Lagos Announces N1bn Investment Plan For Tourism

As a follow up to the announcement of N1 Billion seed capital for investment in the tourism and hospitality sector, the Ministry of Tourism, Arts and Culture has designed an eligibility form for interested practitioners to have access to the fund.

A statement issued at the weekend by the Commissioner for Tourism, Arts and Culture, Mrs. Uzamat Akinbile-Yussuf, said that the eligibility form is available for all interested persons to fill and generate a code upon completion of the online form.

Akinbile-Yussuf recalled that Governor Babajide Sanwo-Olu, as a result of the COVID-19 pandemic that shut down all tourism and entertainment-related businesses, announced the approval of N1 Billion seed capital to help drive new growth in the tourism sector, being one of the sectors affected by the deadly disease.

She stated that although the seed capital for the recovery and revitalisation of the hospitality sector is domiciled with Lagos State Employment Trust Fund (LSETF), the Ministry of Tourism, Arts and Culture decided to design a form that would help identify genuine practitioners, who have verifiable information domiciled with the Ministry.

Explaining the rationale behind the online form, the Commissioner stated that the exercise is to ensure judicious disbursement of funds to genuine and qualified practitioners in tourism, hospitality and entertainment-related businesses.

According to her, applicants for the seed capital must have their business within the creative and hospitality sector, been in existence for one year and duly registered with the Ministry of Tourism, Arts and Culture or Corporate Affairs Commission, CAC, depending on the nature of the establishment.

She added that the applicants must provide Evidence of Tax Compliance, register with Lagos State Residents’ Registration Agency, LASRRA and provide Guarantors with sizable income, among other requirements.

Akinbile-Yussuf, however, implored interested and qualified practitioners to visit the Hotel and Licensing department of the Ministry of Tourism.