LAGOS GDP ROSE TO N14.85 TRILLION IN Q1 2025, COMMISSIONER REVEALS

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By: Sefiu Ajape

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

According to George, the figure reflects a further slowdown compared to 3.01 per cent in Q4 and 3.88 per cent in Q3 of 2024.

The commissioner disclosed this at the 2026 Budget Consultative Forum for stakeholders and residents of the Ikeja Division, which took place at Radio Lagos Multipurpose Hall in Agidingbi.

He noted that the service sector remained the dominant contributor, accounting for over 90 per cent of total output.

George, however, admitted that its momentum had weakened in line with 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 reaffirmed that Governor Babajide Sanwo-Olu’s administration is committed to participatory and inclusive governance.

“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).

Consequently, you are all invited to comment on our budget performance and suggestions on preferred focus areas for the State in the next Budget Cycle (Y2026).”

Delivering the vote of thanks, the Special Adviser to the Governor on Economic Planning and Budget, Mr. Olalekan Balogun, stressed that stakeholder contributions have remained central to shaping the state’s developmental trajectory.

“Your contribution also reinforces the All-Inclusive Agenda of Governor Babajide Sanwo-Olu’s administration, guided by the principle that No One Must Be Left Behind, irrespective of age, gender, or social standing.

“We deeply appreciate the presence of our Traditional Rulers, Community and Religious Leaders, the Organised Private Sector, Professionals, Youth Organisations, Trade Groups, NGOs, Civil Society, Persons Living with Disabilities, amongst others.

“Your participation embodies the inclusivity that defines this forum and reminds us that governance is truly a joint effort, Ajumose.

“We are confident that the outcome of today’s deliberations will once again make a significant impact on the budget preparation process, ensuring that the interests and aspirations of Lagosians are not only captured but also prioritised and implemented.

“The State Government remains resolute in translating these inputs into meaningful results, better roads, reliable water projects, quality healthcare and education, decent housing, efficient transport, jobs and valuable initiatives for our youth, and a safer, more liveable city for all.”

Participants at the forum highlighted various projects and programmes they want the state government to prioritise in the 2026 budget.