The number of in country explorers are increasing on a daily. Citizens are drafting tourist destination to visit in all 36 state in Nigeria. Making domestic travel the next big sector.
Domestic tourism refers to travel and tourism activities within one’s own country. It involves visiting places within one’s country for leisure, recreation, or business purposes. Domestic tourism is an essential part of the tourism industry as it contributes significantly to the country’s economy. In Nigeria, domestic tourism is an untapped market with a lot of potential for growth and investment which has been largely neglected due to factors such as poor infrastructure, insecurity, and lack of awareness.
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However, there are several reasons why domestic tourism in Nigeria presents a significant opportunity for investors
- Large domestic market: Nigeria with a population of over 200 million people, making it the most populous country in Africa. This large population provides a massive untapped domestic tourism market for investors. The sizeable domestic market offer business owners the chance to create cutting-edge tourism goods and services that satisfy regional tastes and preferences. This includes distinctive local cuisine, handicrafts, and performances of music and dance that draw domestic tourists and bring in money for nearby companies.
- 2. Growing middle class: The middle-class populace in Nigeria is expanding and fueled by several variables, such as the expanding economy, better education, and easier access to financial services. Investors can create tourism goods and services that cater to the wants and tastes of the middle class to tap into this industry. This includes inexpensive tour packages and activities, low-cost and moderately priced lodging options, hostels, guesthouses, and bed & breakfasts. Investors can also use technology and digital marketing to market their tourism-related goods and services to the expanding middle class. The increasing middle class can be efficiently targeted by investors utilizing social media, travel websites, and digital marketing initiatives to spark interest in domestic travel.
- Diverse attractions: Nigeria has countless attractions ranging from beaches, waterfalls, wildlife parks, cultural and historical sites, and modern cities. Nigeria’s several attractions offer vast opportunities for investors in the tourism sector. By leveraging the country’s natural landscapes, cultural and historical heritage, coastline and beaches, and urban experiences, investors can develop a range of tourism products and services that cater to different types of tourists and contribute to the growth of the local economy.
- Job creation: Investments in the Nigerian tourism industry have the potential to, directly and indirectly, generate a sizable number of jobs. The tourism sector employs many people and calls for abilities, ranging from hospitality and tour guiding to marketing and administration. Jobs in lodging establishments like hotels, lodges, and guesthouses, jobs in tour operators, eateries, and transportation services are all directly created by the tourism industry. The World Travel and Tourism Council (WTTC) estimates that more than 2.2 million jobs, or 4.5% of all employment, were supported by the Nigerian travel and tourism industry in 2019. The tourism sector generates direct employment and indirect jobs through the supply chain. For instance, a rise in demand from the tourism sector can be advantageous for providers of goods and services like food, drinks, and handicrafts. Additionally, the construction of roads and the expansion of transportation systems can lead to countless job possibilities in construction and maintenance.
- Promoting local culture: A key component of sustainable tourism development in Nigeria is promoting indigenous culture. The nation’s rich and varied cultural legacy is a distinctive selling factor for the travel and tourism sector. There are several ways to invest in promoting a local culture. Investors, for instance, can sponsor cultural festivals and activities that draw domestic and foreign tourists. Traditional music, dancing, arts, and crafts may be featured on these occasions, allowing guests to experience the local way of life. Additionally, investors might create tourism goods and services that promote regional cultural customs. This can include cultural excursions that take guests to historic towns and villages so tourists can discover the habits and traditions of the place. Additionally, traditional activities like farming, weaving, and cooking are made available to visitors to experience local culture first-hand. Investors might assist in the construction of cultural institutions and museums that promote regional heritage. Visitors will learn about and enjoy the richness of Nigerian culture by visiting these centers, which can display local art, history, and culture.
- Increase in revenue: The potential for increased revenue for the government and the private sector exists in Nigeria’s tourist industry. The tourist sector is a source of foreign exchange revenues and has the potential to bring in sums of money for the nation. Increasing the number of visitors to the nation is one way that investing in the tourism industry may boost revenue. Investors can contribute to a rise in tourism by highlighting Nigeria’s many attractions and distinctive cultural heritage. Increased expenditure on lodging, dining, travel, and other tourism-related activities may arise here, which may help the private sector generate income.
Nigeria’s underdeveloped domestic tourist business offers investors a huge investment opportunity. Investors can help the tourism industry and the nation’s overall economic development by creating tourism-related goods and services that serve domestic tourists’ demands. Invest in Tourism today.
