The Lagos State government has announced ambitious plans to leverage the digital economy, targeting an estimated N200 billion in revenue from remote workers and other digital revenue streams. This initiative is part of a comprehensive strategy to significantly increase the state’s internally generated revenue (IGR).
The broader strategy aims to raise the IGR to N5 trillion, with a particular focus on four key sectors, including the digital ecosystem. By tapping into the growing digital market, Lagos State seeks to diversify its revenue sources and capitalize on the global shift towards digital work and commerce.
These plans were detailed in a recently released document titled the “Eko Revenue Plus Summit.” The document outlines the state’s vision for harnessing the potential of the digital economy, positioning Lagos as a hub for digital innovation and entrepreneurship.
The Lagos State government is thus taking proactive steps to adapt to the evolving economic landscape, with a clear emphasis on digitalization as a means to boost economic growth and improve fiscal stability.
“Increasing Lagos State IGR to 5 Trillion Naira in the life of the current administration requires a comprehensive and innovative approach that leverages technology, strengthens tax administration, expands the tax base and explores new revenue stream options, especially in the non-tax areas, while optimizing the existing processes,” it said.
