Lagos State Urged to Expand Economic Base as Key Driver of National Growth
In a powerful call to action, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has urged Lagos State to take the lead in expanding the country’s economic base. Speaking at the Eko Revenue Plus Summit, Edun emphasized the critical role Lagos plays in driving Nigeria’s economic growth, accounting for at least 25 percent of the nation’s GDP.
The summit, themed “Unlocking New Revenue Streams for Lagos State,” provided a platform for discussions on innovative strategies to enhance the state’s economic performance. Edun, represented by Dr. Armstrong Takang, the Chief Executive Officer of Nigeria’s Ministry of Finance Incorporated, highlighted the pressing need for Lagos to evolve its financial strategies beyond traditional tax compliance measures.
With a budget of N3.5 trillion for 2025, Edun pointed out that Lagos must align its economic resources with its GDP share. He remarked that a budget considerably smaller than federal allocations—which exceed N40 trillion—limits the state’s ability to provide adequate infrastructure and improve the quality of life for its residents. “We need to have a bigger conversation around baking a bigger pie,” Edun said, underscoring his viewpoint that tax revenues alone are insufficient for the state’s aspirations.
The minister’s insights echoed a timeless biblical principle: the call to stewardship and multiplication of resources. In Matthew 25:14-30, the Parable of the Talents illustrates the importance of using one’s gifts and resources wisely and productively. Just as the servants were entrusted with different amounts based on their abilities, so too is Lagos called to maximize its unique potential for the benefit of all.
Edun advocated for the development of policies that not only attract investments but also focus on sustainable economic expansion. He emphasized the necessity of public-private partnerships, stating, “Even if Lagos devoted its entire budget to capital projects, it would still be insufficient for the infrastructure needs of the state.” This suggests that collaborative efforts and innovative approaches are vital to mobilizing resources for sustainable development.
Moreover, the minister identified significant opportunities in digitizing land assets and creating a comprehensive asset register. This aligns with the biblical principle found in Proverbs 27:23, “Be diligent to know the state of your flocks and attend to your herds.” Understanding and optimizing the state’s assets is essential for ensuring they generate value and contribute positively to Lagos’ economic landscape.
Edun further called for strengthened collaborations between Lagos State and the federal government, particularly in light of ambitious infrastructure projects like the recently signed Green Line Project with China. Such relationships exemplify the principle of unity and collective effort found in Ecclesiastes 4:9-10, which highlights the benefits of working together towards common goals.
As the summit concluded, Edun reiterated the need for innovative financing models to attract private sector investment in long-term projects. He challenged Lagos State to facilitate an environment where the private sector can thrive while promoting equitable development across all communities.
In a time when economic resilience is paramount, Edun’s remarks resonate with a broader spiritual principle—the importance of foresight, responsibility, and stewardship over resources. The call for Lagos to focus on building a larger economic foundation, rather than merely increasing revenues, parallels the biblical belief in cultivating a flourishing community that serves and uplifts its members.
As we reflect on these ideas, let us remember the words of Proverbs 22:29: “Do you see a man skillful in his work? He will stand before kings; he will not stand before obscure men.” It invites us to ponder how we can utilize our own skills and resources to contribute positively to the communities we inhabit.
Ultimately, the journey toward robust economic growth and transformation invites each of us to consider our roles in fostering positive change not just in Lagos, but in our own lives and communities. Through collective effort, innovation, and a commitment to stewardship—principles echoed throughout scripture—there lies the potential for lasting impact.
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