Lagos GDP Hits ₦14.85trn in Q1 2025, Says Commissioner

Lagos State’s Gross Domestic Product (GDP) rose to ₦14.85 trillion in the first quarter of 2025, with a real growth rate of 1.75 per cent, the Commissioner for Economic Planning and Budget, Mr. Ope George, has disclosed.

Speaking at the 2026 Budget Consultative Forum for stakeholders in Ikeja Division, George said the growth rate reflected a slowdown compared to 3.01 per cent recorded in the fourth quarter of 2024 and 3.88 per cent in the third quarter.

He explained that the services sector continued to dominate, contributing over 90 per cent of total output, although its momentum weakened due to broader economic pressures and reduced consumer demand. The industrial sector, however, recorded steady improvement, driven by manufacturing recovery, while agriculture rebounded on the back of stronger crop production, livestock, and fisheries.

George also highlighted Lagos’ growing global profile, noting its emergence as the fastest-growing tech city in the world according to Dealroom’s 2025 Global Tech Ecosystem Index. The state, he added, has also been ranked the 14th best city worldwide and second in Africa for nightlife by Time Out, a recognition he said could boost tourism, youth employment, and revenue if properly harnessed.

Reaffirming Governor Babajide Sanwo-Olu’s THEMES+ agenda, the commissioner stressed the government’s commitment to inclusive governance, with focus areas on gender equality, youth engagement, and social inclusion. He urged residents to support government programmes by paying taxes promptly, describing revenue as the lifeline of effective budget performance.

George acknowledged the economic hardship following fuel subsidy removal but assured that interventions in agriculture, transportation including discounted fares and CNG buses and healthcare would continue to cushion the effects on residents.

Delivering a vote of thanks, Special Adviser on Economic Planning and Budget, Mr. Olalekan Balogun, commended participants for their contributions, noting that stakeholder engagement had always provided valuable insights for policy direction.

He emphasised that the state government remained committed to translating residents’ inputs into tangible results, including improved roads, water projects, quality healthcare, education, housing, efficient transport, job opportunities, and a safer, more liveable Lagos.

Participants at the forum also listed projects and programmes they expect to be prioritised in the 2026 budget.