the role of effective administration in the rapid socioeconomic tranformation of nigeria 161. The Position of the Hospitality Industry in Nigerian Economy. domestic product (GDP). Tourism also provides jobs for the local residents, further benefiting the destination. 1.0 INTRODUCTION. In celebration of Nigeria’s independence, Jumia Travel takes a look at some of the significant contributions of tourism and the hospitality industry to Nigeria’s economy. XYZ-April 23, 2021. The importance of hospitality industry to any national economy needs no emphasis. activity in trade and industry, and the post war economic boom in raw material export and a sharp rise in the general purchasing power and investment potential of indigenous businessmen brought about growth in the number of manufacturing establishments. Developing a Vibrant Tourism Industry in Southeast Region of Nigeria. These figures clearly indicate that the role of tourism and hospitality as a job provider is significant. To determine the role of media and communication in tourism development . Covid 19 pandemic has damaged economies and has impacted tourism and the hospitality industry. According to a KPMG report, the hospitality sector is expected to grow at 16.1% CAGR and will reach Rs. 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. Overall room revenue in South Africa, Nigeria, Mauritius, Kenya and Tanzania rose 7.4% in 2018, up from the 1.9% increase in 2017, principally reflecting a 28 percentage point turnaround in Kenya, a 15.4 percentage point turnaround in Tanzania, as well as a 7.2 percentage point improvement in Nigeria. The impact of religion on the development of tourism is really broad, as it affects it in so many ways. 0. (Bivnze, 2013). But despite this anomaly and trending economy recession, the tourism/hospitality is still contributing. Major impacts of COVID-19 on Nigeria’s hospitality sector The issues and challenges plaguing the hospitality industry in Nigeria are discussed in the context of the case company, a small independent restaurant in Lagos.,Phenomenological research strategies guided the approach to this study. A new face of entertainment and hospitality industry is on the way as Purple Group seals pact with Bank of Industry (BoI) and Keystone Bank for the completion of its new project, PurpleLekki located in Lekki Phase 1, Lagos. The impact of COVID-19 on Nigeria’s travel sector as at April saw 3.5m fewer passengers resulting in a revenue loss of $0.76 bn and a risk in the loss of 91,380 jobs and $ 0.65bn contribution to Nigeria’s GDP. For the hospitality industry to succeed, the need for efficient and responsive hotel subsector which incorporates modern trend of business and customer service cannot be ignored. Although Korea's rapid economic growth has been a consequence of an export-oriented economy, the tourism industry has also been deemed a major contributing factor. In a recent comment about Nigeria’s current economic recession, Eme Essien-Lore, the International Finance Corporation’s Country Manager for Nigeria, was optimistic the economy would rebound this year. Also, Alhaji Saleh Rabo, the National President of the Federation of Tourism Associations of Nigeria (FTAN) said that the adverse impact of the rampaging COVID-19 on Nigeria’s budding tourism and hospitality industry is unimaginably catastrophic, considering the enormous contributions of travel and hospitality sectors to the nation’s overall economic growth and massive employment of labour. The sector is one with diverse linkages across many sectors of the economy, which explains the secondary transmission of the shocks to many other segment of the economy”. Get the suffi cient result from the fi ndings. Nigeria has a privatized economy, low … Also, the sector's contribution to the GDP declined from 0.12% in 2020 to 0.074% in 2019 (see Chart 1). The main purpose for the study is to explore the role of media and communication in tourism and development in Nigeria. The hospitality sector of the Nigerian economy is very wide within the tourism industry. For the hospitality industry to succeed, the need for efficient and responsive hotel subsector which incorporates modern trend of business and customer service cannot be ignored. The contribution of crude oil to the Nigerian economy will shrink fast, a former Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said. 2.2.3 Improvement of standard of living. Various governments seem o recognize the potentials of hospitality and tourism industry to boost the economy and corporate image of the country in a variety