THEME PARK

 

BACKGROUND

 

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:

S/N TYPE OF THEME PARK ATTRIBUTES
 

1

 

Adventure

• Excitement and action

• Frightening

• Mysterious

• Thrill rides

 

2

 

Futurism

• Advances in society and technology

• Discovery

• Exploration of science and technology

• Robotics

• Scientific

• Science fiction

 

3

 

International

• Flavours of the world

• International village

• Miniature replicas

• Scenic spots

• World expositions

 

4

 

Nature

• Animals

• Floral displays

• Horticultural gardens

• Landscaping

• Marine life

• Natural wonders

• Ocean

• Wildlife

 

5

 

Fantasy

• Animation

• Cartoon characters

• Childhood enchantment

• Children’s play park

• Fairy tales

• Magic

• Make believe

• Myths and legends

 

6

 

History and culture

• Aboriginal

• Authentic

• Cultural heritage

• Cultural village

• Gold rush

• Historic ambience

 

7

 

Movies

• Comedy

• Motion pictures

• Show business

• Stunt shows

 

 

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:

  • Flat rides
  • Roller coasters
  • Train rides
  • Water rides
  • Cable cars
  • Dark rides
  • Ferris wheels
  • Transport rides

 

RATIONALE

      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

Phone: 86-0371-60253755

www.sinorides.com

 

Advanced Animations
P.O. Box 34 Route 107
Stockbridge, VT, 05772

USA
Phone: 802-746-89

www.advancedanimation.com

 

Garner Holt Productions, Inc.
825 East Cooley Avenue
San Bernardino CA 92408 USA
+1 909-799-3030

www.garnerholt.com

 

Kay Park Recreation

1301 Pine St, Janesville,

IA 50647, USA

www.kaypark.com

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.

Or

1.    Bank Guarantee from Commercial Banks acceptable to BOI.

FUNDING

STRUCTURE

·         Loan: 80% maximum (including working capital from BOI or the SME-friendly banks).

·        Contribution by the promoter – 20% (minimum)

FUNDING SOURCES ·         BOI Fund
 

DISBURSEMENT

Term Loan:

·   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.

 

Working Capital:

After successful installation and testing of the equipment and payment shall be made directly to raw materials suppliers.

 

 

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