MOVING BEYOND OIL: TOURISM ECONOMY OPTION AND THE REALITIES OF REGULATORY FRAMEWORK
Keywords:
Tourism Economy, Regulatory Framework, Oil Economy, Nigeria
Abstract
Purpose- The oil sector has been the main driver of the Nigerian economy due to its dependence on crude oil revenues.Despite the oil boom, Nigeria is still submerged in uncontainable poverty, and scary unemployment complications. It is against this backdrop that this study scrutinizes the extent integration of tourism economy including, feasible tourism regulatory framework can impact positively to unlocking the Nigerian strangling economy.
Research Methodology- The study been an exploratory study, reviewed various reports and previous literature in this domain study upon which the study made insightful inferences.
Findings- The study finds that tourism economy has the potential to becoming instrument of economic regeneration and stability for Nigeria given its important role in revenue generation, jobs creation, and infrastructure development. Thus, further reveals that Nigeria can only maximise her tourism economy potentials if tourism regulatory framework gear towards environmental sustainability, a secure and safe Nigeria, prioritisation of the tourism sector, and promotion of health and sanitary practices were galvanized.
Research Implications– By establishing the need for economic diversification to tourism economy, thisstudy offers an insight on the need for the government of Nigeria to enforce favourable policy environment that supports tourism business investment.
Originality: This study is the first to verify the connection between tourism economy, tourism regulatoryframework and economy diversification in Nigeria. The study argues that diversifying to and promoting tourism economy has the capacity to remodeling the Nigeria choking economy.
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References
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Bello, Y. O and Majebi, E. C. (2018). Religion Tourism and Social Development. Journal of Faculty of Management Sciences, 192-210.
Bello, Y. O. (2018). Hospitlaity and Tourism Economics. Ondo: Grace Excellent Publishers.
Bello, Y. O., and Bello, M. B. (2015). Lodging Service Management and Administration, Theory and Practice. Benin: Diamond Publishing House.
Bello, Y. O., and Bello, M. B. (2017). Tourism Planning and Development in an Emerging Economy. Ondo: Grace Excellent Publishers.
Bello, Y. O., and Raja, N. R. Y. (2017). Psychometric Properties of Decision to Study Abroad Attributesamong International Edu-tourists from Emerging Economies. IOSR Journal Of Humanities And Social Science (IOSR-JHSS), 22, (7), 31-45.
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Jumia Travel. (2017). The Hospitality and Tourism Outlook in Nigeria. Lagos: Jumia Travel Nigeria.
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Naido, V. (2007). Research on the Flow of International students to UK Universities: Determinants and Implications. Journal of Research in International Education, 6, (3), 287-307.
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Nikki, F., Pietro, C., Sunet, L., Basheena, B., Osere, A., Nicolas, V, and Michael, M. (2015). The African Traveller. Sunninghill, South Africa: PWC'S Hospitality Industry Group.
Nnorom, N., and Adegbesan, E. (2018). Unemployed Nigerians increase by 3.3m to 20.9m — NBS. Retrieved from Vanguard Newspaper: https://www.vanguardngr.com/2018/12/unemployed-nigerians-increase-by-3-3m-to-20-9m-nbs.
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PricewaterhouseCoopers. (2017). African Insights Hotels outlook: 2017–2021. Retrieved August 11, 2018, from www.pwc.co.za/ hospitality-and-leisure.
Proshare. (2017). Tourism’s Direct Contribution to Nigeria’s GDP Yet to Rise in 4th Quarter as Forecast Indicate. Retrieved Feburary 23rd, 2019, from https://www.proshareng.com/news/Travel%20&%20Tours/2017--Tourism’s-Direct-Contribution-to-Nigeria’s-GDP-Yet-to-Rise-in-4th-Quarter-as-Forecast-In.
Roberts, A., Chou, P., and Ching, A. (2010). Contemporary Trend in East Asia Higher Education: Disposition of International Students in Taiwan Universities. Higher Education, 59, 149-166.
