Could Nigeria Become the World's Next Hot Tourist Destination?

Nigeria is an oil rich nation. While that has helped it grow into one of the largest economies in Africa, the recent downturn in oil prices has caused a significant pinch in the nation's cash flow. This has led both the Nigerian government and outside economic thinkers to discuss ideas for ways, the Nigerian economy can not only solve its short-term financial problems, but also cure its nation's dependence on oil exports for longer-term growth.


One interesting suggestion, made by Chairman and Chief Executive Officer of the Roseview Hotel, Oritsebemigho Eyeoyibo, would be to inject significant investment into the nation's tourism and hospitality industry. He made this observation during an interview with the Guardian. Eyeoyibo, as an executive in the hospitality industry, knows a thing or two about generating revenues with tourism and hospitality. He is convinced that, with adequate investment from the government and foreign interests, tourism and hospitality could not only replace the loss from dropping oil prices, but also actually boost and expand the entire economy.


"Tourism is a goldmine not well harnessed despite its huge exchange potentials," he said during the interview. He complained that Nigeria has made little effort to develop any sort of tourism, and the nation invests very little in this sector. Yet, given its location, impressive scenery, long history, and other attractive characteristics, he believe it could become a major tourist destination, attracting people (and their money) from all parts of the world into the country.

Many observers of the Nigerian economy have long feared the nation has developed an over-reliance on oil production. Eyeoyibo is among these concerned parties, and indicated during his interview that the Nigerian government must view the recent drop in oil prices as a wake-up call. "With good infrastructure in place, tourism would be a money spinner with better prospects than oil."

Unfortunately, infrastructure is a major problem for the Nigerian state. According to a study by the World Bank, Nigeria ranks 75th in the world for its infrastructure. To reach the sort of tourism goals that Eyeoyibo has envisioned would require massive investment by the government and foreign investors to improve airports, roads, power supply, and other aging and under-developed infrastructure components.

While this would bring the comforts of home to the tourists visiting the African nation, it would have the spillover effect of benefiting the population as a whole, as well. That, in turn, could end up improving other areas of the Nigerian economy in the process, such as strengthening its already burgeoning services sector, and improving the means for export of finished goods.