The Lagos State government is targeting to increase consumer spending to N5 trillion as part of measures to create more jobs and boost businesses, it was learnt yesterday.
Governor Babajide Sanwo-Olu, who said this at the launch of the Eko Token Cash Reward for patronage, added that the reward system was part of efforts to revive businesses that had dwindled due to the Coronavirus pandemic, as well as drive economic growth. The goal, he added, is to uplift the living standards of residents.
Sanwo-Olu, who was represented by the Commissioner for Women Affairs and Poverty Alleviation, Mrs Cecilia Dada, said the Eko Token (Lagos Cash Token UCSR), was meant to encourage and promote customer loyalty and patronage, which is being driven through the Public-Private Partnerships (PPPs).
Eko Token is an electronic reward system which offers guaranteed cash prizes on purchases within the state.
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Commissioner for Wealth Creation and Employment Mrs. Yetunde Arobieke said the Eko Token was an initiative undertaken by the government to boost entrepreneurship in the state. She explained that participating businesses gift consumers’ electronic lucky dip tokens for patronising their products and services. Each token, according to her, qualifies the customer for up to N100 million win through a reward draw.
Commissioner for Economic Planning and Budget Sam Egube said the token was a way businesses generating money would show appreciation to consumers.
According to him, the government was determined to use the initiative to make a significant impact on the state’s economy and to improve the wellbeing of Lagosians.
The Chief Executive of Cash Token Africa,Lai Labode, said the consumer class was providing support for businesses to grow and so it was imperative for the private sector to reward them for their loyalty.
He hinted that many multinationals and local businesses had already keyed into the initiative.