Undeveloped 180 km coastline denies Lagos N7bn annual revenue

While the Lagos State Internal Revenue Service plans to rake in N30 billion monthly internally generated revenue (IGR) in 2017, tourism experts say that the state could earn more, if conscious efforts are made at developing the 180 kilometre coastline which is currently lying fallow.
The experts noted that the coastline was neglected due to lack of interest, incompetence of indigenous investors and not necessarily funding.
Citing the example of Gambia’s well-developed 48 kilometer coastline that attracts over 200,000 tourists annually, especially Europeans, and also aids tourism in becoming the country’s second highest earner of foreign revenue, the tourism experts noted that if developed, the Lagos coastline, with its mild features which enable beach outings would contribute over N7 billion annually to the Lagos State Government, through taxes from hotels, restaurants, resorts and related business along the coastline.
Wanle Akinboboye, president, La Campagne Tropicana Resort, Ibeju-Lekki, Lagos, disclosed that the revenue would even grow more, with the Lekki Free Trade Zone by the corridor of the coastline that is expected to woo global investors. All government need do, according to Akinboboye, is to woo the right investors to take advantage of the coastline for tourism infrastructure development in areas such as resorts, hotels and theme parks, among others.
He saysLagos tourism promoters can learn from investors who developed the six-kilometer Golden Mile; the popular stretch of beachfront in the city of Durban, South Africa, which contributes over R12 million (about N276 million) from foreign tourists and R3 billion (about N69 billion) annually from domestic tourism, as well as Cape Town’s Victoria & Alfred Waterfront which attracts more than 23 million visitors a year and generates over R4 billion annually.
While N7 billion could impact Lagos revenue, Jemi Alade, CEO, Jemi Alade Tours, disclosed that the Lagos coastline could earn more, if the right tourism investments and favorable environment are in place.
“The stress and cost of land acquisition, high tariff on imported tourism equipment/products, poor infrastructure, especially electricity and roads, insecurity among others, need to be tackled to truly woo investments that would develop the coastline”, he insisted.
Besides the tourism purpose, the coastline doubles as the Coconut belt of Lagos State but still does not give its maximum coconut yield and harvest, as coconut growers take less advantage of it.
Failing to maximise its comparative advantage of the 180 km coastline for the development of coconut industries, Gbolahan Lawal, former, Lagos State Commissioner for Agriculture and Co-operatives, once noted that the state loses N6.47 billion yearly from poor returns from coconut.
Due to its all-round revenue potential, Akinboboye called on the Lagos State Government to see the development of the coastline as core to its megacity project and a boost to its internally generated revenue drive.
To maximize the potential of the coastline, Magnus Ikiebi, a tourism expert/hotel franchise owner, suggested the foreign direct investment platform to lift the Nigerian tourism goldmine that has been lying fallow for decades, as witnessed in most destinations with huge waterfronts.
“Government can get serious with the development by identifying and partnering credible investors, providing incentives such as infrastructure, low tariff on tourism equipment, adequate security and formulating tourism-friendly policies that would ensure safety of investments on the coastline”.
Besides the revenue, Kushal Dutta, managing director, Jumia Travel Nigeria, said that the development of the coastline across the country is imperative, going by only three percent foreign patronage of Nigeria’s domestic tourism.
For him, a well-developed coastline would boost domestic offerings, create many job opportunities, encourage skill development, and lift tourism industry to a sustainable revenue earner.

 

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