IPADA Initiative: AKL Lumi lifts Nigeria’s tourism with $9 billion investment

Ahead of IPADA Initiative/Carnival 2024, the dream of project initiator, Otunba Wanle Akinboboye, of having descendants of Africans 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 luxury cruise ships for the project.

This financial injection, aimed at promoting tourism and strengthening economic ties with the African Diaspora, marks a new era for Africa.

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 the continent.

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

President Bola Ahmed Tinubu, the Chairman of the Economic Community of West Africa States (ECOWAS), is Grand Patron and Chief Host and Global Ambassador of this historic initiative that is expected to lift tourism in Nigeria.

Details of the massive $9bn AKL Lumi investment contracted with the African Diaspora Central Bank (ADCB) show 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.

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.

Speaking on the 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 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.