With a GDP of $259 billion based on purchasing power parity (PPP), Lagos State solidified its standing as one of Africa's economies. Lagos now has the second-largest economy on the continent, after Cairo, Egypt, thanks to this milestone. This was announced on Wednesday during the Lagos Economic Development Update (LEDU) 2025 official launch.

The Gross Domestic Product (GDP) of the state in 2023 was US$259.75 billion, according to the study.

For investors hoping to take advantage of Nigeria's thriving economy, Lagos continues to be a top location. Opportunities exist in manufacturing, technology, real estate, and infrastructure development as a result of the state's sustained economic growth and deliberate policy initiatives.

Nigeria's GDP will be rebased this year by the National Bureau of Statistics (NBS), which will use 2019 as the new base year rather than 2010. After being used for the previous 15 years, 2010 is being replaced by 2019 as the base year for GDP calculations. The breadth of economic activity recorded has been extensively updated as part of the rebasing process, with an emphasis on emerging sectors such as pension fund administration and modular refineries, as well as digital economic activities. Additionally, social programs include initiatives by the Nigerian Social Insurance Trust Fund (NSITF) and the National Health Insurance Scheme (NHIS).