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Full Project – The possible impact of Tourism Industry on Nigeria Economy

Full Project – The possible impact of Tourism Industry on Nigeria Economy

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Full Project – The possible impact of Tourism Industry on Nigeria Economy

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CHAPTER ONE

INTRODUCTION

  • Background to the Study

The tourism industry has been identified as a significant contributor to the economic development of many countries, and Nigeria is no exception. According to the World Travel and Tourism Council (WTTC, 2018), the tourism sector contributed about 34% to Nigeria’s GDP in 2017. This contribution is expected to rise by 2.5% in 2028, indicating the potential of the tourism industry to boost the Nigerian economy. The industry also provides employment opportunities, with the WTTC estimating that it directly supported 1.2 million jobs in 2017.

The tourism industry’s potential impact on Nigeria’s economy can also be seen in its ability to attract foreign investment. According to the Nigerian Investment Promotion Commission (NIPC, 2019), the tourism sector attracted approximately $1.1 billion in foreign direct investment (FDI) in 2018. This investment not only boosts the economy but also leads to infrastructure development, which can further stimulate economic growth.

However, the tourism industry’s impact on Nigeria’s economy is not entirely positive. According to a study by Akinbobola (2013), while tourism can bring economic benefits, it can also lead to environmental degradation and cultural erosion. These negative impacts can, in turn, affect the sustainability of the tourism industry and its long-term contribution to the economy.

Furthermore, the tourism industry’s potential to contribute to Nigeria’s economy is hampered by several challenges. According to a report by the Nigerian Tourism Development Corporation (NTDC, 2017), these challenges include inadequate infrastructure, security concerns, and a lack of effective marketing strategies. These issues limit the industry’s growth and its ability to contribute to the economy.

Despite these challenges, several strategies can be implemented to maximize the tourism industry’s impact on Nigeria’s economy. According to a study by Eja et al. (2013), these strategies include improving infrastructure, enhancing security, and developing effective marketing strategies. Implementing these strategies can help to overcome the challenges facing the industry and increase its contribution to the economy.

The tourism industry has the potential to significantly impact Nigeria’s economy. However, to maximize this impact, it is essential to address the challenges facing the industry and implement strategies to promote sustainable growth. Further research is needed to explore these strategies and their potential impact on the Nigerian economy.

  • Statement of the Problem

The tourism industry is a significant sector that contributes to the economic development of many countries. However, in Nigeria, the potential of the tourism industry remains largely untapped and its impact on the economy is not fully understood. This presents a problem as Nigeria seeks to diversify its economy away from oil, which has been the mainstay of the economy for decades (Adeleke, 2017).

The lack of comprehensive research on the impact of the tourism industry on Nigeria’s economy is a significant issue. This gap in knowledge hinders the development of effective policies and strategies to harness the potential of the tourism industry for economic growth. Furthermore, it prevents stakeholders from understanding the potential benefits and challenges of promoting tourism in Nigeria (Okech, 2016).

Another problem is the lack of infrastructure and facilities to support the growth of the tourism industry in Nigeria. This includes inadequate transportation, accommodation, and recreational facilities, which are crucial for attracting tourists. The lack of these facilities not only hinders the growth of the tourism industry but also limits its potential impact on the economy (Eja, 2012).

The security situation in Nigeria also poses a significant challenge to the growth of the tourism industry. The frequent reports of violence and insecurity in the country discourage potential tourists, thereby limiting the potential economic benefits of tourism. This problem is further compounded by the negative portrayal of Nigeria in international media, which further deters potential tourists (Adeleke, 2017).

The lack of skilled manpower in the tourism industry is another problem. This includes a lack of tour guides, hotel managers, and other professionals in the tourism industry. The lack of skilled manpower not only hinders the growth of the tourism industry but also limits its potential impact on the economy (Okech, 2016).

Lastly, the lack of a clear and comprehensive tourism policy is a significant problem. This hinders the development of the tourism industry and limits its potential impact on the economy. Without a clear policy, it is difficult to attract investment in the tourism industry and to develop strategies for promoting tourism in Nigeria (Eja, 2012).

