Taiwo Hassan Plans are afoot by a high-powered business leaders, industry experts and government officials under the Public- Private Partnerships (PPPs) arrangements to explore innovative strategies to increase the Lagos State’s internal generated revenue (IGR), from 2.73 trillion to N5 trillion by 2027.
To achieve this, Modo Ante, a pioneer Governance, Public Sector & Political Consultancy, has disclosed that it’s intended to invite sponsors, partners and exhibitors to be part of the Eko Revenue Plus Summit, set to take place on September 25-26, 2024, at the Eko Hotel and Towers, Victoria Island, Lagos.
The Organisers of the Eko Revenue Plus Summit, Modo Ante, made this known in a press release in Lagos yesterday that there is going to be a convergence of business leaders, industry experts and government officials aimed to drive sustainable economic growth for the State and prosperity for its inhabitants.
The Chief Executive Officer (CEO) of Modo Ante, the organizers of the summit, Joko Okupe, said in the release that 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.
He stated that It is a crucial step towards harnessing the full potential of Lagos State.
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”
Speaking further, 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. By new money, he meant revenues that erstwhile do 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 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.”
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. The summit will highlight the strong potential in utilizing 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 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.
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.”
In addition, Okupe added, “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 this project since it is designed to be a “win-win” for sponsors, partners, Lagosians, businesses, international investors, and others.
“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 her 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.
Speaking further, he said that, “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.”
