Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms
Taiwo Oyedele, chairman of the Presidential Fiscal Policy and Tax Reforms Committee, said that Lagos has the potential to compete with global city-states like Singapore, Taiwan, and Dubai if it mobilises revenue effectively and invests in infrastructure development.
“Lagos is a state of possibilities, where diversity thrives, and people come to realise their dreams—whether in entertainment, the creative sector, or innovation,” Oyedele said while addressing journalists at the 2025 Lagos Economic Development Update (LEDU) presentation on Wednesday.
He stressed that for Lagos to achieve its full potential, it must improve infrastructure, enhance the quality of life for residents, and use credible data for planning. “If you don’t have credible data for planning, you’re just throwing stuff in the air,” he noted.
Read also: Lagos unveils 2025 Economic Development Update, focuses on resilient growth
On the theme of this year’s LEDU, “Lagos Economic Outlook: Charting a Resilient Path Towards a Sustainable Future”, Oyedele described it as “spot on.” He explained that sustainability is key to economic growth, ensuring that present development does not compromise future generations.
“It’s about growing today and not compromising the ability of future generations to also grow and take care of themselves,” he said.
“Whether it’s in the way we regulate businesses, impose and collect taxes, or manage our environment, we must be mindful that we inherited this and have an obligation to make it better.”
Addressing the role of government at all levels, Oyedele urged leaders to focus on credible data, clear economic plans, and measurable progress. He warned against celebrating minor achievements while major issues remain unresolved.
“When you have data and know, for example, that you have 20,000 kilometers of roads and 15,000 of them are not tarred, you don’t go and tar one kilometer and celebrate it as an achievement. That’s a drop in the ocean,” he said.
Oyedele commended Lagos State for supporting tax reforms, even when some proposals might reduce its short-term revenue.
“Lagos is looking at the broader picture and long-term impact, and that’s what we want every government in Nigeria to do,” he said.
He stressed the need for more decent jobs in Nigeria, particularly in the international outsourcing sector.
“We want Nigerians to be in Nigeria and still work within the global outsourcing space,” he said. “Let a young person sit in Lagos, Ekiti, or Kaduna and earn thousands of dollars every month. That’s what we want.”
Although he acknowledged that some Nigerians might choose to relocate abroad, Oyedele emphasised that creating local employment opportunities would help reduce multidimensional poverty and drive economic prosperity.
According to Oyedele, Lagos’ economic success depends on strong leadership, data-driven decision-making, and continuous progress tracking.
“Once you have the right leadership, data to inform your decisions, and you are tracking your progress, then you are making progress,” he concluded.
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