Lagos State – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 20 Apr 2026 09:01:17 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Lagos State – Tech | Business | Economy https://techeconomy.ng 32 32 Lagos Unveils Cybersecurity Guidelines to Protect Businesses, Residents and Public Institutions https://techeconomy.ng/lagos-unveils-cybersecurity-guidelines-digital-safety/ https://techeconomy.ng/lagos-unveils-cybersecurity-guidelines-digital-safety/#respond Mon, 20 Apr 2026 09:01:17 +0000 https://techeconomy.ng/?p=180098 The Lagos State Government has launched new cybersecurity guidelines aimed at helping businesses, government agencies and residents protect themselves from online threats.

Officials said the framework aims to keep Lagos safe as the state expands its digital economy and implements its smart city plans.

The Commissioner for Information and Strategy, Gbenga Omotoso, said cyber risks are growing as more organisations move services online and rely heavily on digital systems.

He said Lagos, which is one of Africa’s busiest technology centres, now faces greater exposure to attacks targeting companies, financial services, e-commerce platforms and public institutions.

Noting figures from the National Information Technology Development Agency, Omotoso said Nigeria loses more than $500 million every year to cybercrime.

This underscores the urgency for stronger, coordinated cybersecurity measures to protect businesses, institutions and residents,” he said.

According to the state government, the guidelines provide steps for small businesses, major companies and ministries, departments and agencies.

They include security checks to identify weak points, stronger login protection such as multi-factor authentication, regular software updates, secure data backups, staff training and phishing awareness exercises.

The framework also advises organisations to improve incident reporting and ensure they meet national legal requirements on data protection and cybercrime.

The document reflects our proactive approach to safeguarding digital assets while enabling innovation and economic growth.

“These guidelines are not regulatory mandates but tools empowering stakeholders with actionable, context-specific recommendations,” Omotoso said.

Lagos said the new cybersecurity guidelines supports existing national laws and policies, including the Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy.

Officials stressed that the state guidelines are meant to complement federal regulations, not replace them.

Omotoso said a secure digital environment is necessary to encourage innovation, attract investment and maintain public trust.

He also commended the Lagos State Cybersecurity Advisory Council, chaired by Prof. Fene Osakwe, for leading work on the document.

He acknowledged support from Tubosun Alake, saying his contribution was important to delivering the project.

A cyber secure Lagos is critical to sustaining its position as a globally competitive technology hub in the 21st century,” he said.

The state government added that it will continue reviewing the guidelines as threats change and new risks emerge, including ransomware and other advanced attacks.

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Lagos State Moves to Reform Waste Sorting Practices https://techeconomy.ng/lagos-state-moves-to-reform-waste-sorting-practices/ https://techeconomy.ng/lagos-state-moves-to-reform-waste-sorting-practices/#respond Thu, 05 Feb 2026 13:33:11 +0000 https://techeconomy.ng/?p=175636 The Lagos State Government is set to make waste sorting at source mandatory as part of a br​oader strategy to modernise waste management and unlock the economic value embedded in waste.

This disruptive mechanism was made known on Tuesday by Dr. Muyiwa Gbadegesin, the MD/CEO of the Lagos State Waste Management Authority (LAWMA), while featuring on a TV programme, “The Conversation”, on LTV.

He said that the move, which aligned with global best practices, would be backed by a review of the enabling legal framework, currently underway, to provide the necessary regulatory support for compulsory separation of waste at the point of generation.

Under the new direction, waste will no longer be treated solely as a disposal challenge but as an economic resource, as the state is strengthening its waste-to-wealth agenda, positioning recycling and material recovery as key drivers of a more efficient and sustainable waste management system.

He explained that the new policy direction was in sync with Governor Babajide Sanwo-Olu’s vision of transitioning from a landfill-focused waste management system to one centred on material recovery and recycling.

This strategic shift is expected to reduce pressure on landfills, promote circular economy practices, and encourage private investment in recycling infrastructure.

“To support improved service delivery, the government is also considering mechanisms to assist Private Sector Participation (PSP) operators with access to new compactor trucks, recognising the capital-intensive nature of waste collection and the need to strengthen operational capacity across the system”, he stated.

On service quality and accountability, Dr. Gbadegesin disclosed that sanctions would be implemented against 22 underperforming PSP operators following repeated warnings and performance reviews.

