The Lagos State government disbursed loans totalling ₦1 billion to some tourism and hospitality sector practitioners in the state on Thursday.
The loans were meant to be seed capital to help drive new growth in the sector in the state.
The presentation of the loans to beneficiaries was held at the maiden edition of the Lagos Tourism, Hospitality, Arts and Culture economic summit.
The summit was organised by the Lagos State chapter of the Federation of Tourism Associations of Nigeria (FTAN) in collaboration with the state’s Ministry of Tourism, Arts and Culture.
Governor Babajide Sanwo-Olu had earlier approved the loans as seed capital for the revival of the tourism and hospitality sector and to cushion the effect of the COVID-19 pandemic on practitioners.
Secretary to Lagos State Government, Folashade Jaji, who represented Mr. Sanwo-Olu at the occasion, noted that tourism and recreation contribute approximately 6 per cent to the GDP.
She said opportunities for growth which could be strengthened through collaborations between the public and private sectors still abound in the hospitality industry.
She assured members of FTAN that government would continue to leverage on meaningful partnership with the private sector towards achieving “A Greater Lagos’’ which the governor promised residents of the state.
She said government had put in place policies and strategies that would enhance the opportunities available to advance the state’s tourism potentials.
Mrs. Jaji also said efforts were being put in place to discover more tourism sites and also bring existing ones to international standards.
“The synergy between government and private sector investors and entrepreneurs will ensure a steady and sustainable growth of the tourism and recreation sector in Lagos State.
