The Lagos state government on Thursday began disbursing some of the beneficiaries of the N 1 billion seed capital approved by Governor Babajide Sanwo-Olu for the tourism and hospitality sectors. The aim is to invest in the sector to drive new growth in the industry, which has been badly hit by the coronavirus pandemic.

The token checks were presented to the beneficiaries by the Secretary of State Government (SSG), Folashade Jaji, on behalf of the Governor at the first edition of the Lagos Tourism, Hospitality, Arts and Culture Economic Summit, LATHACE, at Eko Hotels and Suites, Victoria Island , Lagos on Thursday March 25th 2021.

The governor, speaking about the SSG at the event organized by the Federation of Tourism Associations of Nigeria, FTAN, Lagos State Chapter, in collaboration with the ministry, paid tribute to the organizers for working with the state government in securing the livelihood of tourism and leisure sector.

On the theme of the event, “Public-Private Partnership for Sustainable Growth of the Tourism, Art and Culture Industries for Greater Lagos,” said Sanwo-Olu that the choice of the theme confirms the importance of his management of a public-private Partnership.

He said that while the tourism and leisure industry in Nigeria accounts for around 6% of GDP, there are still growth opportunities in the sector that could be strengthened by working with the private sector to reach its full potential.

Sanwo-Olu informed the gathering that his government had put in place policies and strategies to improve opportunities to promote the state’s tourism potential, as well as efforts to discover more tourist locations and bring existing ones up to international standards .

The governor said: “The synergy between government, private sector investors and entrepreneurs will ensure steady and sustainable growth of the tourism and recreation sector in Lagos State. Private investors and entrepreneurs have the opportunity to develop tourist sites and I am honored to announce that UNESCO has certified “Sungbo Eredo” in the Epe Division as a World Heritage Site that can be developed to exploit the tourist potential increase in the state of Lagos. ”

The governor also said plans to build a movie city in the state were on track, announcing that the state government had secured 100 acres of land with ongoing preliminary strategies to that end.

State Commissioner for Tourism, Arts and Culture, Ms. Uzamat Akinbile-Yussuf, said the government has granted a 50% discount to practitioners in paying their operating license fees for the year, while promoting the state’s efforts to foster synergies with stakeholders revealed 2020.

She stated that the presentation of checks to the beneficiaries of the N 1 billion seed capital shows that the initiative is not only real, but also transparent and honest on the part of the ministry.

What you should know

  • It is worth remembering that in July 2020, the Lagos State government announced the approval of N 1 billion seed capital to invest in the state’s tourism and hospitality sectors to fuel new growth in the sector.
  • The governor said the investment was necessary to support / bolster the hospitality sector by providing key tourism business operators with low-interest loans to enhance their ability to increase growth.
  • He said that this seed capital, which will be based in the Lagos State Employment Trust Fund (LSETF), will be specifically made available to micro, small and medium-sized enterprise (MSME) operators in the sector.


… Promises to strengthen public-private partnership for the development of the tourism sector@jidesanwoolu @drobafemihamzat @LagostourismO @akinbileyusuf_ @SolomonBonu #ForAGreaterLagos

– The State Government of Lagos (@followlasg) March 26, 2021