“This follows a similar decisive action in which 27 PSP operators were disengaged last year for failure to meet required service standards,” he said.

He reiterated that the success of the initiative would depend on a combination of effective regulation, improved infrastructure, private sector participation, and responsible citizen behaviour, noting that waste sorting at source was fundamental to achieving a cleaner, healthier, and more resilient Lagos.

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Nigerian Entrepreneurs Are Building Africa’s Digital Future – Lagos Deputy Governor at GITEX Nigeria https://techeconomy.ng/nigerian-entrepreneurs-are-building-africas-digital-future-lagos-deputy-governor-at-gitex-nigeria/ https://techeconomy.ng/nigerian-entrepreneurs-are-building-africas-digital-future-lagos-deputy-governor-at-gitex-nigeria/#respond Mon, 08 Sep 2025 10:15:30 +0000 https://techeconomy.ng/?p=166662 Quick Read:

  • GITEX NIGERIA Startup Festival cast a unique global spotlight on the profound influence of emerging entrepreneurs across Nigeria & Africa 
  • Supernova Challenge finals also headlined the third & final day of GITEX NIGERIA 2025 – Curacel claimed $10,000 first prize

The inaugural GITEX NIGERIA concluded in a tremendous fashion this Thursday in Lagos, as West Africa’s largest tech, AI, and startup show cast a spotlight on the influence of emerging local and regional entrepreneurs.

Held under the patronage of President Bola Ahmed Tinubu, GITEX NIGERIA took place across Abuja and Lagos from 1-4 September.

Supported by the Federal Ministry of Communications, Innovation and Digital Economy with the National Information Technology Development Agency (NITDA), the event was endorsed by Lagos State Government and organised by KAOUN International, global producer of GITEX events.

Taking place in Nigeria’s commercial and innovation capital, the GITEX NIGERIA Startup Festival showcased the strength and depth of an ecosystem through which talent development pathways and digital infrastructure projects are accelerating Nigeria’s US$1 trillion economy ambition.

Dr. Kadri Obafemi Hamzat, deputy governor of Lagos State, hailed its immediate impact at the national level, declaring:

“GITEX NIGERIA sends an inspirational message to every Nigerian: that many positive things are transpiring across our country and opportunities are here. For every attendee at the GITEX NIGERIA Startup Festival, this has been immediately apparent. We see many young citizens and entrepreneurs, with enormous innovative minds, making a real difference – generating interest, raising capital, and overcoming challenges by bringing their ideas to life and delivering tangible impact. Such outcomes are crucial because they show that, as the world evolves, so too does Nigeria – as a nation of leaders, innovators, and architects of digital future we envisage.”

Central to Nigeria – and Africa’s – digital sovereignty is upskilling and expanding grassroots talent and organisations.

As the largest regional showcase of its kind and a convergence point for local and international stakeholders embracing digital transformation, the GITEX NIGERIA Startup Festival was perfectly timed to support this mandate.

Over 650 startups from 27+ countries and 29 different industries participated with a shared vision of co-creating tech architecture across multiple sectors undergoing continent-wide digitisation. Its strategic programme included Nigeria’s most globally diverse investor programme, innovation hub showcases, and curated meetings between startups, investors, corporates, governments, industry leaders, and prospective partners.

Speaking after the recent announcement of funding 75 new research projects for startups, researchers, corporates and Nigerian diaspora for digital innovation, Dr. Bosun Tijani, minister of Communications, Innovation and Digital Economy of the Federal Republic of Nigeria said:

“The opportunity and responsibility lies with all of us to build a resilient, innovative, and globally connected ecosystem, one that ensures that Nigeria not only keeps pace with the digital future but also shapes it. To all enterprises, corporates, startups, academia, and partners, we offer a transparent and accelerated path to collaboration, investment, and cooperation with Nigeria. Let us accelerate the development of the digital economy not only for Nigeria, but for Africa and the world.”

Supporting the multi-sector disruption ranging from education and agriculture through manufacturing and energy, startup participation was bolstered by hundreds of organisations brought by local engagement and international innovation hub partnerships.

Within Nigeria, NITDA, Lagos State, FATE Foundation, Co-creation Hub Africa (CcHUB), and Orange Corners were among the partners, while internationally, the United Nations Development Programme (UNDP), American Business Council (ABC) contributed.

