Lagos unveils 2025 economic devt update, targets resilient growth

By Sodiq Adelakun

The Lagos State Government has launched the 2025 Lagos Economic Development Update (LEDU), a strategic roadmap aimed at enhancing economic resilience, fiscal sustainability, and revenue generation.

The update, presented by the Ministry of Economic Planning and Budget, stresses the need for targeted policy interventions to accelerate the state’s economic growth.

Commissioner for Economic Planning and Budget, Ope George, stated that the 2025 LEDU provides crucial insights to guide policy decisions, reaffirming the state’s dedication to fiscal responsibility, economic diversification, and infrastructure expansion.

“Themed ‘Lagos Economic Outlook: Charting a Resilient Path Towards a Sustainable Future,’ this year’s LEDU reinforces our commitment to evidence-based policymaking, financial stability, and inclusive development,” George said.

Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, underscored the necessity for Lagos to increase its revenue collection to align with its economic aspirations.

“Lagos is a major economic hub, yet its revenue remains disproportionately low, collecting less than 2% of its GDP,” Oyedele noted.

He proposed three key strategies to enhance revenue mobilisation: improved property taxation, broadening the personal income tax base, and streamlining tax processes.

Oyedele asserted that with the right reforms, Lagos could generate up to N5 trillion annually in Internally Generated Revenue. He called for strong leadership, innovation, and collective responsibility to drive economic advancement.

The Lagos State Government has reiterated its commitment to investing in critical infrastructure, with a strong focus on sustainable development and economic diversification.

The 2025 budget proposal, dubbed the “Budget of Sustainability,” allocates N908.7 billion to the Economic Affairs sector, covering tourism, transportation, and the creative arts.