Increasing travel and tourism contribution to national economy
The travel and tourism environment in Nigeria has been showing signs of expansion in recent years. According to the World Travel and Tourism Council, the industry’s contribution to the national gross domestic product has grown steadily over the past few years on the back of concerted efforts by the Nigerian Tourism Development Corporation to enlarge its potential in the country. With continuously fluctuating oil prices caused by the recent global recession, the government now considers travel and tourism as one of the priority areas to launch the revival of the economy. It has embarked on measures to transform the industry into a money spinner and has also made it a key instrument to move Nigeria into the league of top economies of the world by the year 2020.
International hotel brands venturing into Nigeria for growth
Nigeria’s hospitality industry is the most competitive area within the nation’s travel and tourism industry. This category of tourism represents huge potential for investors and has recently seen an increase in foreign direct investment (FDI) stemming from the development of hospitality infrastructure. In the search for high-growth markets, several international hotel chains such as Hilton, Sheraton, Best Western and Marriot have moved quickly to gain a foothold in the country. The nation’s booming economy as well as efforts by the government to develop a competitive travel and tourism industry has been attracting Western hotel giants to establish operations in the country. Continuous expansion of the business environment in Nigeria will help to stimulate economic growth and is expected to further improve hotel growth as well as boost occupancy rates in the future.
Airlines battle for market dominance as airport traffic continues to grow
Increasing passenger traffic at Nigeria’s airports means several airlines are competing for market share and also positioning themselves on a creative revenue-raising quest. Many carriers have been boosting flight frequencies to both long- and short-haul destinations, while others are growing their fleet size to accommodate the growing demand for air travel to the country. In addition, promotional programmes such as miles plus cash reward options are being offered to help build loyalty among existing customers and also attract new ones. Local and regional airlines are also offering seamless connectivity via codeshare agreements with major international carriers. All these developments should help to further boost future growth of air transport in the country.
Government working to bring health tourism closer to Nigeria
Nigeria is making efforts to join the long list of countries offering medical tourism. Although the country’s healthcare system provides adequate care for most of its citizens, many of them continue to travel overseas to seek healthcare options not offered at home. The government has been exploring ways to improve its healthcare system in a bid to stop many Nigerians from seeking medical care abroad. It is currently promoting medical tourism in the country and also looking at the opportunity of partnering with India, one of the global medical powerhouses, to boost its efforts in this area of tourism. Implementing the right measures combined with appropriate funding for the medical sector would encourage sustainable growth of health facilities across the nation. However, international accreditation of local hospitals is needed to aid health tourism in Nigeria.
Economic diversification in travel and tourism is the way forward
Nigeria has huge economic growth potential thanks to its vast oil reserves, improved political landscape and various reform plans. However, due to the declining prices of crude oil in global markets, there have been calls to diversify the productive base of the nation’s economy from oil to more sustainable sectors. The government has finally realised that travel and tourism holds the key to the much-needed diversification of the economy and has been initiating measures to reposition the industry as an alternative source of foreign exchange. Through diversification, travel and tourism is expected to continue gaining recognition as an important tool for stimulating rapid economic growth in Nigeria. Nonetheless, more efforts are needed to develop this industry to match the work done by other African countries like Kenya, Ghana, and South Africa.
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Discover the latest market trends and uncover sources of future market growth for the Travel and Tourism industry in Nigeria with research from Euromonitor's team of in-country analysts.
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The Travel and Tourism in Nigeria market research report includes:
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