IPADA: Boost for Nigerian Tourism as AKL Lumi Commits $9bn to Cruise Ships Construction

By Justina Uzo

Nigerian tourism received a boost as AKL Lumi has committed $9 billion 91 investment for the construction of six cruise ships, as part of the IPADA Initiative/Carnival 2024.

AKL Lumi, a hybrid solar-energy and gold-backed regional currency issued by the ADCB, is positioned to become a crucial financial tool for fostering economic growth across Africa.

For Nigeria, the integration of this currency means greater access to investment capital and an increased capacity to fund large-scale tourism projects such as the luxury cruise ships and resorts under the IPADA Initiative.

President and Founder of La Campagne Tropicana Beach Resort, Lagos who is also the initiator of IPADA project, Mr. Wanle Akinboboye, said his desire is to see the descendants of Africans that were taken on slave ships from Africa to Europe and the Caribbean return to their ancestral home on modern and luxury cruise ships.

“The use of AKL Lumi in Nigeria’s tourism and investment sectors is expected to create a ripple effect throughout the economy. By utilising a stable, renewable-backed currency, Nigeria can attract more Diaspora Direct Investments (DDIs), boosting not only tourism but also other critical industries such as infrastructure, technology, and energy.”

He added that IPADA Initiative bolstered by the $9 billion AKL Lumi investment represents a turning point for Nigeria’s tourism industry.

“By positioning itself as the main gateway to Africa for African Diaspora and lovers of Africa, Nigeria is set to attract a new wave of visitors, investments, and business opportunities. This initiative will not only create new revenue streams for the country but also establish Nigeria as a leader in African tourism, with Lagos and Abuja serving as prime destinations for global travellers.”

In a statement, the organisers of IPADA stated that AKL Lumi’s funds were expected to construct dedicated luxury cruise ships for the project aimed at promoting tourism and strengthening economic ties with the Africans in the Diaspora.

They also said the investment contracted with the African Diaspora Central Bank (ADCB) shown that the money will be deployed to the construction of six ultra-luxurious cruise ships. Four of these cruise ships will be manufactured in Nigeria, showcasing the country’s growing industrial capabilities and reinforcing its position as Africa’s largest economy. The remaining two ships will be built in the Caribbean symbolising the strong connections being fostered between Africa and the global African Diaspora.

Besides, IPADA Initiative also plans to establish a chain of African-themed luxury resorts across the Caribbean further promoting cross-continental tourism.

For them it marks a new era for Nigeria and Africa as a whole.

“The integration of AKL Lumi, the African Diaspora Central Bank’s (ADCB) regional currency, into this initiative, underscores the far-reaching economic impact that this project will have on Nigeria and the broader continent,” the statement also stated.

According to them, President Bola Tinubu, who is also the Chairman of the Economic Community of West Africa States (ECOWAS), is the Grand Patron and Global Ambassador of the historic initiative that is expected to make the difference in the development and promotion of Nigerian and African tourism and economy.

The official launch of the IPADA Initiative is slated to hold from November 29 to December 8, 2024. The event, which will be hosted at La Campagne Tropicana Beach Resort in Lagos, promises to attract heads of state and other high-level dignitaries from across Africa as well as notable figures from the global African Diaspora.

Akinboboye hailed the benefits of the project for Africa as a whole. “IPADA Initiative signifies the dawn of a new tourism-driven super-economy. By leveraging the economic power of the global African Diaspora, Africa can unlock multi-trillion-dollar growth opportunities in tourism and related sectors. By the time we combine all the tourism products in the continent of Africa and put them in one basket, no other country or continent can compete with us.”

Chairman of ECO-6 and President of ADCB, H.R.M. Rex Semako I & VI, spoke on the transformative nature of the AKL Lumi investment, stating that the bank’s regional currency would create “an overflowing cup of wealth, abundance, and prosperity.”

This wealth, he stated, would not only benefit governments but also directly support small and mid-sized enterprises across Africa and in the Diaspora. Also speaking, Tourism Minister, Ms Lola Ade-John (before she was relieved of her position as Tourism minister) pointed out the importance of the IPADA Initiative in positioning Nigeria as the gateway to Africa for the global Diaspora.

Ade-John acknowledged the contributions of Akinboboye and Tinubu in reinforcement the collaborative effort needed to realise the full potential of the project. The organisers of IPADA praised Tinubu in carrying out his role for the project being commended as a “transformative moment” for Africa.

“Last month, President Tinubu engaged African envoys in Nigeria during a Presidential Briefing on IPADA Initiative to intimate them on the project and solicit their cooperation and participation in the event,” Akinboboye said.