The economy of Lagos state, Nigeria is unarguably the biggest and the most developed in the country. Its self-sustaining capability was demonstrated from 2004-2007 when the Lagos economy did not grind to a halt when the Federal government of Nigeria withheld Lagos’ monthly allocation. But in the growing body of literature on Lagos studies, the contributions of the fashion designing industry to the attainment of this economic feat had not been given adequate academic attention. Hence, to close this gap, this paper examined fashion designing and economic development in Lagos from 2011-2020. Using the historical research methodology, this study interrogates secondary data and explains how fashion designing is partly giving life to the Lagos economy. It finds that through the employment opportunities, apprenticeship, internal revenue generation and the economics of brand ambassadorship that fashion designing provides Lagos state; it is aiding its economic development. It also found that the Lagos Fashion Week which is the pinnacle of the Lagos fashion economy attracts fashion designers from within and outside Nigeria to Lagos; and generates huge revenue for players in its hospitality sector and other local service providers. Consequently, fashion designing in post-colonial Lagos had been of significant help in soaking up some of the economic pressures caused by overpopulation, unemployment and underemployment. Therefore, this paper concludes that fashion designers in Lagos cover more than the nudity of Lagosians; they also augment the economy of Lagos state by contributing to its growth and development.