Travel/Tourism
IFC Invests $13m to Support Ecotourism, Conservation in Sub-Saharan Africa
By Adedapo Adesanya
The International Finance Corporation (IFC) has announced a $13 million investment in the Africa Conservation and Communities Tourism Fund (ACCT Fund) to support the post-pandemic recovery and sustainable growth of sub-Saharan Africa’s ecotourism sector.
The investment will support ecotourism businesses in and around conservation areas in East and Southern Africa, with a focus on South Africa, Botswana, Kenya, Namibia, Tanzania, and Zambia.
The ACCT Fund will invest in operators of safari camps, hotels, and lodges, helping them address liquidity shortages while recovering from the impact of the COVID-19 pandemic.
The fund will also help them refurbish, renovate, and expand their operations, especially where the businesses can achieve meaningful conservation and community development impact.
Impact investment and advisory group, ThirdWay Partners, and The Nature Conservancy, a global environmental non-profit organization, established the ACCT Fund, a structured debt vehicle, in 2021 in response to COVID-19-related challenges affecting the ecotourism sector.
Based on IFC estimates, the ACCT Fund is expected to contribute at least $530 million to economies where it invests through direct, indirect, and induced effects in the agriculture, retail, transportation, and recreational sectors. IFC expects the investment to also save about 21,200 full-time jobs.
“We are very grateful for IFC’s support of this innovative and very important initiative,” said Mr Maarten Weehuizen, Managing Director of the ACCT Fund. “The ACCT Fund is an impact investment vehicle which balances financial goals with a clear conservation and community impact agenda.”
“Tourism is critical to the long-term survival of conservation landscapes across the African continent, to the benefit of the people and the wildlife who depend on them,” Mr Weehuizen added. “Even prior to the COVID pandemic, these areas were under significant pressure; tourism provides jobs in rural areas, funding for nature protection and its activities with guests in these landscapes significantly reduce the risk of poaching, deforestation, and land conversion.”
Ecotourism businesses are committed to protecting the environment and wildlife where they operate.
“As part of this innovative blended finance approach, IFC has partnered with the Nature Conservancy, a global environmental conservation organisation, to support sustainable ecotourism and deliver impact to small tourism operators,” said Mr Sérgio Pimenta, IFC Vice President for Africa. “IFC’s investment in the ACCT Fund will help financially affected ecotourism businesses to preserve jobs and contribute to the local economy. The partnership aligns with IFC’s strategy to support the revival of domestic and regional tourism markets and to use a blend of financing tools to support countries’ development priorities.”
With the financing from IFC and other investors, the fund has now reached a final close with a total of $70 million raised. The ACCT Fund is structured using a blended finance approach with three tranches of capital: grant funding, junior equity, and senior equity funding.
In addition to financing, IFC will also provide non-commercial risk mitigation and capacity building by supporting the development of climate guidelines that will contribute to setting standards for the sector and help operators improve their environmental performance by reducing energy and water use and improving waste management.
By Aduragbemi Omiyale
A deal has been sealed between the Enugu State government and the Landmark Group for the transformation of the Nike Lake Resort Hotel.
The company, owned by serial investor, Mr Paul Onwuanibe, will revamp the facility and operate for 35 years on lease.
The Governor of Enugu State, Mr Peter Mbah, expressed optimism that Landmark Group would use the hotel to boost tourism sector of the state.
He explained that his administration decided to work with Mr Onwuanibe’s organisation as part of his commitment to transforming Enugu into a global destination for investment and tourism, noting that Nike Lake Resort remains a key government asset that need efficient management to flourish.
“Nike Lake Resort is not just a hotel; it is a symbol of Enugu’s hospitality and tourism potential.
“This partnership reflects our vision to create an environment that fosters investment, job creation, and economic growth,” Mr Mbah remarked.
The Governor said Nike Lake Resort Hotel could position Enugu as a preferred destination for both domestic and international visitors while boosting the state’s economic development.
On his part, Mr Onwuanibe expressed gratitude for the opportunity to manage the iconic hotel and assured the government of delivering world-class services.
He also emphasized the potential of the hotel to serve as a major tourism hub, creating employment opportunities for the youth and revitalizing Enugu’s tourism sector.
