*GDP Now Hits $259 Billion
Abubakar Hashim
Nigeria’s commercial capital, Lagos, is currently Africa’s second largest economy, after Cairo, Egypt, with a Gross Domestic Product GDP ratio of $259 Billion, computed on Purchasing Power Parity (PPP).
The cheery news was revealed yesterday by Lagos State Commissioner of Economic Planning and Budget MEPB, Ope George, at the official launch of the Lagos Economic Development Update (LEDU) 2025.
LEDU provides critical insights to guide policy decisions.
The service sector accounts for the highest in growth, followed by agriculture and industrial production.
Lagos is the smallest state in size and landmass among all the 36 states in Nigeria, but the biggest in wealth, population and industrial production.
It is currently Africa’s financial hub, hosting the Nigerian Stock Exchange, Africa’s largest stock market.
The prime reason for Lagos’s elevation to its current second position is, among other factors, Dangote refinery, which commenced operations recently.
Dangote, apart from supplying local needs, now exports to African countries like Ghana, Cameroon, Angola, South Africa, Europe and the US.
Lagos is an island, with 35% land and 65% water. It was created on May 27, 1967, via Decree 14 of 1967, which then divided Nigeria into 12 states. Nigeria currently has 36 states, with Abuja as the political capital, and hosts 80% of the expatriate population.