Mr. Kashifu Inuwa Abdullahi, director general/CEO, NITDA, said:

“Across Africa and around the globe, future-oriented partnerships are the lifeblood of thriving startup ecosystems and digital economies. By uniting ambitious organisations from instrumental sectors in the emerging digital economy, we demonstrate how collaboration fuels innovation, accelerates transformation, and empowers Nigerians and Africans to shape their digital future.”

Universally recognised as the world’s leading pitch competition for early-stage companies and emerging entrepreneurs, the Supernova Challenge made its regional debut at West Africa’s largest tech, AI, and startup show – culminating in action-packed Thursday final.

Across two days in Nigeria’s innovation capital, the continent’s brightest and boldest disruptors joined Nigeria’s most visionary startups in competing for a US$22,000 total prize pool across six categories – showcasing game-changing solutions transforming agritech, cybersecurity, edtech, e-commerce, healthtech, telecom, and more.

Following the semi-finals 24 hours prior, the remaining contestants battled it out for valuable cash prizes and unprecedented visibility as regional and international investors watched on.

Abdul-Jabbar Momoh, VP, from Nigerian startup Curacel,  revolutionising health insurance with AI-driven solutions – emerged as the most outstanding finalist among the expert judging panel, and was awarded the US$10,000 first prize for its AI-driven health insurance solution.

Reflecting on the at GITEX NIGERIA, Momoh said:

“Placing first at the GITEX NIGERIA Supernova Challenge gives us more visibility and fuel our expansion across Europe, Middle East and Africa, as well as North America. Most importantly we are going to keep on impacting lives in Africa and around the world by deploying solutions to move health insurance distribution.”

The winners across each Supernova Challenge category were as follows:

  • Overall Supernova Champion (US$10,000): Curacel
  • AI category (US$2,000): Build Africa
  • Digital Finance category (US$2,000): InCash
  • Creative Economy & Martech (US$2,000): Hadiya
  • Agritech & Energy (US$2,000): Acecore
  • Mobility & Smart Cities (US$2,000): Kara
  • Disruptor Award (US$2,000): HiPrep

For more information, news and updates on GITEX NIGERIA, please visit gitexnigeria.ng.

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Lagos to Deploy 3,000 Smart Cameras, Impose ₦50,000 Fine for Traffic Violation https://techeconomy.ng/lagos-to-deploy-3000-smart-cameras/ https://techeconomy.ng/lagos-to-deploy-3000-smart-cameras/#comments Tue, 25 Mar 2025 16:42:01 +0000 https://techeconomy.ng/?p=155561 The Lagos State Government plans to install 3,000 smart cameras across the city in a bid to track speed violations and other offences.

Akin-George Fashola, director of the Vehicle Inspection Service (VIS), confirmed this plan during a radio programme on Tuesday.“Enforcement is about to get tougher,” he said.

“This year, the VIS will focus more on enforcing speed limits in Lagos. It’s not a new initiative, but we need to be more rigorous in implementation.”

Some of these smart surveillance cameras are already operational in some parts of Lagos. Alapere, Mobolaji Bank Anthony Way, and Allen Junction have been fitted with devices designed to track motorists’ compliance with traffic rules. 

Speed limits are set at 80 km/h inbound Alausa and 60 km/h outbound toward Oworonshoki due to pedestrian movement. On Mobolaji Bank Anthony Way, the limit is 60 km/h, showing the area’s dense population and high pedestrian traffic.

Beyond speed control, cameras at Allen Junction focus on catching red-light runners and other road violations. The government’s approach is focused on electronic monitoring which will be the backbone of road safety enforcement.

Drivers who exceed speed limits will be fined ₦50,000, with notifications sent via SMS. However, motorists who believe they were wrongly fined can contest it with proof. Fashola assured that the government would provide tech-based evidence to support its claims.

To further strengthen compliance, the VIS is improving its roadworthiness certification system. Vehicle owners can now renew their roadworthiness certificates online, eliminating the need to visit VIS centres physically. This service is part of a goal to digitise vehicle records and enhance accountability on Lagos roads.

For those wondering if commercial buses are excluded from these measures, the answer is no. On average, 50 commercial vehicles are caught daily for various traffic offences. The VIS, in collaboration with park chairmen, is also conducting inspections directly at parks and garages to ensure compliance.