Sunday, A. E., Clement, A. U., and Eteng U. O. (2013). Beyond Oil: Dual-Imperatives for Diversifying the Nigerian Economy. Journal of Management and Strategy, 4, (3), 81-93.
TDI. (2014). Nigeria Tourism Development Master Plan. Retrieved from www.tourismdev.com/nigeria_tourism_devel opement_master_plan. Retrieved on, 26.01.14.
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Anthony, B., Marcelo, F., Andrew, H., Sarah, J., Neil, K., David, P., and Kelvin, V. C. (2004). Vission 2020; Forcasting International Student Mpbility; A UK Perspective. England: British Council Department.
Atilola, O. (2012). Climate Change and the Environment: Issues and Geo-information Challenges. Working Week 2012: Knowing to Manage the Territory, Protect the Human Environment and Evaluate the Cultural Heritage. Rome, Italy, 6-10 May.
Awaritefe, O. (2007). Evaluating Tourism Resource Areas in Nigeria for Development. Tourism Review, 62, (2), 37 - 45.
Aworinde, T. (2019). Nigeria Ranks 148 on Global peace Index. Retrieved from Punch Newspaper June 16th: https://punchng.com/nigeria-ranks-148th-on-global-peace-index.
Ayeni, B. (1987). Resource Localisation, Exchange Relations and Diversification of the Nigerian Space Economy. Diversification: Strategy for Nigeria’s Economy. Ibadan: Nigerian Economic Society and Heinemann Educational Books.
Bankole, A. S. (2002). Services Trade Policy and the Nigerian Tourism Sector:A Note of Tourism Contribution, Constraints and Opportunities. A Paper Submitted to the African Journal of Economic Policy. Ibadan: Department of Economics; University of Ibadan.
Barbara, B., Eric, O.,and Colleen, Z. (2015). African Economic Outlook. Retrieved from Nigeria 2015: www.africaneconomicoutlook.org, October, 6.
BBC News Africa. (2012). Nigerians living in poverty rise to nearly 61%. Retrieved from BBC News Africa : https://www.bbc.com/news/world-africa-17015873
Bello, M. B., Bello, Y.O., Akande, E. A., and Raja, N. R. (2014). Economic Impacts of Tourism in Ekiti State. Journal of Tourism and Hospitality, 3, 1-5.
Bello, Y. O and Majebi, E. C. (2018). Religion Tourism and Social Development. Journal of Faculty of Management Sciences, 192-210.
Bello, Y. O. (2018). Hospitlaity and Tourism Economics. Ondo: Grace Excellent Publishers.
Bello, Y. O., and Bello, M. B. (2015). Lodging Service Management and Administration, Theory and Practice. Benin: Diamond Publishing House.
Bello, Y. O., and Bello, M. B. (2017). Tourism Planning and Development in an Emerging Economy. Ondo: Grace Excellent Publishers.
Bello, Y. O., and Raja, N. R. Y. (2017). Psychometric Properties of Decision to Study Abroad Attributesamong International Edu-tourists from Emerging Economies. IOSR Journal Of Humanities And Social Science (IOSR-JHSS), 22, (7), 31-45.
Bello, Y. O., Bello, M. B., and Raja, N. R.Y. (2014). Travel and Tourism Business Confidence Index in Nigeria: Issues and Challenges. African Journal of Hospitality, Tourism and Leisure, 3, (2), 1-15.
Bello, Y. O., Bello, M. B., and Obiora, N. J. (2017). Sport Tourism: Perceived Economic Impact of Okpekpe Marathon Race on the Host Community. Journal of Tourism and Heritage Studies, 6, (1), 113-132.
Bello, Y. O., Udi, I. O., Bello, M. B., and Raja, N. R. Y. (2016). Introduction to Hospitality management. Ondo: Grace Excellent Publishers.
Bello, Y.O., and Bello, M.B . (2012). Infrastructure Development: A Strategic Approach for Sustainable Hospitality Business in Edo State . Continental Journal of Sustainable Development, 3, (1), 47-54
BGL. (2014). Economic Note: Nigeria Tourism Industry: A revolutionized Tourism Sector as a Panacea for a Thriving Hospitality Business. Retrieved January 26th, 2014, from www.research.bg/group.com.
