The Lagos State Government has approved two billion naira to drive growth in the tourism sector.
Commissioner for Tourism, Arts, and Culture, Uzamat Akinbile-Yusuf says the bailout fund is a quick response to the outbreak of the pandemic that has badly affected many practitioners in the industry.
He stressed that the idea was to provide the operators in the industry soft loans necessary for increasing capacity and growth. He stated that practitioners must register with the ministry to be able to have access to the loan.
The Pandemic Review Committee added that vulnerable practitioners will be given special consideration. 50% rebate for license and renewable fees paid by all members of the industry to the ministry was also approved as part of the palliatives to practitioners in the Tourism, arts, culture and entertainment industry.