  • Aim and Objectives of the Study

The aim of the study is to examine the possible impact of Tourism Industry on Nigeria Economy. The specific objectives of the study are:

  1. To examine the current state of the tourism industry in Nigeria and its contribution to the national economy.
  2. To analyze the potential impact of the tourism industry on Nigeria’s economic growth,
  3. To identify the challenges and constraints faced by the tourism industry in Nigeria that may hinder its potential impact on the economy.
  4. To evaluate the policies and strategies implemented by the Nigerian government to promote tourism and its economic benefits.

  • Research Questions

The research questions are buttressed below:

  1. What is the current state of the tourism industry in Nigeria and how does it contribute to the national economy?
  2. What is the potential impact of the tourism industry on Nigeria’s economic growth?
  3. What are the challenges and constraints faced by the tourism industry in Nigeria that may hinder its potential impact on the economy?
  4. How effective are the policies and strategies implemented by the Nigerian government to promote tourism and its economic benefits?

  • Research Hypothesis

The hypothetical statement of the study is buttressed below:

Ho: Tourism industry has no significant impact on Nigeria’s economic growth

H1:  Tourism industry has significant impact on Nigeria’s economic growth

  • Significance of the Study

The significance of the study on the possible impact of the tourism industry on Nigeria’s economy is multi-faceted and profound. The tourism industry, if properly harnessed, can serve as a significant source of revenue for the country. Nigeria, being a country rich in cultural heritage, historical landmarks, and natural beauty, has the potential to attract tourists from all over the world. This influx of tourists can lead to an increase in foreign exchange earnings, which can significantly boost the country’s economy.

The development of the tourism industry can lead to job creation. From tour guides to hotel staff, the tourism industry requires a wide range of skills and professions. This can help to reduce the high unemployment rate in the country and provide a means of livelihood for many Nigerians. Furthermore, the growth of the tourism industry can stimulate the growth of other sectors such as the hospitality industry, transportation, and local businesses, creating a ripple effect of economic benefits.

The tourism industry can contribute to the development of infrastructure. The need to provide tourists with basic amenities such as good roads, electricity, clean water, and health facilities can lead to the improvement of these infrastructures. This not only benefits the tourists but also improves the living conditions of the local population.

Tourism can promote cultural exchange and understanding. As people from different parts of the world visit Nigeria, they get to learn about the country’s rich culture and history. This can help to dispel negative stereotypes and promote a positive image of the country internationally. In return, Nigerians also get to learn about other cultures, fostering a sense of global unity and understanding.

Tourism can contribute to the preservation of Nigeria’s cultural heritage and natural environment. The revenue generated from tourism can be used to maintain and preserve historical sites, national parks, and other tourist attractions. This ensures that these sites are preserved for future generations to enjoy.

Lastly, the tourism industry can contribute to national development. The revenue generated from tourism can be used to fund development projects such as education, healthcare, and social services. This can lead to an overall improvement in the quality of life of Nigerians. Therefore, the potential impact of the tourism industry on Nigeria’s economy is significant and cannot be overlooked.

  • Scope of the Study

The study examines the possible impact of Tourism Industry on Nigeria Economy. The study is limited to Nigeria Ministry of Tourism, Arts & Culture.

  • Operational Definition of Terms

Impact: In the context of this discussion, impact refers to the effect or influence that one factor, in this case the tourism industry, has on another, in this case Nigeria’s economy. It can be positive, such as boosting economic growth, or negative, such as causing environmental damage.

Tourism Industry: This refers to the business sector that provides services and facilities for people to travel or stay, especially for leisure purposes. It includes a wide range of businesses such as hotels, restaurants, travel agencies, tour operators, and attractions. The tourism industry can be a significant source of income and employment for a country.

Economy: The economy refers to the system or structure of economic life in a country or area. It includes the production, distribution, and consumption of goods and services. It also involves the policies and activities of the government in relation to economic and financial affairs. The health of an economy is often measured by indicators such as GDP, unemployment rates, and inflation rates.

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