Nigeria’s Economic Diversification with an Emphasis on Hospitality and Tourism Sector as a Necessity

• Main Author: Cordelia Onyinyechi OMODERO
• Format: Article
• Language: English
• Published: Faculty of Management National University of Political Studies and Public Administration 2019-06-01
• Series: Management Dynamics in the Knowledge Economy
• Subjects: hospitality and tourism sector; real gross domestic product; national development
• Online Access: http://www.managementdynamics.ro/index.php/journal/article/view/307/260

The need for economic diversification as Nigeria’s economic crisis heightens and the apparent neglect of the hospitality and tourism sector jointly motivate this study. The paper analyzes the contribution of the hospitality and tourism sector to Nigeria’s national development. The study uses the Ordinary Least Squares (OLS) regression method to analyze the data which span from 1981 to 2017. The results show evidence of a positive and strong relationship between the contribution of the sector and real gross domestic product (RGDP) in Nigeria. Hospitality and tourism sector is estimated to contribute a total of 48.96% variation in RGDP between 1981 and 2017 in Nigeria. From the regression result, the contribution of the hospitality and tourism sector is having a significant positive impact on RGDP. The study is suggesting that the government ought to make an empowering situation for the area to thrive and affect more on national advancement. The examination suggests the arrangement of satisfactory foundations, financing, security, and good roads enhance patronage and accessibility to various tourism destinations in Nigeria.