The Lagos State Government has released the 2025 Lagos Economic Development Update, a report assessing the state’s economic performance and setting out policy directions for sustainable growth.
Presented by the Ministry of Economic Planning and Budget, the report, titled ‘Lagos Economic Outlook: Charting a Resilient Path Towards a Sustainable Future’, highlights fiscal sustainability, economic diversification, and inclusive development as key priorities.
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Speaking at the launch, Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, underscored the need for Lagos to bridge its revenue gap through bold, innovative strategies. He noted that while Lagos is Nigeria’s economic hub, its revenue generation, which is less than 2% of GDP, falls short of global benchmarks.
He argued that for Lagos to fulfil its economic ambitions, it must significantly enhance revenue mobilisation, ensuring that its financial capacity aligns with its position as a leading African city.
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