of ways. Femi Asu. Hospitality and tourism industry is the sector that the Federal, States and Local Governments pays a lot of attention to, by a successive government in Nigeria. Therefore, they argued for the hospitality industry to re-orientate its developmenttowards tourist needs, such as models, structures, technology, and management skill. Despite its increasing unemployment rates, Nigeria's trade balance helps maintain its economy. The major problem that prompted this research is streamlined into ineffective and inefficient human resource management in the hospitality industry. Equally, hotel industry is a significant income generating sector for many countries in the world including Kenya. Internal control exists for the purpose of giving an organizational sense of direction and allowing for its growth. The Nigerian Juridical Review: Legal Framework for the Protection of Socio-economic Rights in Nigeria. A CRITICAL ANALYSIS OF THE ROLE OF BANK OF INDUSTRY TOWARDS THE DEVELOPMENT OF SMALL AND MEDIUM SCALE ENTERPRISES IN NIGERIA 163. SOCIO ECONOMIC CONTRIBUTION OF TOURISM TO THE DEVELOPMENT OF HOSPITALITY INDUSTRY . and hospitality (Chapter 1); to discuss recent developments for the sector within the context of the global economic and financial crisis (Chapter 2); to evaluate the impact of new ownership patterns in the hospitality and tourism industry on employment, human resource development (HRD) and … By Dikachi Franklin, in Owerri. Dr. Yusuf estimated the hospitality sector in the country at about N1.4trillion in 2019. Nigeria, an economy well endowed with vast resources and favorable climatic conditions all contribute towards making the tourism industry very viable. Contribution of Tourism and Hospitality Industry in the Economy of India 5 Scope of the Study This paper focuses on data of last one decade from 2000 to 2012. Despite the easing of the pandiemi-induced lockdown and the opening of the economy, the Nigerian hospitality industry is still struggling for recovery. The description is … 2,796 thousand crore in 2022. The Hospitality/Tourism Industry in Nigeria contributed about 4.8% to Nigeria’s Gross Domestic Product in 2016. a vast role in the contribution of economy of India. Every Year the industry earns in billion of US$ from domestic and foreign visitors. Also the tourism and hospitality industry contributes money in the foam of various taxes like Capital Gains Tax, Corporate Tax, Service Tax, Excise Duty, Personal Income Double Blind Refereed Papers The impact of hospitality on our global economy is significant; across the world, the travel and tourism industry encompasses 266 million jobs, and contributes 9.5% of gross domestic product (GDP) globally. 9th Annual edition: Unparalleled experience The Outlook provides an overview of how the hotel industry in South Africa, Nigeria, Mauritius, Kenya, Namibia and Tanzania is expected to develop over the coming years. Auditing as a Tool For Effective Internal Control Systems in the Nigerian Hospitality Industry. The decline in air transport activities was very conspicuous as its growth rate declined in 2020 by -36.98% from a growth of +13.17% in 2019. It is the primary responsibility of the hospitality industry to provide food for people of all ages, in all walks of life, at all times of the day or night, and in every situation. The Association of Fast Food and Confectioners of Nigerian (AFFCON), an umbrella body of Quick Service Restaurants (QSR) has revealed that the Nigerian food industry is … The cultural and political impacts of tourism and hospitality industry have increased overtime in Nigeria. TOURISM CONTRIBUTION TO NIGERIA ECONOMY Tourism is an increasingly vital part of the Nigerian economy. The Hospitality and Tourism industry contributed close of $ 8 Trillion to the Global Economy in 2017 which is expected to cross $10 Trillion by 2025 (officially). Nigeria’s immediate past Minister of State for Petroleum Resources, Ibe Kachikwu, has said that crude oil’s contribution to the mation’s economy will fall rapidly. The factors or attributes… 2.2.2 Hospitality industry acting as welfare to the people. ABSTRACT. In the previous three quarters, Nigeria’s telecommunication industry has been the main engine of economic development and has played a key role in bringing the country out of recession. These developments illustrates importance of the HTI in contributing to Nigeria's economy. Although some of the tourist Centers' in Nigeria is not well developed to promote socioeconomic development The industry generates over US$ 1 Trillion per