The Lagos State Government (LASG) aims to generate N5 trillion in revenue by 2027 through the Eko Revenue Plus Summit, a key initiative designed to develop and enhance the state’s revenue sources while promoting sustainable economic growth.
In a statement, Modo Ante, the organizing firm, described the summit as a gathering of business leaders, industry experts, and government officials. The event’s primary goal is to explore innovative strategies to boost the state’s Internally Generated Revenue (IGR) to N5 trillion by 2027, thereby driving economic growth and prosperity for Lagos residents.
The Eko Revenue Plus Summit is a critical step toward unlocking new revenue streams to accelerate Lagos State’s socio-economic development. Joko Okupe, Chief Executive Officer of Modo Ante, emphasized that leveraging technology and innovation could unlock “new money” to enhance the state’s ability to provide better social amenities and economic opportunities for its citizens.
Okupe highlighted that several sectors in Lagos State hold untapped potential for revenue growth. The summit will focus on enhancing the income streams of existing government revenue-generating entities and exploring how new sources of income can be generated.
Working closely with the special adviser to the governor on taxation and revenue, Okupe and his team have identified five core sectors with significant potential for additional revenue. These sectors, listed in order of priority, include property, the digital economy, the informal sector, the energy sector, and the circular economy. The summit will also explore how government entities currently operating as cost centers or generating minimal revenue in these sectors can be transformed to provide value-added services that could turn them into revenue earners.
