NIGERIA – Lagos State, Nigeria’s most populous state and home to the country’s largest city, has set up a US$2.58 million (N1 billion) seed capital to support investments in the tourism and hospitality sector within its territory.
Lagos State Governor, Babajide Sanwo-Olu, while announcing the approval of the seed capital explained that it was mainly created to help drive new growth in the sector.
The Governor further noted that the investment was needed to support/strengthen the hospitality sector by providing key operators in the tourism business with soft loans to boost their capacity in driving growth.
“We are making this investment because of the huge potential for job creation and inclusive growth this sector can bring about,’ Sanwo- Olu said.
The Governor further revealed that the funds will be made available specifically to Micro, Small and Medium (MSMEs) operators in the sector
The seed capital approval comes at a time when the state has just concluded arrangements to provide technological infrastructure to support MSMEs by commencing installation of the first phase of the 6,000km optical fibre across the state.
This he said has been made possible by the digitization of business registration and asset acquisition processes, which has removed administrative bottlenecks.
As the pandemic rages on, causing restrictions on travel and association, the World Trade organization estimates that the crisis could lead to a loss of US$80 billion in receipts and a further loss of up to 120 million jobs in the worst scenario.