On August 25, 2024, Nigeria's Federal Ministry of Tourism unveiled the 'Draft National Tourism Policy' aimed at enhancing the country's global tourism standing. Minister Lola Ade-John announced this initiative during a virtual meeting with stakeholders, emphasizing the importance of sustainable tourism, community engagement, and product diversification [9ab25d2a]. The policy was developed in collaboration with the Nigerian Economic Summit Group (NESG) and is set for finalization in October 2024, with plans for presentation to the Federal Executive Council in November 2024 [9ab25d2a].
This new policy comes at a time when Nigeria is looking to unlock the full potential of its tourism sector, which is projected to generate significant revenue. Statista estimates that Nigeria's tourism revenue will reach approximately $3.31 billion in 2024, growing at an annual rate of 11.23%, with a market volume expected to hit $5.64 billion by 2029 [9ab25d2a]. The meeting included top government officials and industry stakeholders, highlighting a collaborative approach to address the challenges facing the tourism sector [9ab25d2a].
In conjunction with this tourism initiative, the Nigerian government has also announced a $100 billion annual investment plan to tackle broader economic challenges, as stated by Minister of Budget and Economic Planning, Atiku Bagudu, on August 21, 2024. This investment strategy aims to address the under-investment issues that have plagued the country, particularly as Nigeria's population has surged from 119 million in 1999 to around 230 million today [f4983cc6].
The government's focus on tourism and economic investment reflects a dual strategy to enhance national revenue streams and improve the welfare of its citizens. As Nigeria grapples with economic instability, the success of these initiatives will depend on effective implementation and collaboration between the government and private sectors to ensure sustainable growth and stability [f4983cc6].
Overall, the introduction of the Draft National Tourism Policy, alongside the ambitious investment plan, signifies Nigeria's commitment to diversifying its economy and leveraging its rich cultural heritage to attract global tourism [9ab25d2a].