Lagos One Of Africa's Biggest Economies

Fishermen prepare to sell their catch in Lagos, Nigeria

Lagos, Nigeria’s commercial hub, could soon have a US$45 billion economy – equivalent to that of Ghana, according to a recent report produced by Renaissance Capital economist Yvonne Mhango.

Mhango says that the size of Lagos State’s economy is currently about US$32 billion, or 12% of Nigeria’s total GDP. However, in 2014 Nigeria is expected to change the base year for its GDP calculation. Nigeria’s GDP is currently calculated by using 1990 as a base year, which does not account for the rapid development of the services, telecoms, and entertainment industries. The rebasing is expected to boost the GDP of Africa’s most populous country by about 40%.