- Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has called on Lagos State to take the lead in expanding Nigeria’s economic base.
- Edun emphasized the need for Lagos to adopt innovative strategies beyond traditional tax compliance measures.
- The minister urged the state to focus on policies that expand its economic base, rather than relying solely on tax revenues.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized the crucial role Lagos State must play in driving Nigeria’s economic growth. Speaking at the Eko Revenue Plus Summit, Edun noted that Lagos accounts for at least 25% of Nigeria’s GDP and has a 2025 state budget of N3.5tn. However, he stressed that the state’s economic resources need to match its GDP share, and that a budget that is small relative to federal allocations cannot adequately provide infrastructure and improve the quality of life for its residents.
Edun encouraged Lagos to adopt innovative strategies that go beyond traditional tax compliance measures, prioritizing activities that attract investments and expand the economic base. He also highlighted the importance of public-private partnerships in financing large-scale infrastructure projects and identified untapped opportunities in digitizing and leveraging land assets to unlock significant revenue streams.
