Lagos Set Up N1bn Seed Capital for Hotels, Hospitality Centres

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Lagos State Governor, Babajide Sanwo-Olu, has announced the approval of a-N1 billion seed capital for investment in the tourism and hospitality sector in the state. This is a huge relief from Lagos said to be the 4th wealthiest city in Africa for the industry worst-hit by the Coronavirus pandemic across the globe. The seed capital is to help drive new growth in Lagos tourism and hospitality.

 Sanwo-Olu announced this package during his meeting with business leaders in the state, at an event tagged, ‘BOS Meets Business,’ which was held at the Banquet Hall in the State House, Alausa, Ikeja recently. He said that this seed capital will be domiciled in the Lagos State Employment Trust Fund (LSETF), adding that the funds will be made available specifically to micro, small and medium (MSMEs) operators in the sub-sector.

The Governor also said that the Lagos State Government would be collaborating with the Central Bank of Nigeria (CBN) to further create access to funds to support the hospitality business.

Sanwo-Olu, meanwhile, disclosed that the state has 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. He said that the state had continued to improve on its ease of doing business policies to drive private investment and economic growth. For him, this is made possible by the digitization of business registration and asset acquisition processes which has removed administrative bottlenecks. According to him, the time for Lagos state to strengthen its economy which has a GDP valued at $130 billion and over 3 million MSMEs is now. The strengthening will come in the form of good policies for accelerated growth and prosperity.

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