Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Politics

Lagos sets up N1 billion seed capital for hospitality sector, rolls out optical fibre across the state

Chike Olisah by Chike Olisah
July 30, 2020
in Politics
Lagos orders removal of all unapproved street gates in the state to ease traffic, Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

Governor Babajide Sanwo-Olu

Share on FacebookShare on TwitterShare on Linkedin

The Lagos State Governor, Babajide Sanwo-Olu, has announced the approval of a N1 billion seed capital for investment in the tourism and hospitality sector in the state. The N1 billion seed capital is to help drive new growth in that sector

This was announced during his meeting with business leaders in the state, at an event tagged, ‘BOS Meets Business,’ which was held at the Banquet Hall in the State House, Alausa Ikeja.

The Governor said that the investment was needed to support/strengthen the hospitality sector by providing key operators in the tourism business with soft loans to boost their capacity in driving growth. The governor said the initiative is necessary to position the tourism business as a new frontier for job creation and economic prosperity in the post Coronavirus era.

RelatedPosts

Honeywell partners Lagos to upskill young tech entrepreneurs

Bagudu, Uzodinma to chair Election Planning Committee, as APC prepares for presidential primary

READ ALSO: A look at projects in Lagos State that may suffer after Ambode’s exit

Sanwo-Olu said that this seed capital will be domiciled in the Lagos State Employment Trust Fund (LSETF), adding that the funds will be made available specifically to Micro, Small and Medium (MSMEs) operators in the sector

The Governor also said that the Lagos State Government would be collaborating with the Central Bank of Nigeria (CBN) to further create access to funds to support the hospitality business.

Meanwhile, Governor Sanwo-Olu further disclosed that the state has concluded arrangements to provide technological infrastructure to support MSMEs by commencing installation of the first phase of the 6,000km optical fibre across the state.

READ ALSO: Lagos State Government orders building owners to conduct structural stability tests

He pointed out that the state had continued to improve on its ease of doing business policies to drive private investment and economic growth. This he said is made possible by the digitization of business registration and asset acquisition processes, which has removed administrative bottlenecks.

“We have just given approval for N1 billion 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.’

“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 3,000 km optical fibre across the State to provide technological infrastructure for the MSMEs whose operations would depend on fast Internet networks to drive their businesses,” the Governor said.

Explore data and research from Nairametrics on Nairalytics

He said this is the time for Lagos state to strengthen its economy which has a GDP valued at $130 billion and over 3 million MSMEs. The strengthening will come in the form of good policies for accelerated growth and prosperity. He also noted that the state is the 4th wealthiest city in Africa.

This policy and incentive for the hospitality sector by the Lagos State government will come as a huge relief for the small and medium scale operators in the industry which has been one of the worst-hit by the Coronavirus pandemic.

READ ALSO: You can now track loans on LSETF website

The businesses in the sector have witnessed a lot of shutdown with loss of revenue and laying off of staff.

SANWO-OLU APPROVES N1BILLION SEED CAPITAL FOR TOURISM BUSINESS

•Grants Three-Year Waiver On Penalty For Land Use Charge Defaulters
•Lagos Governor Meets Business Leaders@jidesanwoolu @JokeSanwoolu @lagosmcic @olowo_mpr#ForAGreaterLagos
Read More.. https://t.co/aZ594BVSrE pic.twitter.com/qyCAzDEXKZ

— The Lagos State Govt (@followlasg) July 29, 2020

 

Related

Tags: Babajide Sanwo-OluLagos State Employment Trust FundMicroSmall and Medium

Comments 1

  1. aremu akinloye says:
    July 31, 2020 at 3:10 am

    What a wonderful development at a period lagosians are trying to seek a chance to recover from the plight of business sicknesses and the pioneering stake in the global relevance. I pray for the impartation of God’s hands and touch with the government.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription
    • FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022
    • Lagos state government shuts down Redeemers School over death of pupil

    Follow us on social media:

    Recent News

    TrustBanc pays N4.2bn Commercial Paper proceeds at maturity

    TrustBanc raises N5.85bn from Series 7 and 8 Commercial Papers; Issue Achieves 117% subscription

    July 4, 2022
    FIRS calls for comprehensive revenue aggregation

    FIRS extends deadline for filing of 2022 Companies Income Tax returns to 31st August 2022

    July 4, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com