Lagos State’s IGR skyrocketed 112% from ₦384.26B in 2013 to a record ₦815.86B in 2023

Key Takeaways

  • Lagos State’s IGR grew by 112%, from ₦384.26B in 2013 to a record ₦815.86B in 2023.
  • Revenue dipped to ₦268.22B in 2015 before recovering and steadily increasing.
  • A major jump occurred in 2019, with IGR rising from ₦382.18B to ₦646.61B in one year.
  • Despite a dip in 2022, IGR hit an all-time high in 2023, signalling a strong economic recovery.

In 2013, Lagos State's Internally Generated Revenue (IGR) stood at ₦384.26B, but by 2015, it had dropped to ₦268.22B, reflecting economic challenges. The state rebounded gradually, surpassing ₦300B in 2016 and reaching ₦382.18B in 2018, signalling steady financial recovery.

A major breakthrough came in 2019, when IGR skyrocketed to ₦646.61B, the highest single-year jump, likely fueled by stronger tax enforcement and revenue diversification. By 2021, Lagos hit ₦753.46B, reinforcing its dominance as Nigeria’s economic hub.

However, 2022 saw a dip to ₦651.15B, possibly due to economic slowdowns or policy adjustments. Yet, in 2023, Lagos bounced back stronger, reaching an all-time high of ₦815.86B, marking a 112% growth from 2013.

Source:

National bureau of statistics

Period:

2013 - 2023
HTML code to embed chart
Want a bespoke report?
Reach out
Click to copy HTML embed code
Tags
Related Insights
Lagos generated ₦819.6 billion in VAT in Q1 2025, nearly triple Rivers and more than 10 times any other state
  • Lagos led the nation with ₦819.62B VAT, over 45% of the total generated by all 36 states combined.
  • Rivers followed distantly with ₦278.23B, around 34% of Lagos’s VAT haul.
  • Only five states (Lagos, Rivers, Oyo, Bayelsa, Kano) generated over ₦21B in Q1 2025.
  • 22 states generated below ₦10B, with 13 of them earning less than ₦6B in VAT.
  • Northern states like Katsina (₦5.96B), Yobe (₦5.81B), and Kebbi (₦5.13B) trail significantly in VAT contributions.
  • Abia, Cross River, Imo, and Taraba sit at the bottom, each with under ₦3B in VAT returns.
2025 sees unprecedented surge as 17,000 candidates score above 300 in JAMB; highest in 13 years
  • No candidate scored above 300 until 2015, with just 40 high scorers that year out of over 1.46 million candidates.
  • 2025 marked the highest ever with 17,025 candidates scoring above 300, nearly double the count in 2024 and more than triple 2023.
  • From 2022 to 2025, above-300 scorers consistently remained over 5,000 each year, showing a steady rise in top scores.
  • Despite the growth in numbers of JAMB candidates, high scorers still make up less than 1% annually.
Aradel, Oando, and Seplat accounted for over 93% of ₦730.7bn profit posted by Nigeria’s listed oil & gas firms in 2024
Key Takeaways:
  • Aradel Holdings led with ₦247.79 billion in PAT, marking a 361% year-on-year growth.
  • Oando and Seplat Energy followed with ₦220.12 billion and ₦214.25 billion in PAT, respectively.
  • Eterna Plc recorded a significant turnaround with 114% year-on-year growth, recovering from a loss in 2023.
  • The sector experienced widespread profitability gains, reflecting stronger market dynamics and operational improvements.
  • Profit after tax growth across the sector ranged from 15% to 361%.
  • Nigeria's oil & gas sector delivered a combined profit totalled ₦730 billion in 2024.
UPDC Plc records highest profit growth among Nigeria’s listed construction and real estate companies in 2024
Key Takeaways:
  • The sector’s total PAT rose by 28% from ₦31.68 billion in 2023 to ₦40.49 billion in 2024.
  • Chapel Hill Denham Nigeria Infrastructure Debt Fund remained the top earner with ₦19.59 billion, despite a modest 4% year-on-year decline.
  • Julius Berger and UPDC REIT also posted strong profits, contributing significantly to the overall performance.
  • UPDC Plc recorded the strongest profit growth, surging by nearly 278% from ₦221.5 million in 2023 to ₦836.9 million in 2024.
  • Ronchess Global Resources Plc significantly narrowed its losses by over 64%, though it remained in negative territory.
In 2024, Seplat led in earnings per share value, while Aradel Holdings recorded the largest increase of 361%
Key Takeaways:
  • Seplat Energy recorded the highest EPS in 2024 at ₦385.61, up from ₦92.75 in 2023.
  • Aradel Holdings posted the strongest growth, with a 361% increase in EPS from ₦12.37 to ₦57.03.
  • Eterna PLC reversed its negative EPS in 2023, reporting ₦1.03 in 2024.
  • All listed companies reported positive earnings in 2024, compared to 2023.
  • Three companies grew their EPS by more than 200%.
In 2024, the listed construction and real estate companies in Nigeria declared higher EPS, with UPDC Plc's earnings per share rising by 400% from 2023
Key Takeaways:
  • SFS REIT reported the highest EPS in 2024 at ₦21.50, up from ₦14.50 in 2023.
  • UPDC Plc achieved the most significant growth, with EPS rising fivefold from ₦1.00 to ₦5.00.
  • Most companies posted improved EPS, reflecting stronger earnings and better shareholder returns.
  • Ronchess Global Resources reduced its loss per share by 68%, from -₦71.50 to -₦23.15.
  • Julius Berger and UPDC REIT recorded steady EPS growth of 23% year-on-year.
POPULAR TOPICS
SIGN UP TO OUR NEWSLETTER
Get periodic updates about the African startup space, access to our reports, among others.
Subscribe Here
Subscription Form
A product of Techpoint Africa. All rights reserved