Lagos N73.15tn GDP forecast sparks opportunity push for auctioneers

Lagos N73.15tn GDP forecast sparks opportunity push for auctioneers

With the Gross Domestic Product of Lagos State projected to hit N73.15tn in 2026, professional auctioneers are positioning themselves to drive a major slice of the expanding economy.

Amidst global and domestic financial landscape realignments, the Certified Institute of Auctioneers, Nigeria, Lagos State Chapter, is actively targeting broader institutional growth by advocating for extensive sector inclusivity in the state’s commercial architecture.

According to a statement by CIAN on Sunday, this target for robust professional growth aligns with an imminent legislative overhaul aimed at repositioning the auctioneering industry within Africa’s second-largest economy. As metropolitan Lagos leverages its estimated 17.21m population to anchor a massive financial expansion, the proposed amendment of the Lagos 2015 Auction Law is expected to create an inclusive legal framework that empowers certified operators across all major economic sectors.

With Lagos State accounting for 26.70 per cent of Nigeria’s total GDP, the state’s economic trajectory continues to outpace many regional counterparts, positioning local professions to play a far more prominent role in wealth generation and asset distribution over the coming years.

Speaking on the theme, “Pivotal Role of Auctioneers in Lagos State Economy” at the second CIAN Lagos Chapter Stakeholders’ forum on Wednesday, the Keynote Speaker and CEO of CRLimited, Ade Onanuga, highlighted the immense economic baseline supporting the profession. He underscored how the state’s fiscal dominance serves as an engine room for professional operators to thrive.

“The GDP is projected at N73.15tn in 2026, with Lagos being the second largest economy in Africa, and this is the economy we in Lagos chapter as auctioneers function,” he explained.

Recognising this expanding footprint, the state government noted that professional and transparent auctioneering remains vital for the disposal of assets and the creation of structural value. The administration cited the practitioners as key contributors to the state clinching the top spot for the ease of doing business last year.

“The administration of Governor Sanwo-Olu remains intently committed to building a business environment that supports private sector growth, attracts investment, and enhances overall ease of doing business,” the Honourable Commissioner for the Lagos State Ministry for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, stated.

The proposed legislative amendments are currently moving through official channels, with expectations high for an inclusive legal framework that properly integrates professional practitioners across diverse economic sectors.

“The proposed amendment of the Auction Law 2015 is presently with the Ministry of Justice and is under review, hence the ministry will invite the institute for a review before it is passed to the House of Assembly,” disclosed the representative of the Honourable Commissioner, who is also the Assistant Director at the Lagos State MCCTI, Okesanya Abiodun.

However, alongside legal inclusion comes the expectation of stricter fiscal responsibility and statutory alignment, particularly regarding tax compliance and proper documentation. Regulatory bodies have emphasised that auctioneers will naturally encounter both the National Revenue Service and the Lagos State Internal Revenue Service in their daily dealings.

“Compliance should not be viewed as a cost but as an investment with a clear return,” submitted the Director of Tax Audit at the LIRS, Foluso Mustapha, who further advised that any invoice or contract lacking a valid tax ID would be deemed invalid under the law.

For the leadership of CIAN, the convergence of regulatory updates and macroeconomic expansion provides a rare opportunity to modernise an ancient transaction method into a major pillar of contemporary West African commerce.

“Professional auctioneers are not only people who sell goods to the highest bidders, but they also keep commerce moving. We are unlocking values and regenerating revenues,” remarked the Chairman of the CIAN Lagos State Chapter, Babatunde Disu.

As the forum concluded with the presentation of the CIAN Advocate Award to Mutiu Balogun and the formal induction of new members, practitioners left with a renewed mandate to cleanly separate their financial books, maintain valid licensing and position themselves at the centre of a N73.15tn economy.