Lagos GDP grows to N14.85trn in Q1 2025, says commissioner
Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George has revealed that State’s Gross Domestic Product (GDP) increased to N14.85 trillion in the first quarter (Q1) 2025
He also disclosed that the State’s real growth rate stood at 1.75 per cent in Q1 2025, a further slowdown from 3.01 per cent in Ǫ4 and 3.88 per cent in Ǫ3 2024.
Speaking on Tuesday during a Budget Consultative Forum for the 2026 budget held for stakeholders and residents of the Ikeja Division of the state, George disclosed that the service sector remained dominant, contributing over 90 per cent of total output. However, its growth momentum had softened, mirroring broader macroeconomic pressures and tighter consumer demand.
“Notably, the industrial sector maintained its upward trend from Ǫ4, buoyed by a manufacturing rebound that suggests latent productive strength. Agriculture also returned to growth, driven by gains in crop production, livestock, and fisheries. These signals point to a gradually diversifying economy, though still anchored on Lagos’ urban services base.
“Lagos has officially emerged as the fastest-growing tech city in the world in 2025, leading Dealroom’s Global Tech Ecosystem Index ahead of Istanbul, Pune, and Mumbai. With just a $1.6k GDP per capita, Lagos has outperformed larger economies in enterprise value growth, unicorn creation, and startup resilience despite structural bottlenecks.
“Lagos has been named the 14th best city in the world, and 2nd in Africa for nightlife in 2025 by Time Out, reflecting rising global recognition and strong local approval (79 per cent). While this boosts Lagos’ cultural brand, the real value lies in leveraging the nightlife sector as a formal economic asset, driving tourism, youth employment, and revenue.
The ranking signals opportunity but also competition. As cities like Cape Town and Marrakech scale up their night economies, Lagos must invest in safe, inclusive, and well-regulated night zones to translate global attention into sustainable economic gains.”
George stated that the Sanwo-Olu administration is committed to a participatory and all-inclusive governance process.
“In the same vein of achieving an inclusive government, this administration’s agenda is now THEMES+ with specifics on Gender Equality, Social Inclusion, and Youth Engagement.
“To achieve this agenda, the Lagos State IGR must be strengthened by minimising waste and blocking bottlenecks. We make a passionate appeal to all the citizens of Lagos to fulfil their civic responsibilities by paying their taxes when due, as the optimal performance of the Budget is strongly dependent on revenue generated in the State.
“We acknowledge the challenges caused by the fuel subsidy removal, this administration will continue to ensure the Citizens have a good quality of life as demonstrated by various interventions in Agriculture to boost food security, the Transportation sector (discount in bus fares, the introduction of CNG buses), and the Health sector (free medical services for children, the elderly and pregnant women).
