Take Home Points From The IOD 2016 Tourism And Hos­pi­tal­ity Fo­rum

Hospitality 9ja - - Events -

• The hos­pi­tal­ity and tourism in­dus­try con­trib­utes about 7.6 Tril­lion dol­lars and con­trib­uted over 10% of global GDP in 2015

- World Tourism and Travel Coun­cil.

• Many de­vel­op­ing coun­tries have man­aged to in­crease their par­tic­i­pa­tion in the global econ­omy through the de­vel­op­ment of tourism…an im­por­tant tool in pro­mot­ing eco­nomic growth, al­le­vi­at­ing poverty, job cre­ation, as well as con­tribut­ing to na­tional de­vel­op­ment goals.

• Tourism is the prin­ci­pal ex­port for 83% of de­vel­op­ing coun­tries and the most sig­nif­i­cant source of for­eign ex­change af­ter pe­tro­leum.

• The tourism In­dus­try is sub­stan­tial to the coun­try’s eco­nomic de­vel­op­ment. It has driven rev­enue and glob­ally, cur­rently stands as the fastest grow­ing sec­tor at 10% GDP com­pared with other sig­nif­i­cant sec­tors.

• Global GDP con­tri­bu­tion of tourism is $7.1 tril­lion, 9.3% in 2014,10% in 2015 and 9.8% in 2016 ow­ing to the Mid­dle East cri­sis. Tourism also em­ploys 8.7% of the world’s pop­u­la­tion with an an­nual growth rate of 2.4%.

• In 2013 Nige­ria recorded 4.03 mil­lion tourist ar­rivals and $650 mil­lion ex­pen­di­ture, in­creas­ing in 2014 to 4.8 mil­lion.

• The Osun Osogbo Fes­ti­val recorded in 2013, 22,000 tourists with 123 in­ter­na­tional guests and N58 mil­lion in rev­enue, while the Abuja Car­ni­val at­tracted 19,000 tourists, 113 in­ter­na­tional guests, and N147 mil­lion ex­pen­di­ture.

• Do­mes­tic tourism mar­ket po­ten­tial is $4 bil­lion, and is tasked to sur­pass $10 bil­lion by 2020. • Po­ten­tial mar­ketable prod­ucts in Nige­ria in­clude Fes­ti­vals, Coast­line Beaches, Tourism sites, Car­ni­vals, His­tor­i­cal mon­u­ments and Showbiz (mu­sic and movies).

• The hos­pi­tal­ity and tourism In­dus­try is the ma­jor cat­a­lyst for many economies stim­u­lat­ing for­eign in­vest­ment em­ploy­ment and driv­ing the ser­vice sec­tor.

• Con­tri­bu­tion of tourism to GDP is broad-based and in­cludes trans­porta­tion, ac­com­mo­da­tion, ac­tiv­i­ties at tourist des­ti­na­tions, food and drinks and other ser­vices.

• Tourism is the great­est em­ployer of la­bor in the world.

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