The federal government is targeting $1.5bn foreign direct investment (FDI) from tourism in the next four years. The projected amount would be three times higher than the $5m realised in the last two years.
The Minister of Tourism, Lola Ade-John, disclosed this while speaking at the closing ceremony of the 20th Akwaaba Travel Market in Lagos.
She said the federal government was determined to unlock the untapped potential in the tourism sector, disclosing that the sector contributed 3.65% ($17.3 billion) to the country’s 2022 GDP, with vast untapped potential.
She said, “The sector employs 1.91 million people, aiming to multiply this in coming years.
“Domestic tourism saw 3 million trips in 2023, up 20% from 2022, with 200 million potential travellers. “We welcomed 1.2 million international visitors in 2023, boosting foreign exchange.
“Our cultural landscape boasts 1,000+ annual festivals, 1,000+ attractions, two UNESCO World Heritage Sites, and diverse parks and reserves and over $500 million in foreign direct investment secured in two years, projected to triple by 2028.”