Fashola urged motorists to use any of the 45 VIS centres across Lagos to keep their vehicles roadworthy, stressing that road safety is a shared responsibility. “We must slow people down to reduce the high rate of accidents in the state,” he emphasised.

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MTN, Lagos State Launch MyLagosApp | See Key Features https://techeconomy.ng/mtn-lagos-state-launch-mylagosapp-see-features/ https://techeconomy.ng/mtn-lagos-state-launch-mylagosapp-see-features/#respond Thu, 13 Mar 2025 19:59:47 +0000 https://techeconomy.ng/?p=154845 Lagos State Government, in collaboration with MTN Nigeria, has officially launched MyLagosApp, a digital platform designed to enhance urban living and simplify access to essential services in Africa’s most populous city. 

The launch event, attended by stakeholders from MTN, Lagos State Government officials, and members of the public, showcased the app’s features which could bolster how residents and visitors navigate and experience Lagos.

A Smart Solution for a Smart City

MyLagosApp is a one-stop platform designed to improve connectivity, accessibility, and efficiency for Lagosians. It provides a comprehensive range of services, from discovering local businesses and events to facilitating seamless transportation and digital payments.

The goal was to create an app that makes a difference and solves real-life problems for Lagosians, solving mobility challenges to discovering entertainment, businesses, and making payments, the app is built to redefine the Lagos experience.

MyLagosApp was developed by MTN’s in-house IT team in collaboration with local developers, leveraging MTN’s digital infrastructure to ensure a seamless and intuitive user experience.

MTN, Lagos State Launch MyLagosApp | See Key Features
Center: Karl Toriola, MTN Nigeria CEO and Dr Obafemi Hamzat, Lagos State Deputy Governor, with Lagos State Commissioners at the launch event of MyLagosApp on Thursday.

Key Features of MyLagosApp

1. City Navigation and Real-Time Traffic Updates

Unlike traditional navigation apps, MyLagosApp provides users with real-time updates on traffic conditions and their causes, helping commuters make informed travel decisions. This is particularly important for Lagos, a city known for its bustling roads and unpredictable congestion.

2. Discovering Lagos – Events, Restaurants, and Businesses

The app provides users with a comprehensive directory of entertainment spots, restaurants, hotels, and local businesses. It aims to boost visibility for small and medium-sized enterprises (SMEs) by connecting them with potential customers.

3. Digital Payments and Government Services

Leveraging MTN’s fintech capabilities, the app enables users to pay for government levies, transport services, and other essential transactions effortlessly. This is expected to reduce cash dependency and streamline service delivery.

4. Emergency and Essential Services Access

In case of emergencies, users can quickly locate nearby hospitals, fire stations, police stations, and other critical services, making Lagos a safer and more responsive city.

5. Business & Employment Support 

SMEs and entrepreneurs can use the platform to register businesses, access funding opportunities, and apply for permits.

6. Waste Management & Environmental Services 

Report waste disposal issues, track LAWMA services, and access environmental policies.

7. E-Government & Civic Engagement 

The app ensures transparency by allowing residents to report infrastructure problems, participate in policy discussions, and engage with government officials.

Speaking at the launch event, Governor Babajide Sanwo-Olu, represented by the Deputy Governor, Dr Obafemi Hamzat, described MyLagosApp as a game changer for governance, saying:

This app shows our zeal to leverage technology to make life easier for Lagosians. By digitising essential services, we are ensuring efficiency, transparency, and inclusivity in governance.

By strategically harnessing technology, we are not only enhancing governance and improving service delivery but also simplifying and enriching the lives of every resident in this very vibrant state,” Hamzat said.

The MyLagosApp is designed to be an inclusive platform, ensuring that residents across all parts of Lagos—from the mainland to the island—can access government services efficiently.”

MTN Nigeria’s CEO, Karl Toriola, commented on the company’s part in ensuring excellent digital infrastructure and seamless connectivity.

The future is now, and we are capturing the future of e-government, of entertainment, of driving commercial activity with the launch of MyLagosApp.

On behalf of MTN, we want to thank you for the opportunity to partner in this form. We are deeply invested in Lagos State’s journey.”

The Lagos State Commissioner for Transportation, Oluwaseun Osiyemi, pointed out how MyLagosApp will improve urban mobility.

The app aligns with our multimodal transportation approach, integrating various transport options and providing real-time insights into traffic conditions,” he noted. 

Additionally, the data generated from the app will support predictive models for better urban planning and transportation policies.”

