Respite for Nigeria’s Tourism Sector, as CBN, Sets Aside N50BN Recovery Fund

Hope for the prompt recovery of the tourism sector looms in the horizon as the Minister of Information and Culture, Alhaji Lai Mohammed recently announced that the Central Bank of Nigeria(CBN), has earmarked #50 billion to support smallholder businesses and the creative industry including the tourism and hospitality industry, on its path to post-Covid-19 economic stability.

Noting the creative industry as one of the critical pillars for steering the nation’s economy and the realization of the diversification agenda of the President Muhammadu Buhari-led administration, the Minister opined that it is germane to forge a collective and government-supported approach towards mitigating the accompanying economic strain on the sector.

The Minister further implored all stakeholders for their cooperation. Conversely, key stakeholders in the tourism sector have been calling for government intervention in the shortest possible time, to cushion off the effect of the economic limbo presently being faced by the sector, which embraces other sub-sectors of the economy.