Bukola, A. (2017). Trouble Times for the Eatery Business. The Nation, p. 12.
Bukola, I. (2018). Domestic Tourism to Contribute N3.6bn to Nigeria’s GDP In 2018. Retrieved Feburary 23rd, 2019, from https://leadership.ng/2018/07/13/domestic-tourism-to-contribute-n3-6bn-to-nigerias-gdp-in-2018.
Chuks, N. (2017). A look at Nigerian Tourism Industry in 2017 . Retrieved September 25, 2018, from The Guardian Saturday: https://guardian.ng/saturday-magazine/a-look-at-nigerian-tourism-industry-in-2017.
Corporation, N. T. (2010). Nigeria Tourism Master Plan Gazette, Cited in TDI, (2014) Nigeria Tourism Development Master Plan. Retrieved from www.tourismdev.com/nigeria_tourism_devel opement_master_plan.
Ekwujuru, P. (2016). Tourism contributes N1.7bn to GDP in Q3 2016. Lagos: Vangard Newspaper, Sunday 19 November.
Iniodu, P. U. (2995). Diversifying Nigeria’s Non-Export Base for Sustainable Development. External Trade and Economic Development in Nigeria. Annual Conference of the Nigerian Economic Society (pp. 277-285). Lagos: Nigerian Economic Society and Heinemann Educational Books.
Jennifer, B., and Thea, C. (2013). Travel and Tourism Competitiveness Report: Reducing Barriers to Economic Growth and Job Creation. Geneva: World Economic Forum.
Jumia Travel. (2017). The Hospitality and Tourism Outlook in Nigeria. Lagos: Jumia Travel Nigeria.
Kazeem, Y. (2018). Kazeem, Y (2018) Nigeria has become the poverty capital of the world. Retrieved from Quartz Africa Weekly: https://qz.com/africa/1313380/nigerias-has-the-highest-rate-of-extreme-poverty-globally.
Naido, V. (2007). Research on the Flow of International students to UK Universities: Determinants and Implications. Journal of Research in International Education, 6, (3), 287-307.
National Bureau of Statistics. (2018). Labour Force Statistics- Volume 1: Unemployment and Underemployment Report (Q42017-Q3 2018). Abuja: National Bureau of Statistics.
Nigeria Country Profile. (1992). Implementation of Agenda 21: Review of Progress made since the United Nation Conference on Environment and Development. Retrievedfrom www.un.org/esa/earthsummit/nigeriac.
Nigeria Country Profile. (1992). Implementation of Agenda 21: Review of Progress made since the United Nation Conference on Environment and Development. Retrieved from www.un.org/esa/earthsummit/nigeriac.
Nigeria Tourism Development Corporation . (2010). Nigeria Tourism Master Plan Gazette, Cited in TDI, (2014) Nigeria Tourism Development Master Plan. Retrieved from www.tourismdev.com/nigeria_tourism_devel opement_master_plan. Retrieved on, 26.01.14.
Nigerian Tourism Development Corporation. (2010). Official Gazette No. 21 vol. 84 of 9th April 1997 of NTDC. Abuja: Nigerian Tourism Development Corporation.
Nikki, F., Pietro, C., Sunet, L., Basheena, B., Osere, A., Nicolas, V, and Michael, M. (2015). The African Traveller. Sunninghill, South Africa: PWC'S Hospitality Industry Group.
Nnorom, N., and Adegbesan, E. (2018). Unemployed Nigerians increase by 3.3m to 20.9m — NBS. Retrieved from Vanguard Newspaper: https://www.vanguardngr.com/2018/12/unemployed-nigerians-increase-by-3-3m-to-20-9m-nbs.
OECD. (2001). Guidelines on poverty reduction. Retrieved from http://www.oecd.org/dac/povertyreduction/dacguidelinesonpovertyreduction.htm on 20th July, 2019.
Okoli, C. I. (2001). Tourism Development in Nigeria. Enugu: Jee Communication.
