Lagos approves N1bn as loan for tourism business Published July 30, 2020

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Governor Babajide Sanwo-Olu has approved the release of N1bn as seed capital for investment in tourism business.

He said the investment was required to bolster the hospitality sector by providing key operators with soft loans to boost their capacity in driving growth.

The governor spoke on Wednesday at the 6th Lagos Corporate Assembly at the State House, Alausa.

Sanwo-Olu observed that the initiative was necessary to position tourism business as a new frontier for job creation and economic prosperity in the post-COVID-19 era.

He said, “We have just given approval for N1bn 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 3,000km optical fibre across the state to provide technological infrastructure for the MSMEs whose operations would depend on fast Internet networks to drive their businesses.”
Note: Joe was the person that added this link above

This report is quite deficient indeed. More is left unsaid than has been said.
@Jare and @Tolugirl
Please scout for better reports on the same and tell us precisely what the modalities are, who qualifies, process, what qualifies as tourism etc. We might learn a few things.

Source

NEWS
Lagos approves N1bn as loan for tourism business
Published July 30, 2020

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Samson Folarin

Governor Babajide Sanwo-Olu has approved the release of N1bn as seed capital for investment in tourism business.

He said the investment was required to bolster the hospitality sector by providing key operators with soft loans to boost their capacity in driving growth.

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The governor spoke on Wednesday at the 6th Lagos Corporate Assembly at the State House, Alausa.

Sanwo-Olu observed that the initiative was necessary to position tourism business as a new frontier for job creation and economic prosperity in the post-COVID-19 era.

He said, “We have just given approval for N1bn 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 3,000km optical fibre across the state to provide technological infrastructure for the MSMEs whose operations would depend on fast Internet networks to drive their businesses.”

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Alright Sir, will do so immediately

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Lagos approves N1bn as loan for tourism business
The N1bn is the seed capital is provided by the government for boosting tourism business as a new avenue for job creation and economic empowerment in post covid19. This initial capital will be domiciled in the Lagos State Employment Trust Fund. It is specifically meant to be accessed by Micro, Small and Medium Enterprises (MSMEs) in the tourism sector.
Established in 2016, the LSETF is to provide financial assistance to Lagos State residents for job and wealth creation. The LSETF had an initial fund of N25bn and the main of this is to promote entrepreneurship via access to credit for MSMEs, etc.
1. LSETF Funding Partners are:
a. United Nations Development Fund,
b. German Cooperation (DEUTSCHE ZUSAMMENARBEIT)
c. GIZ
d. United States African Development Foundation
e. ArcSkills
Etc
2. Fulfilment Partners for LSETF Lending Schemes are:
a. FCMB
b. Sterling Bank
c. Stanbic IBTC
d. BOWEN Microfinance Bank
e. Bosak MfB Ltd.
f. Ibile MfB
Etc
3. Beneficiary Selection and Verification Partners:
a. PwC
4. Training and Skill Certification Partners:
a. Leapworld
b. UniLag Consult
c. BDS Consult
d. NECA
e. BrainTrack (college and university directory)
f. Enterprise Labs Consulting
Etc.
https://lsetf.ng/partners

It is also said that the state will collaborate with the CBN to pave way for more finds in support of the hospitality businesses.
It was stated that the beneficiaries of the LSETF loan facilities will go through screening, in line with the agency’s
Requirements:
i. Registered Lagos State residents
ii. Registered company with CAC
iii. Personal Tax registration details (TIN)
iv. Lagos State Residents Registration Agency LASRRA ID
v. FG issued ID card
vi. 2 guarantors
vii. Ability to hire new employees
viii. Relevant training certificate
Etc.
https://lsetf.ng/content/msme-loan-programme
With the aforementioned requirements in place, the applicants will then log on to LSETF portal to apply by filling the online application form.
http://apply.lsetf.ng

What I see here as worthy of learning is the different levels of partnerships handling different important aspects of the scheme. These are the Training and Skills Certification Partnership, the.Beneficiary Selection and Verification Partnership, the Fulfillment Partnership for LSETF Lending Scheme, and the Funding Partnership. As can be seen, all the partnerships are manned by professionals in there own fields.
We could have Selection and Verification partners when it comes to choosing Wealth Market’s agents, franchisees, concessionaires, etc.
We could also have Training and Certification partners for out training programmes; ie, vocational training centres, agric training centre, etc

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Excellent job, Jare.
This is a classic of top quality program governance nearly hidden by shoddy journalistic coverage.

Please create a separate topic for each of these elements and let’s build upon domesticating the fine points our own implementation.

Do this under the category ADMINISTRATIVE.
Start with a reference to this topic, as the number 2 entry.

The first entry should for now be left with the guidance notes that you met there.

Thanks.

1 Like
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Alright Sir,…

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@Jare
Why haven’t you given a status update on this here? What are you waiting for? Are you at work?

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SecGenNDF Staff

2h

@Jare1
Why haven’t you given a status update on this here? What are you waiting for? Are you at work?

Sir, I’m at work. You asked me to create a separate topic for each of the elements so that we can build upon domesticating the fine points in our own implementation. I have already started this under the category ‘‘Administrative’’ as instructed

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And you don’t know you should have put a hyperlink from there to here as status update?
You don’t read how I and others do these things?
What’s the problem? :flushed:

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Status update on ''Lagos approves N1bn as loan for tourism business

Partnerships in the Wealth Market

Requirements for participating in the Wealth Market (general and optional)

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God deliver you o.
This is the secondary context.
The primary context is yours above it.
Now, situate each of your above links where they belong to, in full context.
Your work is useless unless you’re able to do that.

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Till now you never did. Here are the topics. You lumped them together.

You totally failed in this one, and you remain in that failure till now despite all my instructions to the contrary.