Key Industries Driving Lagos's $136 Billion GDP.

For decades, the narrative of Nigeria’s economy was written in "black gold." However, in the bustling metropolis of Lagos, the story has shifted. As of 2025, Lagos stands as a beacon of economic diversification, boasting a GDP of approximately $136 billion a figure that would make it the fifth-largest economy in Africa if it were a country. Remarkably, this wealth is no longer tethered primarily to oil. Instead, Lagos has transformed into a service-oriented powerhouse where innovation, trade, and creativity are the primary engines of growth.

​The backbone of the Lagos economy is the services sector, which consistently contributes over 94% to the state's GDP. Unlike the rest of the country, which remains vulnerable to global oil price fluctuations, Lagos has built a resilient ecosystem anchored by finance, telecommunications, and professional services.

​Lagos is the undisputed financial hub of West Africa. It houses the Nigerian Exchange Group (NGX) and the headquarters of every major commercial bank in the country. The concentration of capital in areas like Marina and Victoria Island has fostered a sophisticated financial services industry that accounts for nearly 30% of Nigeria’s total financial activity.

​Perhaps the most exciting driver of the Lagos economy is its burgeoning technology sector. Often dubbed the "Silicon Lagoon," Lagos is Africa’s premier destination for tech investment. The city has birthed unicorns like Flutterwave and Interswitch, positioning itself as a global leader in fintech.

​The growth in tech is fueled by a massive, young, and digitally savvy population. Beyond fintech, there is a rapid expansion into:

• ​EdTech: Platforms bridging the gap in the education system.

• ​HealthTech: Startups providing remote diagnostic services to underserved communities.

• ​E-commerce: Driven by giants like Jumia and a host of social commerce entrepreneurs.

​Lagos remains Nigeria’s industrial heartbeat. While the sector faces challenges like energy costs, the state still accounts for over 50% of the country’s non-oil industrial capacity. The development of the Lekki Free Trade Zone, home to the massive Dangote Refinery and Fertilizer Plant, has revolutionized the manufacturing landscape. While the refinery processes oil, the downstream industries petrochemicals, plastics, and construction materials—are what truly diversify the economic base and create thousands of local jobs.

​One cannot discuss the wealth of Lagos without mentioning its cultural exports. The creative industry comprising film (Nollywood), music (Afrobeats), and fashion is a multi-billion dollar juggernaut.

• ​Nollywood: Now the second-largest film industry in the world by volume, it has moved from VCDs to global streaming deals with Netflix and Amazon Prime.

• ​Music: Lagos is the epicenter of the Afrobeats movement. The global success of Lagosian artists has brought in significant foreign exchange through international tours, licensing, and digital streaming.

To sustain this growth, the Lagos State Government has aggressively invested in infrastructure. The completion of the Blue Line and Red Line Rail systems and the expansion of the Lekki-Epe Expressway are critical. These projects reduce "man-hours" lost to traffic, directly boosting the productivity of the workforce.