While signing the deal with the Commissioner for Trade and Investment, Mrs Adaora Chukwu, the Landmark Group boss said the initiative should boost the local economy and attract approximately 3 million visitors annually.
Recall that in 2024, the popular beach resort operated by Landmark Group in Lagos was demolished by the federal government to make way for the controversial Lagos to Calabar Coastal Road.
By Modupe Gbadeyanka
To strengthen African trade and diaspora connections, one of the leading airlines in Nigeria, Air Peace, partnered with the Africa Diaspora Investment Network Alliance (ADINA) for its summit held in Ghana on December 27, 2024.
The airline operator said it backed the event to solidify its commitment to fostering stronger ties between Africa and its global diaspora.
The programme facilitated conversations around trade, investment, and economic empowerment, positioning the diaspora as a significant force for Africa’s economic transformation.
At the summit held at the Kempinski Gold Coast City Hotel in Accra, the Head of Sales and Business Development at Air Peace, Mr Davids Odeyemi, emphasized the airline’s mission to connect Africa and its diaspora.
He highlighted Air Peace’s extensive network, which offers seamless travel solutions for diasporans seeking to reconnect with their roots, explore their heritage, and invest in Africa’s burgeoning markets.
Mr Odeyemi also reaffirmed the airline’s role as a driver of intra-African trade, enhancing connectivity to enable the movement of goods, services, and people, thereby creating jobs and fostering economic growth.
Air Peace’s partnership with the ADINA Summit also aligns with its broader commitment to promoting tourism and showcasing Africa’s rich cultural heritage. The airline’s continuous investment in a modern fleet underscores its determination to provide a world-class travel experience, reinforcing its position as a catalyst for African development.
The programme underscored the critical role of diaspora remittances in bolstering local economies, with discussions focusing on the potential of the diaspora to surpass traditional foreign direct investments.
Air Peace, through this partnership, gained access to a high-level network of African and diaspora leaders, creating opportunities to connect with talent, clients, and collaborators while amplifying its branding and marketing initiatives.
By actively participating in the ADINA Summit 2024, Air Peace reaffirmed its dedication to shaping the continent’s future. This partnership exemplifies the airline’s leadership in African aviation and its unwavering commitment to driving progress across the continent. Together with ADINA, Air Peace is helping to unlock Africa’s economic potential and strengthen its global connections.
By Dipo Olowookere
The Enugu Christmas Village has been commissioned by the Minister of Arts, Tourism, Culture, and the Creative Economy, Ms Hanatu Musawa; and the Governor of Enugu State, Mr Peter Mba.
This development officially kicked off the holiday season in the state, giving residents and others from across Nigeria and outside the opportunity to relax in an atmosphere of love, positioning Enugu as a key destination for cultural and holiday tourism.
Facilitated by Omu Resort, a leading tourism promoter in Africa, the Enugu Christmas Village is set to become the heartbeat of holiday celebrations in the state.
The company has already organised a 25-day festival at the village designed to attract residents, visitors, and dignitaries from across the region.
With its vibrant atmosphere and festive attractions, the Enugu Christmas Village boasts an array of attractions such as a waterpark, roller skating, archery, amusement rides, and much more.
At its centre is a breathtaking display of 500,000 Christmas lights, illuminating the village in a magical glow that promises to captivate visitors of all ages.
The festival goes beyond the lights and rides, offering a rich tapestry of events that celebrate the state’s cultural heritage.
Highlights include Afrobeat Concert, Praise Night, Highlife Concert Street Carnival, Cultural Parade and a Grand Fireworks Show.
One of the most anticipated moments is the Santa Street Storm, where over 100 Santa Claus figures riding tricycles will parade through the streets, distributing gifts to orphanages and the less privileged, spreading joy and goodwill.
Running from December 7 to December 31, 2024, the Enugu Christmas Festival is more than just a celebration of the holiday season. It underscores the state’s cultural vibrancy and its potential as a leading tourist destination.
The festival offers a unique opportunity for families and friends to come together, celebrate, and unwind in a festive atmosphere. It is also expected to fosters unity and showcases the rich cultural heritage of Enugu State, while promoting arts, tourism, and community well-being.
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