annum in direct earnings (indirect earnings being as high as threefold those of direct earnings). Back in Nigeria, this wasn’t the case for a long time as the same industry was often overlooked in favour of more attractive industries like oil and gas. Overview. The tourism industry is one of the sectors that would be greatly affected by COVID-19 pandemic. But when hospitality is discussed, the robust opportunities in these other sectors are muted. However, the bullish momentum of oil bolstered Nigeria’s recovery and economy. It is the second largest economy and the highest producer of oil & gas in Africa. The share of Travel & Tourism spending or employment in the equivalent economy-wide concept in the published national income accounts or labour market statistics. BoI in collaboration with Purple Group to redefine entertainment, hospitality. Ghana contribution of travel and tourism to GDP (% of GDP) was at level of 5.5 % in 2019, unchanged from the previous year. The tourism industry is an integral part of the hospitality ecosystem. Femi Asu. Tourism contributes 34% to Nigeria’s GDP, generates 20% employment – NBS. However, due to the oil price, Nigeria showed its first trade deficit in over a decade in 2016. The World Trade Organization (WTO, 2014) noted that tourism and hospitality industry is one of Africa’s greatest but most under invested assets, with market worth $50billion, but has $203.7-billion of untapped potential which represents four times its current level. 3. In a bid to maintain its leadership of the hotel subsector of Nigeria’s hospitality industry, Ikeja Hotel extended its operations to the Federal Capital City, Abuja in 2002 through the acquisition of controlling interest in Capital Hotels Plc, the owning company of Sheraton Abuja Hotel. The worldwide travel & tourism industry continued to see strong growth throughout 2015 and international tourist arrivals are predicted to grow by 3-4% per year, to reach 1.8 billion in 2030, according to the UNWTO report. Employment in the world’s tourism and hospitality industry in 2007 is also estimated at 8.3% of total world employment, with 231 million jobs, or one in every 12 jobs worldwide. This figure combines a 60 % drop in hotel occupancy rate and a 30% drop in room prices. The hospitality industry which is a broad industry covering various hosting services including restaurants, hotels, bars, cruise lines and many other related businesses. Though Nigeria contribution of travel and tourism to GDP (% of GDP) fluctuated substantially in recent years, it tended to decrease through 2000 - 2019 period ending at 5.1 % in 2019. CHANNELING of financing into tourism and hospitality would make the industry register sustainable growth while keeping on contributing into the economic … Here are the fastest-growing sectors in Nigeria in Q1 2021. In most parts of the world, the hospitality industry has been a source of optimal return for investors who were quick to identify its immense role in advancing economic growth. Tourism contributes 34% to Nigeria’s GDP, generates 20% employment – NBS. The results and fi ndings examine the contribution of Tourism and Hospitality Industry in the economy of … The National Bureau of Statistics (NBS) on Tuesday said tourism sector accounted for … Hospitality outlook: 2019-2023 9th Annual edition: Unparalleled experience PwC’s team of hotel specialists provide an unbiased overview of how the hotel industry in South Africa, Nigeria, Mauritius, Kenya, Namibia and Tanzania is expected to develop over the coming years. Regarding further economic contributions, turnover across the hospitality sector is over €1.0tn, equal to approximately 8.1% of total economic output, with gross value added (GVA) in the sector (the contribution it makes to economic growth) of more than €460bn, or 3.7% of GDP. The Nigerian hospitality industry is expected to contribute massively to Nigeria’s economic growth within the year, a report has said. Tourism overtime have become a strand part of many economies of many countries of the world, serving as a backbone upon which service sectors thrive with a backward and forward interconnectivity; wherewith different counties of the world interrelate along same tide … The Contribution of Hospitality Industry To Economy Growth. The topic of the session was: ‘A Discussion on the Future of the Nigerian Petroleum Industry. Nigeria has the third largest FDI stock in Africa,since the country remains Africa's largest producer of oil. The world football governing body took to their official Twitter account to recognise