The governor of Lagos State Babajide Sanwo-Olu in response to the state ranking Africa’s Second-largest city economy on the continent, ascribed that the feat is a reflection of the peoples’ resilience and the strength of the economy.

During the official launch of the Lagos Economic Development Update (LEDU) 2025 on Wednesday, it was revealed that the Gross Domestic Product (GDP) of the state has hit  $259 billion, based on Purchasing Power Parity (PPP), trailing behind Cairo, the capital of Egypt.

It was also noted that the state economy recorded significant growth in the first half of 2024, expanding to N27.38 trillion, a substantial increase from N19.65 trillion in 2023.

The elated governor who had posted on his X boasted: “Lagos is not just growing; we are leading. 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.

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

Speaking at the presentation of the report, the Commissioner for MEPB, Ope George, emphasised that the 2025 LEDU provides critical insights to guide policy decisions.

He reiterated the state’s commitment to fiscal sustainability, economic diversification, and infrastructure development, aligned with Governor Babajide Sanwo-Olu’s ‘Budget of Sustainability.’

The State Government has set ambitious projections for the 2025 fiscal year, with expectations for further economy expansion and stability

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% and 6.49%.