Lagos GDP Hits ₦14.85 Trillion in Q1 2025 Amid Slower Growth, Govt Calls for Inclusive Participation in 2026 Budget
The 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, reflecting a real growth rate of 1.75 per cent. This marks a further slowdown from 3.01 per cent recorded in the fourth quarter and 3.88 per cent in the third quarter of 2024.
George made the announcement during a Budget Consultative Forum for the 2026 fiscal year held with stakeholders and residents of the Ikeja Division.
He noted that while the service sector continued to dominate, contributing over 90 per cent of total output, its momentum had weakened due to broader economic pressures and reduced consumer demand.
According to him, the industrial sector showed resilience with a manufacturing rebound, while agriculture returned to growth through gains in crop production, livestock, and fisheries.
“These signals point to a gradually diversifying economy, though still anchored on Lagos’ urban services base,” George explained.
Highlighting Lagos’ growing global profile, the commissioner revealed that the state has emerged as the world’s fastest-growing tech city in 2025, topping Dealroom’s Global Tech Ecosystem Index ahead of Istanbul, Pune, and Mumbai.
He also noted that Lagos was ranked 14th best city worldwide and second in Africa for nightlife by Time Out. He said the recognition reflects rising international visibility, adding that the state must leverage the nightlife economy to create jobs, boost tourism, and generate revenue.
Reaffirming Governor Babajide Sanwo-Olu’s commitment to participatory governance, George said the administration’s THEMES+ agenda is focused on gender equality, social inclusion, and youth engagement.
He called on Lagosians to fulfil their civic responsibilities by paying taxes, stressing that optimal budget performance depends on internally generated revenue.
“We acknowledge the challenges caused by the fuel subsidy removal, but this administration will continue to ensure a good quality of life through interventions in agriculture, transportation, and healthcare,” he said, citing discounted bus fares, the introduction of CNG buses, and free medical services for children, the elderly, and pregnant women.
Special Adviser to the Governor on Economic Planning and Budget, Mr. Olalekan Balogun, in his closing remarks, applauded the contributions of traditional rulers, community leaders, private sector stakeholders, NGOs, youth groups, and persons with disabilities.
He noted that their input helps shape the state’s developmental agenda.
“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 captured, prioritised, and implemented,” Balogun stated.
Participants at the forum also highlighted projects and programmes they would like the government to prioritise in the 2026 budget, ranging from infrastructure to healthcare, education, and youth development.
