My vision for Nigeria’s tourism industry
The new bill, which seeks to replace the existing old law, was initiated to reposition the corporation to meet its set objectives and generate revenue that will boost the country’s economy.
Today, the bill is before President Muhammadu Buhari for assent.
Director General NTDC, Mr. Folorunso Coker, described the new NTDC bill as the needed legal framework upon which to grow the nation’s tourism potentials.
He said the new bill when passed into law would prompt financial framework that allows the agency to operate as a business entity capable of generating huge revenues for the economy.
Currently, tourism is contributing marginally to the fortunes of this country.
The government of former president, Goodluck Jonathan, had unveiled a new tourism brand identity for the nation’s tourism sector termed ’Fascinating Nigeria.’
It said it would drive the promotional activities of the government in the culture and tourism sector and put Nigeria at par with countries like South Africa with ‘It’s Possible’ as its brand identity. But this campaign did not succeed, because of so many factors, most especially the legal framework guiding its operation.
Coker likened the NTDC’s legal framework to the required foundation (the financial framework inclusive) laid in the communication, banking, oil and gas sectors that resulted in their huge revenue generations.
While lamenting that as at now, most tourism operators are unable to access loans from the banks, because tourism does not generate individual returns that allow it to stand 25 per cent interest rate, the DG said it is not profitable for the corporation to sit on one side of the fence as a regulatory body and unable to behave like a private sector concern in terms of understanding the people’s needs.
Though, he bemoaned the situation where tourism is not seen as a serious business in the country, the DG believes there is need to create a strong brand and identity for Nigeria so that people can identify with it.
He noted that since he assumed office in 2017, he has refrained from performing his assignments on the pages of the newspapers, but focused carefully on the building blocks of a foundation that would allow subsequent development plans.
“With the legal framework required for the financial framework to sit on, with the global best practices locked into that, you can see that the lip services that tourism was paid could not achieved much, except the legal frame work is in place. For instance, tourism operators cannot conveniently borrow from the bank because tourism is not seen as a business because there is no legal framework that supports it. Now, hopefully that will change as soon as the bill is passed into law,” he added.
“In tourism, the legal framework for the commercialisation of tourism world best practices was not there. The law was really old. The law has also been handcuffed by a Supreme Court order, so it was not a law that could allow tourism industry to generate the kind of revenues the oil and communication industries have. That is the significance,” he said.
According to Coker despite these challenges, tourism has been very lucky with the ongoing infrastructural development (roads, rail, security, power) embarked upon by Buhari’s administration across the country, adding that for every naira President Buhari has spent in making the life of every Nigerian better is also what tourism requires.
He commended Nigeria for investing in agriculture, manufacturing, power, rail, road and other infrastructure, noting that the best off taker for these industries is tourism because it consumes almost all the products. Tourism will create more intense demand for agricultural products, manufacturing, power, etc and ‘we will see good value for the investment.’
“Every naira spent benefits tourism. Even though tourism is angling for more funds for specific tourism projects, a lot of things are being done that benefit tourism as it benefit the larger society. Also, we have started the process of Tourism Satellite Account, (TSA), which allows you to measure what is going right or wrong,” he said.
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