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Hoteliers commend Sanwo-Olu over N1bn loan facility

Hoteliers in Lagos State under the umbrella of Hotel Owners and Managers Association of Lagos (HOMAL) have commended Governor Babajide Sanwo-Olu, for making available N1 billion loan facility to support the stabilisation of the sector following the impact of COVID-19 pandemic. In a statement signed by the President of the association, Chief Samuel Alabi, the hoteliers expressed appreciation to the governor for his understanding of their plight by dedicating the loan facility to support their business.

Alabi said: “We are grateful to the state government for this wonderful move and the money will give members a breathing space and the worries of going to their banks for loans that many are not willing to embark upon because of the high interest rates.” The provision of this facility was announced recently by the governor at the 6th Lagos Corporate Assembly, held in Alausa. According to him, the investment was required to boost hospitality in the state by providing key operators in the tourism business with soft loans to enhance their capacity in the drive towards growth.

The initiative, he said, is necessary to position the tourism business as a new frontier for job creation and economic prosperity in the post-COVID-19 era. He added: “The seed capital will be domiciled in the Lagos State Employment Trust Fund (LSETF),” adding that the funds would be made available specifically to Micro, Small, and Medium Enterprises (MSMEs) in the sector’’.

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