Nige­ria

Tourism Tattler - - BUSINESS & FINANCE -

Although Nige­ria is of­fi­cially in a re­ces­sion and its econ­omy has ex­pe­ri­enced a neg­a­tive growth through­out 2016, the to­tal num­ber of pas­sen­gers recorded by the Fed­eral Avi­a­tion Author­ity of Nige­ria (FAAN) in­creased by 6.3% be­tween 2015 and 2016. Low oil prices and fuel short­ages due to a mil­i­tant group de­stroy­ing oil wells and pipe­lines in May 2016 have hit Nige­ria's econ­omy hard in 2016. Prior to the wave of vi­o­lence Nige­ria had an en­ergy cri­sis and ga­so­line short­age, which formed the start of a de­cline in eco­nomic growth. In ad­di­tion, the se­cu­rity sit­u­a­tion re­lated to Boko Haram vi­o­lent ac­tiv­i­ties wor­ri­some and in­ter­na­tional trav­ellers are wary of trav­el­ing to. This has re­sulted in a sharp fall in oc­cu­pancy and av­er­age rate took a sig­nif­i­cant hit, re­spec­tively de­creas­ing by 3.4% and 5.1% in 2016. Un­for­tu­nately, the in­tro­duc­tion of new ho­tels in the mar­ket and the loss of in­ter­na­tional trav­ellers to do­mes­tic tourists added to this neg­a­tive pic­ture. by 5.2%.

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.