities.

    Despite its potential, Oba Lawal acknowledged that Lagos’ tourism sector faced challenges, including infrastructure deficiencies and concerns about property rights, which continued to hinder its full development.

    “The government is working to address these issues by improving infrastructure and enhancing security to make Lagos a more attractive destination for tourists,” he said.

    The Oniru highlighted efforts to equip young people with skills in hospitality and cultural management through educational programmes. These initiatives, he said, are not only providing jobs, but also fostering social harmony.

    Commissioner for Tourism, Arts, and Culture, Toke Benson-Awoyinka, also addressed the gathering, reinforcing the state’s commitment to utilising tourism not just as an economic engine, but also as a tool for promoting peace.

    “This year’s theme: ‘Tourism and Peace’, reminds us of how tourism fosters unity, bridges cultural divides and promotes mutual understanding,” Benson-Awoyinka said.

    “Lagos, as a melting pot of culture and commerce knows first-hand the role tourism plays in building a peaceful and inclusive society,” she added.

    Benson-Awoyinka emphasised tourism’s role in fostering tolerance and respect, explaining how cultural exchanges between visitors and locals contribute to peace and reconciliation.

    She highlighted Lagos’ ongoing efforts to enhance its status as a global tourist destination, citing partnerships such as the state’s collaboration with Sterling Bank, which aimed to drive sustainable development, while fostering unity across borders.

    ‘‘Through these initiatives, Lagos continues to show how tourism can be a pillar for both economic growth and social cohesion,’’ Benson-Awoyinka said.

  • Lagos GDP surges under Sanwo-Olu’s leadership

    Lagos GDP surges under Sanwo-Olu’s leadership

    Governor Babajide Sanwo-Olu, proudly announced that his five years in office have seen a notable increase in the state’s GDP, which he attributed to comprehensive ideas and progressive economic policies.

    This revelation came during a courtesy visit by the Governing Council of the Chartered Institute of Bankers of Nigeria (CIBN), led by its President and Chairman, Prof. Pius Olanrewaju, at the Lagos House in Ikeja on Wednesday.

    According to a statement on the state’s official website, Sanwo-Olu highlighted that his administration’s economic strategies have laid a strong foundation for business prosperity and financial growth.

    “Our commitment to creating a safe, thriving environment for businesses has borne fruit,” Sanwo-Olu stated.

    “The increase in our state’s GDP over the last five years is a clear indication of our focused approach to governance and development.”

    Read Also; Elupee candidate

    He emphasised his administration’s continuous effort to strengthen Lagos’ economy and promote a business-friendly environment, assuring that more initiatives are in place to spur prosperity across the state.

    CIBN Commends Sanwo-Olu’s Achievements

    Prof. Pius Olanrewaju, head of the CIBN Governing Council, commended the governor’s leadership and his administration’s far-reaching impact on Lagos’ economic landscape.

    He applauded the infrastructure projects, governance reforms, and the overall enhancement of public services under the Sanwo-Olu administration, citing their positive effects on millions of Lagos residents.

    Prof. Olanrewaju also touched on CIBN’s efforts to combat the “Japa syndrome” affecting the banking sector, where a growing number of professionals leave Nigeria for opportunities abroad.

    In response, the CIBN has established an academy to train new personnel rapidly, ensuring that the industry continues to provide high-quality service despite the exodus of professionals.

    The CIBN further announced that Governor Sanwo-Olu and the Minister of Finance, Mr. Wale Edun, have been conferred the honor of Fellows of the Chartered Institute of Bankers of Nigeria, recognising their contributions to financial services and governance.

    In a related engagement, Governor Sanwo-Olu met with the leadership of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) to discuss strengthening corporate governance within the state.

    During the meeting, ICSAN President and Chairman in Council, Mrs. Funmi Ekundayo, praised the Governor’s efforts in advancing Lagos’ developmental goals, particularly through the successful implementation of the THEMES+ Agenda, a policy framework aimed at transforming key sectors such as transportation, health, and education.

    Sanwo-Olu pledged collaboration with ICSAN to enhance corporate governance and improve administrative capacities within both the private and public sectors of Lagos State.

    “Good governance is the bedrock of a prosperous society. We are committed to building structures that support transparency and accountability,” the Governor noted.

    Building a Bright Future for Lagos Sanwo-Olu reiterated that Lagos will remain a welcoming home for all Nigerians, a hub for economic growth, and a place where individuals and businesses can flourish.

    According to the governor, his administration remains committed to creating opportunities for personal and professional development, further cementing Lagos as a leading economic force in Nigeria and beyond.