Lagos state Governor, Babjide Sanwo-Olu has approved the sum of N1 billion seed capital as palliatives for tourism and entertainment practitioners.

The Commissioner for Tourism, Arts and Culture, Uzamat AkinbiIe-Yusuf made this known while reiterating that the seed capital is ready for disbursement.

The amount, it was gathered, was part of other palliative measures approved for practitioners in the industry in order to drive the growth of hospitality, tourism, and entertainment businesses in the State.

Akinbile-Yussuf used the opportunity to expatiate and address grey areas in the earlier pronouncement made by the Governor in consonance with the recommendations submitted by the Lagos State COVID – 19 Pandemic Review Committee constituted by the State Government to critically assess and review the negative impacts of the pandemic on the tourism and the creative sector in the State.

Akinbile-Yusuf stated that the seed capital shows the passion of the Governor in creating an enabling environment that will promote sustainable tourism given its major potential to contribute to jobs and wealth creation.

The commissioner also highlighted other palliatives and efforts by the State Government that will guarantee quick recovery of the tourism sector to include; 50% rebate for license and renewal fees payable to the Ministry by all hospitality, tourism and entertainment establishments across the State.

She said, “It is my pleasure and honour to inform Lagosians that Mr. Governor has graciously approved the release of N1 billion as seed capital for investment in tourism to drive the growth of hospitality, tourism and entertainment businesses”.

She noted that those who want to benefit from the gesture would have to first register with that the Ministry of Tourism, Arts, and Culture.

She added that her ministry will work hand in hand with the Lagos State Employment Trust Fund, LSETF, to administer the single-digit loan to practitioners that meet the criteria that would be set by the Ministry and LSETF.