At the recently concluded Eko Revenue Plus Summit 2024, Mr. ‘DeRemi Atanda, managing director of Remita Payment Services Limited (RPSL), delivered a compelling call to action for increased private-sector collaboration to unlock Lagos State’s digital economy and drive sustainable revenue growth.
As Lagos accelerates toward becoming a hub of digital innovation and sustainable financial prosperity, the Eko Revenue Plus Summit 2024 provided a crucial platform for dialogue on unlocking new revenue streams and fostering growth.
Speaking on a panel themed “Unlocking Lagos’ Digital Economy: Strategic Innovation, Effective Regulation, and Sustainable Revenue Growth,” Mr. Atanda shared insights on leveraging innovation and policy to create new economic opportunities for the state.
He joined an esteemed panel that included Olatubosun Alake, commissioner for Science, Innovation, and Technology, Lagos State; Mr. Sam Egube, deputy chief of staff, Lagos State; Mrs. Toyin Anjous-Ademuyiwa, director general, Office of Transformation, Creativity & Innovation, Lagos State; and Mr. Kabiru Abiola, managing director, DigitalentsHUB.
Moderated by Mrs. Bode Abifarin, Founder/CEO of Strata, the session examined Lagos’ digital transformation journey and its implications for sustainable revenue growth.
During the panel, Mr. Atanda applauded Lagos State’s efforts in developing digital public infrastructure and advocated for its liberalisation to enable greater participation from private sector players.
He noted:
“Thankfully, this is a government platform, where the focus is on policies, with a digital outlook. Many policies are already in place; it’s about moving them to the next level.”
“Lagos State has set a strong foundation by promoting digital public infrastructure. However, the next step is clear: liberalising this infrastructure to create nodes for private sector players to innovate and thrive. The government is not an entrepreneur; it participates in the wealth generated by those who run businesses. The key to unlocking Lagos’ revenue potential lies in enabling private innovation while ensuring a robust regulatory framework,” he remarked.
Highlighting Lagos’ trailblazing lender license initiative, Mr. Atanda explained its role in expanding access to credit and fostering transparency.
“Lagos created a system where lenders contribute value back to the state, turning transactions into tools for poverty alleviation. Extending such models across other sectors can unlock immense economic value while improving livelihoods,” he said.
The discussion also spotlighted digital identity and employment initiatives as transformative strategies for Lagos’ economy. Olatubosun Alake emphasised the role of technology in empowering over 400,000 SMEs through initiatives like the Lagos State Employment Trust Fund and partnerships with innovation hubs and accelerators.
“Today, digitisation and SME empowerment are top priorities for Lagos,” Hon. Alake remarked. “Our focus on building a labour market information system and connecting employers with job seekers exemplifies how technology can address unemployment and drive economic growth.”
Mr. Kabiru Abiola emphasised the need for a robust identification system in Lagos State to distinguish between employed and unemployed citizens. He argued that such a system would enable the government to identify specific needs, target interventions effectively, and harness data intelligence to broaden the state’s tax base.
Expanding on this, Mr. Atanda concurred, highlighting the transformative potential of digital identity systems.
“The Lagos ID for everybody provides a basis for insights. The government wants to unlock new revenue streams to improve citizens’ lives, and the easiest way to achieve that is by going digital, gaining insight into data, and creating many more nodes for private sector play,” he added.
Closing the session, Mr. Atanda underscored the importance of collaboration between the public and private sectors. “To truly unlock Lagos’ digital economy, we must create policies that enable seamless private sector participation. Data integration and strategic innovation will position Lagos as a model digital economy in Africa.”
