AIMED at exploring innovative strategies to increase the Lagos 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, stakeholders will converge on the Eko Revenue Plus Summit on September 25 and 26 at the Eko Hotel and Towers, Victoria Island, Lagos.
The Eko Revenue Plus Summit is an ambition aimed at unlocking new streams of revenue for the state to fast-track socioeconomic development. It is a crucial step towards harnessing the full potential of Lagos State.
According to Joko Okupe, CEO of Modo Ante, the organisers 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.”
He said 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. By new money, he meant revenues that erstwhile did not exist.
“Working closely with the Special Adviser to the Governor on Taxation and 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, 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.”
According to him, the summit will also look into how government entities that are presently cost centres or 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 in 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.
The summit intends to enable better understanding of the current Lagos State revenue landscape, identify key challenges and opportunities, provoke an out-of-the-box thinking to inspire government to embrace innovative approaches to creating new revenue opportunities, especially through creation of value-added services that will enhance government’s productivity and capacity to deliver more services to Lagosians.
Okupe 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 the 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 called on the managers of the commanding heights of the Lagos State economy to rally round the project since it is designed to be a ‘win-win’ for sponsors, partners, Lagosians, businesses, international investors and others.
Okupe said: “The Eko Revenue Plus Summit also offers a platform for innovators to pitch ideas that are capable of unlocking new revenue streams for the state.
“By participating in the summit, sponsors and partners will gain numerous benefits, including enhanced visibility through extensive exposure to a diverse audience, including government officials, business leaders, investors and international media. It also provides strategic networking opportunities to connect with key stakeholders and decision-makers to forge valuable partnerships and explore new business opportunities.
“Beyond these, the sponsors and partners will leverage the summit to enhance their brand positioning as leaders in driving economic transformation and innovation in Lagos State, including the exclusive access to high-profile speakers and panellists.
“Their participation offers a rare opportunity to connect and collaborate with the Lagos State Government and its agencies in a deeper alliance to work together to serve Lagosians. It will also boost their Corporate Social Responsibility profiles as it demonstrates their commitment to supporting sustainable development and economic growth in one of Africa’s most viable destinations.
“One of the core objectives of the summit is to ensure that the innovative revenue generation ideas to be explored, will directly translate into improved lives and livelihood for Lagosians, whilst also enhancing the revenue profile of the state.
“Increased revenue will also mean more economic opportunities for the citizens and residents of Lagos State. The initiatives from the summit will support job creation, entrepreneurship and the growth of small businesses.”
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