ECONOMIC DIVERSIFICATION IN NIGERIA: THE PROSPECT OF TOURISM

Ahmed, Ayodele Victor and Awonusi, Frank and Falaye, Adebanjo Joseph and Owa, Grace (2017) ECONOMIC DIVERSIFICATION IN NIGERIA: THE PROSPECT OF TOURISM. International Journal of Research in Applied, Natural and Social Sciences. ISSN 2321-8851 (In Press)

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Abstract

In recent times, the economic fortune of Nigeria has been dwindling as a result of a drastic fall in the price of oil in the world market coupled with the illegal bunkering and the Niger/Delta militancy. This calls for the need to diversify the economy. Tourism is one sector that can guarantee numerous benefits for a sustainable growth from the over reliance on the oil sector. This paper therefore, examined the prospect of tourism as a source of income generation, foreign exchange earner and a source of employment. The sources of data were secondary gotten from CBN Statistical Bulletin and the World Tourism Organization. The paper examined the relationship between tourism and economic growth using Ordinary Least Square, OLS. The result revealed that there is a significant, unidirectional and positive long run relationship between tourism and economic growth. This confirmed the tourism led growth hypothesis that tourism triggers economic growth because tourists’ spending provides foreign exchange earnings and job opportunities. The paper recommended provision of infrastructural facilities and improvement in security in order to motivate prospective tourists.

Item Type: Article
Subjects: H Social Sciences > HG Finance
Depositing User: Dr Adebanjo Joseph Falaye
Date Deposited: 13 Jul 2017 09:34
Last Modified: 13 Jul 2017 09:34
URI: http://eprints.lmu.edu.ng/id/eprint/965

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