Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has encouraged the Lagos State to lead in growing Nigeria’s economic base.

According to him, Lagos plays a great role as a driver of the country’s economic growth.

Addressing the audience at the two-day Eko Revenue Plus Summit, themed: ‘Unlocking New Revenue Streams for Lagos State’, Edun who was represented by the Chief Executive Officer of Nigeria’s Ministry of Finance Incorporated, Dr Armstrong Takang, stated the importance for Lagos to adopt new strategies that go beyond traditional tax compliance measures.

He said: “Lagos accounts for at least 25 per cent of Nigeria’s GDP. With a 2025 state budget of N3.5tn, Lagos must recognise that its economic resources need to match its GDP share.

"A budget that is small relative to federal allocations, which are over N40tn, cannot adequately provide infrastructure and improve the quality of life for its residents.

“We need to have a bigger conversation around baking a bigger pie. Revenues from taxation alone will not be enough to meet Lagos’ aspirations. The state must prioritize activities that attract investments and expand the economic base."

Edun stressed on the state’s role as a model for other sub-national governments in Nigeria, adding that, “Whenever I consult for governors across the country, they often express a desire to replicate Lagos’ economic strategies. Lagos must set the standard for other states.

“Even if Lagos devoted its entire budget to capital projects, it would still be insufficient for the infrastructure needs of the state. PPPs and collaboration with international organizations are critical for mobilizing resources and ensuring sustainable development.

“Lagos must modernize its asset management systems. For example, there are billions of dollars in potential investments tied to the state’s land titles. However, many of these titles are either non-existent or imperfect, creating a gap in revenue generation.

“It is not just about knowing what Lagos owes; it’s about understanding what Lagos owns and ensuring these assets generate value.”