The Oyo State Government has projected that tourism development could generate between N250 billion and N500 billion annually for the state within the next 25 years through the implementation of its long-term Tourism Master Plan.

A member of the 25-Year Tourism Master Plan Framework Committee, Dr Kola Lawal, disclosed this during his presentation at the ongoing International Tourism Summit Oyo State 2026, held in the state where he outlined the state’s ambitious strategy to transform tourism into a major economic driver.

According to him, the master plan was designed to reposition Oyo State from a largely traditional economy into a globally competitive tourism and creative economy capable of driving sustainable growth, cultural preservation and international visibility.

Lawal said the initiative would help diversify the state’s economy away from dependence on oil revenue, while significantly boosting its Internally Generated Revenue (IGR) through tourism, hospitality and related businesses.

Lawal explained that the master plan would be implemented in phases over 25 years, beginning with foundational projects within the first five years, followed by expansion and consolidation stages.

He projected that tourist arrivals to the state, currently estimated at about 6.7 million annually, would rise to between eight million and 12 million within the first five years, generating between N30 billion and N60 billion annually.

According to him, the second phase, covering years five to 15, is expected to attract between 15 million and 25 million visitors yearly, with projected annual revenue of between N100 billion and N200 billion.

Lawal identified six major pillars of the tourism master plan, including heritage and cultural preservation, product development and diversification, infrastructure connectivity, marketing and branding, investment promotion, and governance and innovation.

He said: “Within the next 10 years, we expect that we’ll have increased our arrivals, tourist arrivals from 15 to 25 million people. And, of course, that will have generated between N100 and N200 billion for us on annual basis. And by the 25th year, that is the expiration of this master plan, we will have increased our tourist arrivals from 25 to 40 million people coming to the States on an annual basis.

“And this would have been generating N250 to N500 billion direct investments into the coffers of Oyo State government, outside a lot of indirect employment, indirect income that people of Oyo State should benefit from.”

Lawal noted that the state intended to position itself as a cradle of cultural civilisation through the preservation of heritage assets, development of museums and establishment of creative tourism initiatives such as filmmaking hubs.

The committee member also revealed that the master plan would focus on developing at least one tourism resource in each of the 33 local government areas of the state to ensure inclusive economic growth and regional development.

Eleyele in Ibadan, he said, had been selected as a pilot tourism development corridor expected to demonstrate the economic potential of tourism investment in the state.

Also, the Director-General, Oyo State Investment and Public Private Partnership Agency, Folami Tilewa, said that tourism investment could only thrive in environments where governance was predictable, coordinated and transparent.

Folami said investors were no longer attracted merely by scenic destinations, but by systems that guarantee clarity, continuity and institutional coordination.

According to him, one of the greatest threats to tourism investment across emerging destinations was governance ambiguity, rather than lack of opportunity.

“Investors are looking for clarity. They are looking for systems. They are looking for environments where responsibilities are clear, processes are coordinated, safeguards are visible and long-term continuity can be trusted,” he said.

Folami noted that tourism investments often struggle in many developing destinations because land acquisition processes were unclear, institutional responsibilities overlap, environmental regulations are inconsistently enforced, while long-term policy direction remained uncertain.

He warned that such conditions forced investors to view tourism environments as speculative instead of strategic investment destinations.

Describing tourism assets as highly sensitive, Folami explained that the sector intersects with land administration, environmental management, water systems, infrastructure, transportation, communities and long-term spatial planning.

He stressed that tourism development could therefore not succeed under fragmented governance structures.

According to him, the emerging tourism framework in Oyo State seeks to create stronger alignment among tourism authorities, investment promotion agencies, environmental regulators, land administration institutions, planning authorities and infrastructure agencies.