FG targets $1.5bn FDI from tourism in 4 years

The federal government is targeting $1.5bn foreign direct investment (FDI) from tourism in the next four years.

The projected amount would be three times higher than the $5m realised in the last two years.

The Minister of Tourism, Lola Ade-John, disclosed this while speaking at the closing ceremony of the 20th Akwaaba Travel Market in Lagos.

She said the federal government was determined to unlock the untapped potential in the tourism sector, disclosing that the sector contributed 3.65% ($17.3 billion) to the country’s 2022 GDP, with vast untapped potential.

She said, “The sector employs 1.91 million people, aiming to multiply this in coming years.

“Domestic tourism saw 3 million trips in 2023, up 20% from 2022, with 200 million potential travellers.

“We welcomed 1.2 million international visitors in 2023, boosting foreign exchange.

“Our cultural landscape boasts 1,000+ annual festivals, 1,000+ attractions, two UNESCO World Heritage Sites, and diverse parks and reserves and over $500 million in foreign direct investment secured in two years, projected to triple by 2028.”

The minister said Nigeria’s young people are her greatest asset in tourism.

She added, “65% of domestic trips in 2023 were undertaken by travellers aged 18-35. Youth-led tourism startups have grown by 150% in the last three years.

“Social media engagement in travel content has surged 300% among Nigerian youth since 2021.

“80% of our tourism workforce is under 40, bringing innovation and digital savvy to the sector.

“These young Nigerians are not just travellers; they are storytellers, digital nomads, and entrepreneurs reshaping our tourism landscape.”

The 20th anniversary of the largest tourism show in West Africa attracted participants and exhibitors from different countries, showcasing the rich tourism potential in Africa.

At the closing ceremony, N5m was disbursed from Fatima Garbati Tourism Outreach to participants at the expo, including five tourism journalists.