Enhancing Accessibility and Inclusivity

The app was also built for elderly individuals and persons with disabilities by offering features that help them navigate Lagos more efficiently. “The inclusivity features ensure that everyone, regardless of their mobility challenges, can move around the city with ease,” the commissioner added.

MTN’s Focus on Digital Connectivity and Inclusion

MTN Nigeria’s Chief Digital Officer, Aisha Mumuni, highlighted the technological infrastructure supporting MyLagosApp.

Ensuring seamless connectivity is essential,” she said. “We are working on subsidized data plans and Wi-Fi hotspots to support widespread app adoption. Digital literacy initiatives will also be introduced to help underserved communities maximize the benefits of this transformation.”

Environmental and Urban Planning Impact

The Lagos State Commissioner for Environment Tokunbo Philip Wahab, explained how MyLagosApp will aid in environmental monitoring and urban planning. 

In leveraging the app’s data, the government can track waste management trends, monitor pollution levels, and engage with residents more effectively on pressing environmental issues.

As one of Africa’s leading megacities, Lagos is taking hold of digital growth to enhance urban living. MyLagosApp is a tool for enhancing how people experience Lagos, both residents and visitors, making the city more connected, accessible, and efficient.

How to Access MyLagosApp

The app is available for download on Google Play Store and Apple App Store. Users can sign up using their email address, with additional verification steps to ensure security.

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Lagos Accounts for 25% of MTN Nigeria’s Traffic – CEO Karl Toriola at MyLagosApp Launch https://techeconomy.ng/lagos-accounts-for-25-of-mtn-nigeria-traffic-ceo-karl-mylagosapp-launch/ https://techeconomy.ng/lagos-accounts-for-25-of-mtn-nigeria-traffic-ceo-karl-mylagosapp-launch/#respond Thu, 13 Mar 2025 15:33:35 +0000 https://techeconomy.ng/?p=154841 At the official launch of MyLagosApp, Karl Toriola, CEO of MTN Nigeria, revealed that Lagos “accounts for somewhere around a quarter of the traffic that we carry in Nigeria.”

The MyLagosApp is a comprehensive digital platform designed to integrate services across various sectors, making Lagos more accessible and efficient for residents and visitors. 

Toriola described it as a “one-stop centre for information, services, entertainment, hospitality, e-government, and pretty much everything that you can imagine you would want to be a Lagos State.

He noted its potential to transform life in the state, supporting millions of residents as they navigate daily activities.

Lagos Accounts for 25% of MTN Nigeria’s Traffic” – CEO Karl Toriola at MyLagosApp Launch
Karl Toriola speaking at the launch

With Lagos now classified as a hypercity due to its population of over 20 million, Toriola stressed the state’s economic importance. “A few years ago, the economy of Lagos State was larger than that of Kenya. The whole country of Kenya,” he noted the state’s financial influence.

As a major partner in Lagos’ digital transformation, MTN Nigeria is investing heavily in connectivity infrastructure. Toriola revealed that MTN operates over 17,000 network sites nationwide and is continuously expanding its broadband coverage.

“We are continuously optimizing infrastructure for the country and for Lagos State in particular,” he stated, reaffirming MTN’s focus on deep-rooted investments.

One of MTN’s landmark projects is the development of West Africa’s largest data centre on the Lagos mainland. According to Toriola, “It’s going to be the most advanced data centre across the entire West Africa,” further noting Lagos’ status as a tech and innovation hub.

Beyond infrastructure, MTN is focused on addressing Nigeria’s shortage of highly skilled technical talent. Toriola reiterated the company’s dedication to partnering with the government to drive digital transformation. 

He urged stakeholders to ensure MyLagosApp’s decentralized adoption, saying, “The future is now, and we are capturing the future of e-government, of entertainment, of driving commercial activity with the launch of MyLagosApp.”

On behalf of MTN, we want to thank you for the opportunity to partner in this form. We are deeply invested in Lagos State’s journey.”

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MyLagosApp: Sanwo-Olu Reaffirms Lagos’ Status as Africa’s Leading Smart City https://techeconomy.ng/mylagosapp-sanwo-olu-reaffirms-lagos-status-as-africas-leading-smart-city/ https://techeconomy.ng/mylagosapp-sanwo-olu-reaffirms-lagos-status-as-africas-leading-smart-city/#comments Thu, 13 Mar 2025 15:15:09 +0000 https://techeconomy.ng/?p=154837 Lagos State Governor, Babajide Sanwo-Olu, has reaffirmed Lagos’ status as a megacity and a leading smart city in Africa, stating that the scale of governance in the state surpasses that of many African nations.

