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Oluwafemi Awodele
2 months ago
Overview
Lagos State has strengthened its position as one of Africa’s most dynamic economies, with its Gross Domestic Product (GDP) hitting an impressive $259.75bn in 2023, measured by purchasing power parity (PPP). This achievement ranks Lagos as the second-largest city economy on the African continent, second only to Cairo, Egypt.
The milestone was announced during the official release of the Lagos Economic Development Update (LEDU) 2025. The report highlights Lagos’ economic resilience and growing role as Nigeria’s commercial and financial capital.
Lagos ranks second in Africa’s city economies
According to the report, Lagos has secured its place as Africa’s second-largest city economy by PPP. The state’s GDP of $259.75bn reflects not only its vibrant commercial activity but also the success of strategic reforms aimed at fostering sustainable growth.
Lagos’ economic expansion has been supported by massive infrastructure development, steady investments in technology, and robust private sector participation. These factors have helped the state to weather global economic uncertainties and domestic challenges.
source: https://africabriefing.com/lagos-gdp-hits-259bn-africas-no-2-economy/
