Lagos State Governor, Babajide Sanwo-Olu, on Wednesday called for collaboration among stakeholders for new ideas and strategies that will lead to the full realization of the socio-economic potential of the gaming, entertainment and tourism industry in Africa.
He also said that despite the positive indices and gross domestic product growth, Lagos still needs investment in the entertainment and tourism sector.
Sanwo-Olu spoke on Wednesday at the ongoing Africa Gaming Expo Lagos 2024 at Eko Hotels and Suites, Victoria Island, Lagos.
He explained that his administration has realigned the tourism thrust by developing a tourism master plan and tourism policy designed to transform the sector not only into a source of huge revenue but also a model for economic recovery as seen in cities like Zanzibar , Johannesburg and Cape Town.
He said part of his administration’s commitment and renewed determination in line with the THEMES+ economic program is to harness the potential of the gaming, entertainment and tourism sectors.
The governor said the initiatives are aimed at increasing Lagos’ share of the African gaming market to at least 30 percent and cementing the state’s status as a key player in the gaming industry, largely driven through the public-private partnership model .
Sanwo-Olu said the overall objective of the historic gathering of stakeholders and operators, game developers, investment bankers, venture capitalists, state gaming regulators and other gaming stakeholders around the world is to discuss and explore regulatory frameworks, emerging trends , the challenges, Opportunities and prospects of the gaming market in Africa and the gaming value chain.
The Governor believed that the Africa Gaming Expo will also provide a unique opportunity to review current industry practices against the best global standards and chart a new course for the future of Africa’s gaming market, currently valued at $7.8 billion.
“For us in Lagos State, as an emerging smart city, the expo’s sub-theme – ‘Entertainment, Gaming and Tourism: A Link for Economic Growth’ will seem more relevant as it speaks to an integral part of the state’s economic agenda and priorities.
“Lagos is indeed well known for its commercial and political greatness. It is considered the commercial and entertainment capital of Africa and remains committed to the development of the national tourism sector through entertainment and cultural exports in various entities such as movies, music, fashion and recently gaming to mention a few.
“Without a doubt, we are indeed in the right place. The convening of the African Gaming Expo in Lagos could not have come at a better time as it heralds a strategic strengthening of the State Government’s Development Agenda as encapsulated in the THEMES+ Programme, particularly the sixth pillar – Entertainment and Tourism.
“Today, Lagos State is one of the 10 fastest growing cities in the world, ranks 6th in terms of GDP in Africa and contributes over 25 percent of Nigeria’s GDP. However, Lagos State still needs more support in terms of investment in the entertainment and tourism sector.
“The state has one of the best ease of doing business protocols. This expo will provide our partners with an insight into the investment opportunities waiting to be explored in our entertainment, gaming and tourism industry in the state,” the governor said in a statement by his spokesman, Gboyega Akosile.
Speaking earlier, the Chief Executive Officer of the Lagos State Lotteries and Gaming Authority, Mr. Bashir Areh, commended the Sanwo-Olu administration for its unwavering commitment to revolutionize the gaming industry through effective regulation, using modern technological innovation and global best practices.
He said the Africa Gaming Expo aims to exchange ideas and share valuable insights that will change the face of gaming while harmonizing standards and regulations in Africa.
In his welcome speech, the Chief Executive Officer of Africa Gaming Expo Limited, Dr. Charles Ekundayo, said: “The purpose of organizing the expo is rooted in promoting the African gaming market while promoting collaboration among industry professionals and addressing the challenges facing the industry. .”
The 2024 Africa Gaming Expo attracts over 35 industry speakers and hundreds of delegates from various countries in Africa and beyond the continent.
