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Lagos Governor Approves 1BN Seed Capital for Tourism Business

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Lagos state is set to drive a new growth in hospitality business as Governor Babajide Sanwo-Olu on Wednesday approved the release of 1BN seed capital for investment in tourism business.

This was disclosed at the 6th Lagos Corporate Assembly at the State House, Alausa.

According to him the investment was required to bolster the hospitality sector by providing key operators with soft loans to boost their capacity in driving growth.

Sanwo-Olu also noted that the initiative was necessary to position tourism business as a new frontier for job creation and economic prosperity in the post-COVID-19 era.null

He said, “We have just given approval for N1bn support that will be given out through the Lagos State Employment Trust Fund to support hospitality business in the state. The beneficiaries of this fund will go through screening in line with the requirement of the agency. We are making this investment because of the huge potential for job creation and inclusive growth this sector can bring about.

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“We will be working with the CBN for more funding to fully develop the potential of our tourism sector. This effort is being completed with the rolling out of 3,000km optical fibre across the state to provide technological infrastructure for the MSMEs whose operations would depend on fast Internet networks to drive their businesses.”

He also added that the 1BN seed capital fund for Lagos tourism will be made available specifically to Micro, Small and Medium Enterprises (MSMEs) operators in the sector.

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