Lagos State’s economy has surged to an estimated Gross Domestic Product (GDP) of ₦55.7 trillion in 2024, solidifying its position among the top three largest economies in Africa.
This was revealed by the Commissioner for Economic Planning and Budget, Ope George, during the 2025 Ministerial Press Briefing held in Alausa, Ikeja.
George attributed the state’s economic growth to sound fiscal planning and effective budget execution under the administration of Governor Babajide Sanwo-Olu and Deputy Governor Obafemi Hamzat. The commissioner said the 2024 GDP figure represents a nearly 29 per cent increase from the ₦43.2 trillion recorded in 2023.
“In terms of purchasing power, Lagos had an estimated $259 billion in 2023,” George noted. “That places us among the top three economies on the continent, despite being a sub-national entity.”
He highlighted that Lagos State’s revenue rose significantly from ₦2.080 trillion in 2024 to ₦2.968 trillion in 2025, a reflection of improved fiscal discipline and strategic planning. According to him, the state maintained its tradition of timely budget processes, with the 2025 Appropriation Bill passed and assented to promptly.
George also reported that the state government achieved an 87 per cent budget performance in 2024. He credited this to the successful execution of planned expenditures across various sectors and a cross-sectoral expenditure review that promoted more equitable and impactful resource allocation.
As part of its social intervention programmes, the government delivered ₦130 billion in Social Protection Support, reaching over 18.5 million Lagos residents. These included a Transport Subsidy Allowance following the federal fuel subsidy removal, and the “Ounje Eko” food subsidy initiative, designed to improve access to nutritious food for low-income households.
The commissioner emphasised that Lagos, as a sub-national unit, carries economic responsibilities and indicators on par with many national economies, making its achievements unique and significant in the African context.
He said the Ministry enhanced delivery of the various interventions by integrating the Lagos State Social Register (LASSR) with the National Identity Number (NIN), improving the accuracy of beneficiary targets.
In a drive toward evidence-based planning, George noted that the Ministry launched several digital tools. The LSDP 2052 Implementation Reporting Dashboard which now tracks over 280 development initiatives across all MDAs in real time, just as the EKO360 App has been deployed in all 57 LGAs and 59 MVAA centers to support real-time data collection and reporting.
The Economic Chief said Lagos has made strides in environmental resilience and sustainable development through its partnership with the European Bank for reconstruction and development securing
He underscores the initiatives from the Office of Climate Change and Circular Economy that generated over 1,600 jobs, diverted 20,000 kg of waste from landfills, and prevented 10,000 kg of carbon emissions, noting that “programs such as Eco-Circulate and ECONexus are now helping more than 5,000 SMEs transition to sustainable, circular business models.”
Affirming the State’s status as Africa’s second-largest economy by purchasing power parity (PPP) unveiled through the 2025 Lagos Economic Development Update (LEDU), George reassured the commitment to good governance and inclusive growth by Governor Sanwo-Olu led administration.
