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
Nigeria beats Egypt to win AFCON bronze medal, extending its record to nine third-place finishes
  • Nigeria extends its AFCON bronze medal wins to nine, the highest in men’s AFCON history, with another podium finish.
  • The win over Egypt highlights Nigeria’s resilience, turning late-stage setbacks into tangible success.
  • Bronze medals remain rare for most nations, with the majority appearing only once or twice in AFCON history.
Nigeria’s power grid is 69.9% powered by thermal plants
  • Thermal energy dominates Nigeria’s grid, supplying 69.9% of total power.
  • Hydro plants contribute 30.1%, making them the country’s second major source.
  • The heavy reliance on thermal generation shows Nigeria’s grid is still largely fossil-fuel driven.
  • Hydro remains a crucial but secondary source, supporting overall supply stability.
Nigeria's DisCos recorded ₦360bn revenue gap after collecting ₦1.12tn from ₦1.49tn billed in H1 2025
  • DisCos billed approximately ₦1.49 trillion but collected only ₦1.12 trillion in H1 2025.
  • Ikeja and Eko DisCos generated the highest revenues, collecting ₦206.22 billion and ₦210.59 billion, respectively.
  • Revenue collection gaps remain significant, with Jos, Kaduna, and Yola posting the weakest collection performances.
  • The wide gap between billings and actual collections suggests persistent challenges in customer payment compliance, metering, and distribution efficiency.
Nigeria has installed 3.65 million electricity metres since 2019; Ikeja DisCo leads with 823,000, and Aba Power at the bottom with 56,000
  • Approximately 3.65 million metres have been installed nationwide across all frameworks since 2019.
  • Ikeja DisCo leads by a wide margin with 823,000 installations, over twice the volume of most other DisCos.
  • Kaduna, Yola, and Aba Power recorded the lowest metre installations, each below 100,000.
  • The disparities in installation totals reveal uneven progress in achieving nationwide metering coverage.
More than 8 in 10 electricity customers of Ikeja and Eko DisCos are now metered
  • Ikeja (84.6%) and Eko (83.3%) lead Nigeria’s metering performance, keeping unmetered customers below 17%.
  • Eight out of the twelve DisCos have metering rates below 60%, showing a wide sector imbalance.
  • The worst-performing DisCos — Yola, Jos, Kaduna, and Kano — have over 65% unmetered customers.
  • Regional disparities are sharp: Lagos and Abuja outperform northern and south-eastern DisCos by large margins.
Nigeria’s public debt has soared since 2010, with domestic debt up 2,020% and external debt up 1,000% by mid 2025
  • Nigeria’s domestic debt jumped from ₦3.8 trillion in 2010 to ₦80.55 trillion by mid-2025.
  • Foreign debts increased from $4.27 billion in 2010 to $46.98 billion in 2025, reflecting growing reliance on external financing.
  • Debt accumulation surged notably after 2020, coinciding with pandemic spending, naira depreciation, and higher fiscal deficits.
  • The widening gap between revenue and debt service raises questions about Nigeria’s long-term debt sustainability.
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