|According to the International Association of Amusement Parks and Attractions (IAAPA), a theme park is ‘an amusement park that has themed attractions, be it food, costumes, entertainment, retail stores and/or rides’. The theme is the main part of the visitors’ experience which is chosen when the park is planned to provide a focus for the design, development and operation of such a park. Therefore the selection of the theme is extremely important to the operations of the park.
Theme parks have a fixed location, and usually provide attractions meant to cater specifically to certain age groups, as well as some that are aimed towards all ages. A theme park has landscaping, buildings, and attractions that are based on one or more specific themes or stories.
Theme parks can generally be classified into seven theme types and related attributes as follows:
There are only a few Theme parks in Nigeria and they are yet to be fully developed. They are Delta Leisure Resort (Asaba, Delta State), Dreamworld Africana (Lekki-Epe Expressway, Lagos State), High Impact Planet (KM 12 Lagos-Ibadan Expressway), Omu Resort (Epe, Lagos State), etc.
LIST OF ITEMS IN THEME / AMUSEMENT PARKS
|Typically, the facilities available in a theme park include but are not limited to the following:
| i. Promotion of family entertainment facilities in one location.
ii. Development of tourism.
iii. Promotion of foreign exchange earnings by attracting tourists from other parts of the world.
iv. Employment generation.
v. Provision of long-term funding at a reasonable cost thereby improving its competitiveness.
vi. There is need for Nigeria to develop its tourism industry in line with the Federal Government’s effort to diversify the economy.
|SOURCES OF THEME PARK EQUIPMENT||The equipment are mainly imported from China and United States. Some of the suppliers include:
SINORIDES (Henan Swonder Amusement Rides Co., Ltd)
Middle of Shangyin Rd, Yulong Town,
Xingyang, Zhengzhou City,
Henan Province, China 450100
Garner Holt Productions, Inc.
Kay Park Recreation
1301 Pine St, Janesville,
IA 50647, USA
|TARGET MARKET/ CRITERIA||The fund will be accessed by limited liability companies with requisite experience and/or relevant technical partnership.|
|PROJECTED IMPACT||Each project along the value chain is expected to create between 50 and 250 jobs.|
|SINGLE OBLIGOR LIMIT||Up to N500.0 million|
|PRICING||Interest Rate: 9 % per annum.
Fees: 1% each for Appraisal and Commitment Fees
|TENOR||31/2 – 7 years|
|MORATORIUM||6 – 12 months (from date of loan disbursement depending on the implementation period)|
COLLATERAL/ SECURITY ARRANGEMENT
|1. Irrevocable Personal Guarantee of the Chief Promoter of the company in addition to one or a combination of the following:
i. All assets debenture.
ii. Legal mortgage on pledged property.
1. Bank Guarantee from Commercial Banks acceptable to BOI.
|· Loan: 80% maximum (including working capital from BOI or the SME-friendly banks).
· Contribution by the promoter – 20% (minimum)
|FUNDING SOURCES||· BOI Fund|
· In phases in accordance with agreed milestones and shall be backed by provision of performance bond issued by a commercial bank or a BOI accredited insurance company, on behalf of the BOI accredited equipment supplier, where the supplier demands for advance payment before delivery of the equipment).
· Establishment of Letters of Credit where the plant and machinery are to be imported.
After successful installation and testing of the equipment and payment shall be made directly to raw materials suppliers.