Nigeria Market Report
to fourth place this year. Several other domestic headwinds are also impacting the economy, including a decline in crude export volume, rising inflation, and rapid currency devaluation. In addition Nigeria’s economy and commercial activities have been affected by several global economic shocks including COVID- 19 and Russia’s invasion of Ukraine which has meant that fuel and other costs have spiked.
TOURISM With over 250 ethnic groups and a diverse array of traditions, arts, cuisines, and some of the world’s most beautiful landscapes and national parks Nigeria is a country with a rich cultural heritage and a lot to offer. Top destinations include Yankari National Park a premier wildlife park and Te Sacred Grove a large area of rainforest on the outskirts of Oshogbo. Te majority of Nigeria’s famous tourism destinations are in
rural areas that lack essential infrastructure. Tis has proven to be a significant deterrent to potential tourists. In addition other tourist destinations in the country lack basic amenities. Fur- thermore Nigeria has become linked with terrorism, robbery, and kidnappings over the years and regular travel warnings issued by western countries have understandably deterred travellers further. Both the US Department of State and the UK’s Foreign, Commonwealth & Development Office urge citizens to reconsider travel to Nigeria. Despite this demand for Nigerian tourism is strengthening
and gearing up to surpass the 2019 pre-COVID levels, when in- ternational tourist arrivals accounted for over 2.2 million people. According to Te World Travel & Tourism Council (WTCC), a forum for the travel and tourism industry, the tourism sector in Nigeria is expected to create 2.6 million new jobs over the next decade, doubling the number of those employed within the sector by 2032. Te industry is expected to contribute 6.2 per cent per year to the GDP in the next 10 years. It currently employs over 20 per cent of the workforce and accounts for 34 per cent of the country’s total GDP.
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Te majority of Nigeria’s famous tourism destinations are in rural areas that lack essential infrastructure. Tis has proven to be a significant deterrent to potential tourists. In addition other tourist destinations in the country lack basic amenities.
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