Economy diversification: a potent tool for tourism development in Nigeria

Abstract

Nigeria economy has depended mainly on proceeds from the sales of crude oil to execute most capital projects, recurrent expenditures and funding for various sectors for several years. Studies revealed that most sectors of the economy are currently inert. The emphasis on the alternatives to the use of crude oil in the advanced economies has reduced oil demands and prices, which has further weakened Nigerian earnings and naira value, leading to reduction in crude oil revenue and excess crude oil receipt. Thus, diversification is not just a choice, but a necessity. On this vain, this work reviewed the current state of some sectors in Nigeria, highlighting the effect of dependence on mono-product economy and emphasize tourism potential as a tool for economy diversification. This paper also reviewed tourism development in Nigeria, as a potent tool for economy diversification. Nigeria’s tourism sector has the potential to generate $4 billion yearly. The future for tourism in Nigeria is dependent on the opportunities and challenges being exploited and addressed. The diversity of cultural attractions, the friendly disposition of the people, revamped National Tourism orientations are key advantages in getting the best out of this sector, which would aid in economy boost in this frail time. Therefore, the opportunities and potentials in Nigeria should be exploited, substantial investment planned and strategic marketing of Nigeria as a desirable tourist destination must be in place.

Keywords: Economy diversification, Tourism Development, Tourism contribution, Gross Domestic Product, Mono-economy