Eko Revenue Plus Summit, a public-private partnership initiative set to develop and enhance revenue sources of government as well as drive sustainable economic growth for inhabitants of Lagos State.
The initiative targets to push Lagos annual internally generated revenue to N5 trillion by 2027.
Lagos State has consistently been the state with the highest internally generated revenue in Nigeria for over 20 years. In H1 2023, Lagos State was reported to have generated about N400 billion, while in 2022, the National Bureau of Statistics (NBS) noted that Lagos generated N651.15 billion.
This high-powered event, which will be a convergence of business leaders, industry experts and government officials aims to explore innovative strategies to increase the state’s IGR to N5 trillion by 2027; and drive sustainable economic growth and prosperity for its inhabitants, said the organisers.
The Eko Revenue Plus Summit is 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, according to Modo Ante, pioneer governance, public sector and political consultancy.
The summit is slated for September 25 and 26, 2024, at the Eko Hotel and Suites, Victoria Island, Lagos.
According to Joko Okupe, CEO of Modo Ante, and the organizers of the Summit, “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.
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Speaking further, he stated that several sectors hold 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.
By new money, he meant revenues that erstwhile did not exist. “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 potential 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.
According to him, the summit will also look into how government entities that are presently generating very little revenue, in these sectors, can be transformed to render value-added services to citizens, such that can make them become revenue earners. The summit will highlight the strong potential of utilising technology to enhance public service delivery.
“These are low-hanging fruits that will deliver value to citizens, make their lives easier, and make the public sector more efficient”, he said.