Speaking at the official launch of MyLagosApp on Thursday, Governor Sanwo-Olu, represented by his deputy, Dr. Obafemi Hamzat, stressed the need for technology-driven governance to manage the challenges that come with Lagos’ unending growth.

What we manage in Lagos is bigger than most countries in Africa,” he stated, noting that beyond GDP comparisons, the volume of services and infrastructure the state oversees requires innovative solutions.

The governor highlighted key urban issues, including waste management and education, stating that Lagos generates “13,000 metric tonnes of waste daily” and has a primary school population equivalent to “84% of a population.”

MyLagosApp - Sanwo-Olu Reaffirms Lagos’ Status as Africa’s Leading Smart City
Deputy Governor of Lagos, Dr. Obafemi Hamzat speaking at the MyLagosApp launch event

With the launch of MyLagosApp, the government aims to streamline access to essential city services, from real-time traffic updates and emergency response coordination to utility payments and business listings. 

The app, developed in collaboration with MTN and several government agencies, is built as a very important link between residents and public services.

By strategically harnessing technology, we are not only enhancing governance and improving service delivery but also simplifying and enriching the lives of every resident in this very vibrant state,” Hamzat said.

The MyLagosApp is designed to be an inclusive platform, ensuring that residents across all parts of Lagos—“from people on the mainland to the island—can access government services efficiently.”

The governor urged Lagosians to “embrace this app, download it, use it, explore it, and fully utilize the services it offers,” stressing that innovation is a continuous journey and community involvement is essential to the app’s success.

As part of the state’s digital transformation initiatives, Hamzat also revealed plans to integrate real-time tracking for the newly introduced ‘little buses’ under the state’s transportation system, ensuring commuters can access information on bus routes and schedules.

The deputy governor reiterated the administration’s focus on making Lagos a smarter, more efficient, and inclusive city, serving as a model for urban innovation in Africa.

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Lagos’ GDP Hits $259 Billion, Now Africa’s Second-Largest City Economy https://techeconomy.ng/lagos-gdp-hits-259-billion-now-africa-second-largest-city-economy/ https://techeconomy.ng/lagos-gdp-hits-259-billion-now-africa-second-largest-city-economy/#comments Wed, 12 Mar 2025 18:33:49 +0000 https://techeconomy.ng/?p=154777 Lagos State’s Gross Domestic Product (GDP) has reached $259 billion based on purchasing power parity (PPP), making it the second-largest city economy in Africa, following Cairo, Egypt.

The announcement was made during the launch of the Lagos Economic Development Update (LEDU) 2025, where officials provided an in-depth analysis of the state’s economic growth and future projections. 

The report revealed that Lagos’ economy grew commendably in the first half of 2024, expanding to ₦27.38 trillion from ₦19.65 trillion in 2023.

Even with this expansion, there are still issues over the state’s low tax-to-GDP ratio, which stands at just 2.3%. Experts stressed the need for improved revenue mobilisation strategies to sustain growth and fund critical infrastructure projects.

Economic Outlook for 2025

The Lagos State Government has outlined economic projections for the 2025 fiscal year, with expectations for sustained growth and stability. Key highlights include:

  • GDP Growth: Lagos state’s economy is projected to grow from ₦54.77 trillion in 2024 to ₦66.47 trillion in 2025, with real GDP growth estimated between 5.02% and 6.49%.
  • Sectoral Performance: The service industry is expected to maintain its upward trajectory, supported by gains in agriculture and industrial production.
  • Inflation Forecast: Overall inflation is projected at 34.2%, while food inflation is expected to be slightly higher at 34.9%.
  • Revenue Projections: The government aims to generate ₦2.79 trillion in 2025, reinforcing the need for fiscal discipline and diversification of revenue sources.

Revenue Mobilisation Challenges and Reforms

Addressing the revenue gap was a key focus at the LEDU 2025 presentation. Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, highlighted the disparity between Lagos’ economic size and its revenue generation.

Lagos is big, but its revenue is small, collecting less than 2% of GDP,” Oyedele noted. “While some progress has been made, we still have a big room for improvement, and the time to change this narrative is now.”

