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Lagos govt earmarks N1bn to boost hospitality sector

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Lagos govt earmarks N1bn to boost hospitality sector

The Lagos State Government says it has earmarked N1 billion as part of COVID-19 bailout for the hospitality sector in the state.


Lagos State Governor, Mr Babajide Sanwo-Olu, made this known on Wednesday in Ikeja during the 6th Lagos Corporate Assembly, tagged: ”BOS Meets Business”.

The Lagos Corporate Assembly was organised by the Lagos State Ministry of Commerce, Industry and Cooperatives.

Sanwo-Olu said that the fund would be accessed through the Lagos State Employment Trust Fund (LSETF).

”One of the commitment that we will continue to give to you is that when it comes to your businesses, we must continue to ensure that we give you the opportunity to do well, we give you the space to thrive.

”It is only when you do well that Lagos can continue to have that lead, that Lagos can continue to remain that place that good businesses can continue to thrive.

”We need to do a lot more for the industry. We have just given approval for a N1 billion support that will go through the Lagos Employment Trust Fund.

“The hospitality operators have to meet certain criteria to be able to access the fund.

”I am working collaboratively with the CBN to get specific sign up from them that I will donate to the hospitality industry in Lagos,” he said.

The governor said that measures already being implemented to ensure a business friendly environment included waivers of penalties on annual tax remittance and tax returns on COVID-19 donations.

He said that the measures also included the signing of a new Land Use Charge Law with a 48 per cent reduction in the 2018 payment of the charge.

Sanwo-Olu assured members of the Organised Private Sector (OPS) that a list of approved taxes would be published on the state’s website to resolve the issue of multiple taxation.

Representatives of the Organised Private Sector (OPS) who attended the interactive meeting, the first by the Sanwo-Olu administration, commended the state government for continuing the meeting.

Members of the OPS present included Manufacturers Association of Nigeria, Lagos Chamber of Commerce and Industry, NACCIMA, SMEDAN and Nigeria Employers Consultative Association.

The meeting was also attended by the State Deputy Governor, Dr Obafemi Hamzat, and other top government officials.

At the meeting, the OPS asked the state government to review the 10p.m. curfew imposed in the state because of the COVID -19 pandemic.

The OPS also urged the state government to address issues of taxation, bad roads and unwholesome attitude of some officials.

They commended the state government for the various measures already implemented and solicited more to ensure a robust environment for businesses to thrive.

In her welcome address, the Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, said that all the issues raised during previous meetings had been resolved by the relevant government ministries and agencies.

Akande said that the issues, contributions and feedback helped immeasurably to improve on government’s service delivery towards making Lagos a 21st Century Economy.

Edited By: Wale Ojetimi (NAN)

Florence Onuegbu: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

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