TOURISM AND ECONOMIC GROWTH IN NIGERIA
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- Recommended for : Student Researchers
- NGN 3000
Abstract
The study examined the impact of tourism earning on economic growth in Nigeria between 1996 and 2016. The study sought to ascertain the vibrancy of tourism industry on the Nigerian economy. A model was specified in which tourism earning, inflation rate and exchange rate are expressed as a linear function of economic growth (proxy by real GDP). The econometric techniques of Augmented-Dickey Fuller test, Johansen Cointegration test and the Error Correction Model. The results showed that exchange rate, real GDP and tourism earning were stationary at first-order difference while inflation rate was stationary at zero-difference. The cointegration result affirmed a long-run equilibrium relationship between the variables. The ECM result showed that the speed of adjustment from short-run equilibrium to long-run equilibrium is 15%. Tourism earning and inflation rate had positive effect on economic growth but exchange rate exerted negative effect. However, none of the variables has significant influence on economic growth in Nigeria.
The study therefore maintains that although tourism earning contributed to economic growth between 1996 and 2016, its effect on economic growth is slender.
The study concluded that tourism sector positively but minutely contributed to economic growth in Nigeria between 1996 and 2016.
The study suggest that; Infrastructural Development: Infrastructures such as water, power, communication, transportation and healthy and safety services, should be developed and provided in a way that would minimize the ecological footprints of tourism, and to a standard, encourage local and international tourism; Active Promotion Policies and Marketing Strategies: Tourism should be actively promoted through appropriate policies and planning while at the same monitoring and dealing with possible negative effects of tourism on the local economy. Government should step up to play an active role in the development of tourism. This is essential because the tourism industry cannot act alone; Data Collation on Tourism: In most tourist destination in Nigeria, there is lack of reliable data on tourism. Such data are important in planning and allocating resources in the tourism sector; Encouragement of Tour Training and Education: Effective training and education should be provided in order to create professionalism in the industry towards efficiency in service delivery.
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