He proposed three major strategies to enhance revenue collection:

  1. Property Taxation – Lagos, with its booming real estate sector, could generate substantial revenue if inefficiencies in land titling and valuation are addressed. Oyedele pointed out that cities like Bogotá earn over $1 billion annually from property taxes, a benchmark Lagos should aim for.
  2. Personal Income Tax Expansion – The government must leverage technology to capture high-income earners and the informal sector without stifling businesses. “A better approach to taxation is not to tax the seed, but the fruit. Let businesses grow, and tax them fairly on their successes,” he advised.
  3. Tax Harmonisation – The state needs to simplify its tax system to reduce redundancy and improve compliance. “A fragmented tax system breeds confusion and inefficiencies,” Oyedele said, stressing the need for a streamlined approach that fosters transparency and investor confidence.

According to him, with the right reforms, Lagos could generate up to ₦5 trillion annually in Internally Generated Revenue (IGR), enabling the government to fund infrastructure, education, and healthcare effectively.

The Bigger Picture

The LEDU 2025 report also aligns with Governor Babajide Sanwo-Olu’s ‘Budget of Sustainability,’ which prioritises economic diversification, social inclusion, and infrastructural development. Commissioner for Economic Planning and Budget, Ope George, underscored the importance of evidence-based policymaking in shaping Lagos’ future.

Themed ‘Lagos Economic Outlook: Charting a Resilient Path Towards a Sustainable Future,’ this year’s LEDU underscores our commitment to fiscal sustainability and inclusive development,” George stated.

Meanwhile, Olayinka Ojo, Permanent Secretary of the Ministry of Economic Planning and Budget, acknowledged the need to address macroeconomic challenges such as inflation and revenue constraints.

As the economic nerve centre of Nigeria, Lagos continues to set the pace… However, we must address macroeconomic uncertainties, inflationary pressures, fiscal constraints, and global economic headwinds,” she stated.

Lagos is an attractive destination for investors, with continued growth in infrastructure, technology, real estate, and manufacturing. However, economic stability will depend on addressing inflation, exchange rate volatility, and infrastructural challenges.

The State needs to balance economic expansion with sustainable revenue strategies to secure its long-term growth.

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Techeconomy, Nibox, GBB, GO54, NITDA, Others Win Big at 7th .ng Awards https://techeconomy.ng/techeconomy-nibox-gbb-go54-nitda-others-win-big-at-7th-ng-awards/ https://techeconomy.ng/techeconomy-nibox-gbb-go54-nitda-others-win-big-at-7th-ng-awards/#comments Tue, 10 Dec 2024 19:55:06 +0000 https://techeconomy.ng/?p=149258 The 7th .ng Awards, organized by the Nigeria Internet Registration Association (NiRA), celebrated the achievements of outstanding individuals and organizations in Nigeria’s digital landscape.

The event, held last week in Lagos at the Muson Center Onikan recognized excellence and innovation in various categories, across private, government, individual.

The 7th .ng Awards, themed “The Innovators of 2024” aimed to recognize digital innovation being done on the .ng domain across various sector, banking, Agritech, at the state-level, in the media space among others.”

.NG awards platform not only recognizes excellence but also actively promotes the .ng brand, contributing significantly to the growth of Nigeria’s internet space.

Techeconomy received presidential award at the 7th .NG awards as Best Supportive Media Partner 2024.

Techeconomy wins 7th .NG Awards
Techeconomy wins 7th .NG Awards

The award night opened with the General Category which Nibox Payment, won Company of the Year—the biggest award of the night.

Nibox Payment, won Company of the Year
Nibox Payment representative receiving the .NG Company of the Year

FairMoney, Lagos State, Galaxy Backbone, University of Nigeria, The Guardian and others were winners on the night.

The two-day event, which commenced with the Tech Convergence 1.0 conference, featured insightful discussions on emerging technologies, digital trends, and the role of the .ng domain in shaping Nigeria’s digital future.

Industry leaders, policymakers, and tech enthusiasts gathered to explore opportunities and challenges in the digital space.

It also comes with a fireside chat by the Commissioner of Innovation, Science and Technology, Lagos State, Olatunbosun Alake on “Shaping Tomorrow: The Role of State-Level Collaboration in Building a Tech-Driven Future”.