the contribution of one of Nigeria’s greatest ever players, who died on July 6, 1991. In 2015, the Kenya’s hospitality industry employed 9.3% of the country’s total working population; this trend went up by 1.1% in 2016, with about 1.5 million people employed in the industry. Growth in domestic tourism and adventure tourism will benefit mid-market hotels appealing to millennials. Airbnb growth will compete at the low end of the market but will not have much of an impact at the high end. the contribution of crude oil to the Nigerian economy will shrink fast, a former Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said. Apart from its contribution to the economic growth, it also brings the country to global recognitions. However, the foundations of the hospitality industry are strong and it is these factors we aim to discuss in this article. The contribution of the hospitality industry to the overall growth of the economy of Nigeria cannot be overemphasized. According to the World Travel and Tourism Council, the hospitality industry plays a vital economic role in local communities throughout the world. tourist accommodation and retention in the nigeria hospitality industry: tah78890: the contribution of vulma culture in tourism development in adamawa state: tah74056: the challenges of event management as a new trends in hospitality industry: tah58136: socio economic contribution of bovina view hospitality industry to tourism development: tah92055 the need for the hospitality industry to play major role which has been estimated at about 50% of all other potentials. Throughout the world, tourism bring money cities and countries. The Hospitality and Tourism Industry (HTI) has the potential to bolster Nigeria's investment landscape and achieve increased contribution to our Gross Domestic Product (GDP). A catalyst for economic growth. Thanks to its growing economy and promoting itself as a culturally… Oil represents only about 10 per cent of Nigeria’s Gross Domestic Product but accounts for about 50 per cent of government revenues and over 90 per cent of export earnings. The tourism and hospitality industry in India has been witnessing a healthy growth and accounts for7.5% of the GDP of the country. The ability of the stakeholders and actors within the educational system to adapt to the organizational changes has attracted attention in the last decade. The transformation in the Nigerian economy during the post war years was The paper analyzes the contribution of the hospitality and tourism sector to Nigeria’s national development. In 2019, agriculture contributed around 21.91 percent to Nigeria’s GDP, 27.38 percent came from industry, and 49.73 percent from the services sector. However, during a global crisis like now, it is the first industry to get a severe beating. We are living in a world where political violence is on the rise. Lagos, to carve-out socio-economic roles for tourism providers vis-à-vis adjoining settlement, to assess the socio-economic contribution of tourism development on the host community and to recommend a way forward towards the enhancement of coastal tourism in Nigeria. 2. THE ROLE OF EFFECTIVE LEADERSHIP IN ACHIEVING ORGANIZATIONAL OBJECTIVES 162. CHAPTER ONE. This research is based on the role of human resource management in the hospitality industry with focus on its performance in south eastern Nigeria. Lagos, to carve-out socio-economic roles for tourism providers vis-à-vis adjoining settlement, to assess the socio-economic contribution of tourism development on the host community and to recommend a way forward towards the enhancement of coastal tourism in Nigeria. Approximately 1350 Million is the number of international tourists last year based on the figures presented by the World Tourism Organisation. Recent macroeconomic and financial developments Nigeria’s economy entered a recession in 2020, reversing three years of recovery, due to fall in crude oil prices on account of falling global demand and containment measures to fight the spread of COVID–19. The National Bureau of Statistics (NBS) on Tuesday said tourism sector accounted for … In 2019, contribution of travel and tourism to GDP (% of GDP) for Nigeria was 5.1 %. the role of religious tourism in the development and growth of urban metropolis; human resources management as a tool for efficiency in the hospitality industry; training effectiveness among employment modes; opportunity for innovation and organizational citizenship behaviour in the nigerian hospitality industry
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