Francesca Odimgbe
Lagos State Government has unveiled its plans of achieving a $1 trillion economy by 2052 and also projected an increase in Gross Domestic Products (GDP) to hit about N73.15 trillion in 2026 and N2.99 trillion revenue same year.
The Lagos State Governor, Babajide Sanwo-Olu who was represented by the Deputy Governor, Kadiri Obafemi Hazmat revealed this during the officially launching of the Lagos Economic Development Update (LEDU) 2026.
Officially unveiling the data document tagged: “Lagos Economic Outlook 2026”, the Governor said the LEDU platform has, over time, evolved beyond a mere policy document; it has become a compass, guiding the state’s economic direction, shaping decisions, and reinforcing its commitment to building a resilient, inclusive, and prosperous Lagos.
He said despite global challenges, Lagos has remained steadfast—not because we are immune to challenges, but because we respond with clarity, discipline, and foresight, hallmarks of the T.H.E.M.E.S+ Agenda.
He said the theme of this year’s edition “Consolidating Resilience, Advancing Competitiveness, Delivering Shared Prosperity”, speaks directly to its current economic moment, saying: “Consolidating resilience means fortifying the institutions, policies, and fiscal discipline that sustain our progress. Advancing competitiveness calls on us to unlock new productivity, deepen innovation, and create an enabling environment where businesses and investments can thrive. Delivering shared prosperity reminds us that growth must be inclusive, felt not just in macroeconomic indicators but in jobs created, businesses empowered, and opportunities expanded for all Lagosians”.
Looking ahead, he assured that the administration remains committed to a robust, inclusive, and globally competitive Lagos economy.
The Lagos Economic Outlook obtained by The Flagship News was detailed with statistics revealing that the Lagos State economic future is on a growth trajectory. It, however, emphasized that the state is on course to achieve a $1 trillion economy by 2025.
Commissioner, Ministry of Economic Planning and Budget, Ope George, in his forward, said the state’s economy continued to expand, with Nominal GDP estimated at N62.66 trillion in 2025, adding that, “our diversified , service-driven structure, anchored in finance, trade, transport, communication, construction, and technology, remains a defining strength”.
He added: “Looking ahead to 2026, the outlook is cautiously optimistic. Nominal GDP is projected to rise to N73.15 trillion, representing growth of approximately 16.7 per cent.
“Inflation is expected to moderate further to 17.59 per cent, with food inflation easing to 17.14 percent. These projections provide a stronger macroeconomic foundation for fiscal operation under the 2026 budget of shared prosperity. Total revenue is projected at N2.99 trillion under the base scenario, with upside potential under improved economic conditions,” he stated.
Chairman, House Committee on Economic Planning and Budget, Olumoh Saad Lukman, said data gathering has really helped the state to pursue development initiatives that have positively impacted on the populace, claiming that, “Lagos State is resolving Nigeria’s problems”
Permanent Secretary, Ministry of Economic Planning and Budget, Mrs Olayinka Ojo, said “LEDU represents our commitment to transparency, accountability, and data-driven governance.” saying, “Our goal is not just economic growth, but growth that is inclusive, sustainable, and impactful.”
Founder and Chief Consultant, Abiodun Adedipe and Associates, Prof. Abiodun Adedipe, said there is no doubt that Lagos has significantly transformed post-Covid and across every element of the T-H-E-M-E-S agenda.
He said: “Lagos is the second largest-city economy in Africa, valued at $315.9 billion and trailing only Cairo that came in at $494.8 billion. The scale is remarkable and outshines the combined economies of Johannesburg ($131.4bn), Cape Town ($98.1bn) and Nairobi ($97.7bn), underscoring the city’s unmatched continental economic clout.
According to him, the document gives real hope about the future of Lagos and the entire Nigerian economy.
Chief Executive Officer, Nigerian Economic Summit Group, Tayo Aduloju says Lagos should ensure a steady regulation which can encourage Foreign Direct Investment, convert the state’s attractiveness to improved productivity and guarantee a fast and affordable transport system.