He emphasized the crucial role of public-private partnerships in driving digital growth. He specifically highlighted Lagos State’s efforts in leveraging technology for the benefit of its citizens, and also cited how government is funding innovative ideas of the youth in Lagos

Meanwhile, the 7th .ng Awards ceremony was a grand affair, recognizing the contributions of numerous organizations and individuals.

Other notable winners include FairMoney: .ng Fintech Company of the Year; Lagos State: Digital Innovation in State Government; National Identity Management Commission NIMC, which won Digital Innovation in Federal Government: Digital Innovation in Federal Government and Jumia Nigeria: Best E-Commerce Website/Portal.

Among the notable recipients of the prestigious NiRA Presidential Award were GO54, recognized as the Best ccTLD Registrar for their exceptional service and contribution to the .ng domain; National Information Technology Development Agency (NITDA), honoured as the Most Supportive Partner for their unwavering support of Nigeria’s digital ecosystem; Mrs. Eyitayo Iyortim, President AfTLD for her contributions to the internet space and Gbenga Sesan of Paradigm Initiative, awarded for his tireless advocacy and commitment to child protection online.

Special recognition awards were also presented to organizations and individuals for their contributions to Nigeria’s internet space, including Engr. Ikechukwu Nnamani of Digital Realty, Mrs. Ibukun Odusote, Chairperson of the NiRA Board of Trustees, and the Internet Exchange Point of Nigeria (IXPN), among others.

The awards ceremony not only celebrated past achievements but also inspired future innovation. By recognizing excellence and fostering collaboration, NiRA continues to drive the growth of Nigeria’s digital economy.

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Lagos State to Replace Mazamaza Bridge for Blue Line Rail Expansion https://techeconomy.ng/lagos-state-to-replace-mazamaza-bridge-for-blue-line-rail-expansion/ https://techeconomy.ng/lagos-state-to-replace-mazamaza-bridge-for-blue-line-rail-expansion/#respond Wed, 04 Dec 2024 07:56:50 +0000 https://techeconomy.ng/?p=148810 The Lagos State Government has confirmed plans to demolish the Mazamaza Bridge to facilitate the ongoing expansion of the Blue Line Rail. 

This development is part of the second phase of the rail project, which extends 14 kilometres from Mile 2 to Okokomaiko.

Olasunkanmi Okusaga, director of Rail Transport at the Lagos Metropolitan Area Transport Authority (LAMATA), explained that structural evaluations revealed the bridge’s inability to sustain railway operations. 

Tests conducted on the Mazamaza Bridge show it lacks the required strength to support the railway. As a result, it will be replaced with a new structure,” Okusaga stated during a recent infrastructure update.

The new Mazamaza Bridge will rest on 66 piers, forming its foundational support. So far, 22 piers—roughly one-third of the total—have been completed, with plans to finalise all piers by the end of the year. 

The bridge, along with others in the project, is being built to international standards, ensuring a lifespan exceeding 75 years.

Phase 2 of the Blue Line Rail project includes two additional bridges: the Satellite Bridge and the LASU Bridge. 

Designed to enhance urban mobility, the rail expansion will incorporate six new stations located at Festac, Alakija, Trade Fair, Volkswagen, LASU, and Okokomaiko. 

These stations will serve key residential, educational, and commercial areas, improving connectivity across Lagos.

A 400,000-square-metre depot is also being constructed at Okokomaiko to support the rail network’s operations and maintenance. This facility will be central in ensuring the smooth running of the rail system and accommodating future growth.

Currently, the project is approximately 27% complete and is being executed by the China Civil Engineering Construction Corporation (CCECC). Beyond its infrastructural benefits, the initiative has generated nearly 3,000 jobs, both directly and stressing its contribution to the local economy.

LAMATA has asserted its focus on safety and quality throughout the construction process. Strict safety measures, including comprehensive risk assessments, are in place to safeguard workers and the public. All construction sites are closely monitored to maintain a controlled and secure environment.

Work on the Satellite Bridge is advancing steadily, with piers and pier caps nearing completion. Similarly, the LASU Bridge, situated near Lagos State University, is being developed to integrate seamlessly with a planned mega terminal, further boosting intermodal transportation for commuters.

Once completed in 2026, the Blue Line Rail Phase 2 is expected to transform and enhance urban transportation in Lagos, bringing a durable, efficient, and sustainable rail system.

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