The Lagos State government gave loans totalling N1 billion to some tourism and hospitality sector practitioners in the State yesterday.
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 the State Government, Folashade Jaji, who represented the governor at the occasion, noted that tourism and recreation contribute approximately 6 percent to the GDP.
She assured members of FTAN that government would continue to leverage on meaningful partnerships with the private sector towards achieving “A Greater Lagos”, which the governor promised residents of the State.
She said the government had put in place policies and strategies that would enhance the opportunities available to advance the State’s tourism potentials.