PricewaterhouseCoopers. (2017). African Insights Hotels outlook: 2017–2021. Retrieved August 11, 2018, from www.pwc.co.za/ hospitality-and-leisure.
Proshare. (2017). Tourism’s Direct Contribution to Nigeria’s GDP Yet to Rise in 4th Quarter as Forecast Indicate. Retrieved Feburary 23rd, 2019, from https://www.proshareng.com/news/Travel%20&%20Tours/2017--Tourism’s-Direct-Contribution-to-Nigeria’s-GDP-Yet-to-Rise-in-4th-Quarter-as-Forecast-In.
Roberts, A., Chou, P., and Ching, A. (2010). Contemporary Trend in East Asia Higher Education: Disposition of International Students in Taiwan Universities. Higher Education, 59, 149-166.
Sunday, A. E., Clement, A. U., and Eteng U. O. (2013). Beyond Oil: Dual-Imperatives for Diversifying the Nigerian Economy. Journal of Management and Strategy, 4, (3), 81-93.
TDI. (2014). Nigeria Tourism Development Master Plan. Retrieved from www.tourismdev.com/nigeria_tourism_devel opement_master_plan. Retrieved on, 26.01.14.
Toromade, S. (2018). Nigeria ends 2018 with 90.8 million people living in extreme poverty. Retrieved from https://www.pulse.ng/news/local/nigeria-ends-2018-with-908-million-people-living-in-extreme-poverty/nljxqtj on 20th July, 2019.
Trading Economics. (2019). Nigeria GDP per capital.Retrieved from https://tradingeconomics.com/nigeria/gdp-per-capita on 21st July, 2019.
UNICEF. (2019). Nigeria worst African country in open defecation, second globally. Retrieved from Premium Times, Sunday, October 6, 2019: https://www.premiumtimesng.com/news/top-news/337023-nigeria-worst-african-country-in-open-defecation-second-globally-report.html.
UNICEF. (2019a). Nigeria needs additional two million toilets annually over 7 years. Retrieved from https://www.premiumtimesng.com/news/more-news/331249-sanitation-nigeria-needs-additional-two-million-toilets-annually-over-7-years-unicef.html.
UNited Nation World Tourism Organisation. (2014). UNWTO World Tourism Barometer. Retrieved Feburary 16th, 2014, from 16, 2014, from Madrid: UNWTO: http://www.unwto.org.
United Nations. (1995). Report of the World Summit for Social Development. Retrieved from http://www.un.org/documents/ga/conf166/aconf166-9.htm on 20 July, 2019.
United Nations World Tourism Organization (UNWTO). (2012). Gender and Tourism; Regional Seminar on Responsible Tourism: Opprtunities for Women and Youth in Nigeria. Genever: UNWTO.
United World Tourism Organisation. (2016). World Tourism barometers. Madrid Spain: UNWTO.
Vanguard Newspaper, July 12th. (2018). Nigeria to Earn N3.63 billion from Domestic Tourism by End of 2018. Retrieved Feburary 23rd, 2019, from https://www.vanguardngr.com/2018/07/nigeria-to-earn-n3-63-billion-from-domestic-tourism-by-end-of-2018-hospitality-report-says.
Wall, G., and Mathiesom, A. (2006). Tourism: Change, Impacts and Opportunities. New York: Pearson Prentice Hall.
World Data Lab . (2019). World Poverty Clock . Retrieved from https://worldpoverty.io/ on 18th July, 2019.
World Travel and Tourism Council. (2019). Travel and Tourism continues strong growth above global GDP. Retrieved from wttc.org/about/media-centre/press-releases/press-releases/2019/travel-tourism-continues-strong-growth-above-global-gdp.
Published
2024-10-04
How to Cite
Ojo BELLO, Y., & Busayo BELLO, M. (2024). MOVING BEYOND OIL: TOURISM ECONOMY OPTION AND THE REALITIES OF REGULATORY FRAMEWORK. GPH-International Journal of Business Management, 7(09), 17-30. https://doi.org/10.5281/zenodo.13888976
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