Eko Summit to Drive N5trn Revenue Growth in Lagos

Eko Revenue Plus Summit said the summit would bring in fresh Public-private partnerships (PPP) to drive N5 trillion revenue growth in Lagos State, says the organisers of the event, Modo Ante.

The summit, set to take place on September 25 and 26, 2024 in Lagos, will converge business leaders, industry experts and government officials aims to explore innovative strategies to increase the State’s internal generated revenue (IGR) to N5 trillion by 2027; and to drive sustainable economic growth for the State and prosperity for its inhabitants.

The Eko Revenue Plus Summit is an audacious ambition aimed at unlocking new streams of revenue for the State to fast-track socio-economic development. It is a crucial step towards harnessing the full potential of Lagos State.

The CEO of Modo Ante, Joko Okupe said, “by leveraging technology and innovation, we can unlock ‘new money’ that will enhance Lagos State’s ability to provide better social amenities and economic opportunities for Lagosians.”

He stated that there are several sectors holding untapped potential for revenue growth in Lagos State, but the focus will be strong on how the income streams of existing revenue generation of government entities can be enhanced and how ‘new money’ can be generated.

“Working closely with the Special Adviser to the Governor on Taxation & Revenue and his team, we have identified five core sectors of the State’s economy with the potentials for additional revenue to help generate extra (Plus) IGR of about N2.73 trillion. These sectors, in order of priority, are Property, Digital Economy, Informal Sector, Energy Sector and Circular Economy, with The Energy Sector as a support pillar for the other four sectors and a catalyst for the general economic development in any environment, for that matter,” he stated.

According to him, the Summit will also look into how government entities that are presently cost centres or generating very little revenues, in these sectors, can be transformed to render value-added services to citizens, such that can make them become revenue earners.

He added that, “government Agencies can be empowered to create products and services that give citizens such great value that they will be willing to exchange them for money, which in turn generates new revenues for government.

“Sustainability is also key, as the initiatives and solutions discussed will focus on long-term, sustainable revenue generation practices that ensure economic stability and growth. By adopting these practices, the State will not only boost its current revenue but also secure its economic future and that of Lagosians.”

He added that the initiatives from the Summit will support job creation, entrepreneurship, and the growth of small businesses.