Ahead of IPADA Initiative/Carnival 2024, the dream of the project initiator, Otunba Wanle Akinboboye, of having 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, has finally gained traction, with the injection of $9 billion by AKL Lumi to construct dedicated luxury cruise ships for the project.This significant financial injection, aimed at promoting tourism and strengthening economic ties with the African Diaspora, 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 official launch of the IPADA Initiative, slated for November 29 to December 8, 2024, is being commended as a transformative moment for Africa. The event, which will be hosted at the multiple-awards winning African themed La Campagne Tropicana Beach Resort in Lagos, promises to attract heads of state and high-level dignitaries from across Africa, as well as notable figures from the global African Diaspora.

President Bola Ahmed Tinubu, who is also the Chairman of the Economic Community of West Africa States (ECOWAS), is the Grand Patron, and Chief Host and Global Ambassador of this historic initiative that is expected to make the difference in the development and promotion of Nigerian and African tourism and economy. Tinubu in carrying out his role last month 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.

Details of the massive $9bn AKL Lumi 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.

While 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 establishing a chain of African-themed luxury resorts across the Caribbean, further promoting cross-continental tourism.

Economic impact of AKL Lumi investment on Nigeria

One of the most notable aspects of the IPADA Initiative is the integration of AKL Lumi into the Nigerian economy. 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.

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.

Significance for Nigeria and Africa’s future

The 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.

For Africa as a whole, the 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.

As the world eagerly anticipates the official launch of the IPADA Carnival in November 2024, it is clear that Nigeria’s tourism sector is on the cusp of a major transformation. With visionary leadership, strategic investments, and the backing of the African Diaspora, Nigeria is set to become a global hub for tourism and a shining example of Africa’s economic potential.

Speaking the Presidential Briefing on IPADA Initiative, Akinboboye, who is also the President and Founder of La Campagne Tropicana Beach Resort, noted, “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.”

H.R.M. Rex Semako I & VI, Chairman of ECO-6 and President of ADCB, also spoke 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. While the Tourism Minister, Mrs Lola Ade-John stressed the importance of the IPADA Initiative in positioning Nigeria as the gateway to Africa for the global Diaspora.

This is as she acknowledged the contributions of Akinboboye and Tinubu’s reinforcement the collaborative effort needed to realise the full potential of this project.