Diversification of the Economy Through Hospitality and Tourism

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Written by:

ERHABOR, Osarodion. Destiny (Ph.D)

NIHOTOUR

South-South Campus, Benin City

Description

During the colonial and pre-colonial days, coal and other minerals were exported, followed with the results between the late fifties and early seventies Nigeria was a major exporter of cocoa, groundnut, coal, tin and lead. However, all these were forgotten on the discovery of crude oil between 1956-1958 which resulted in unprecedented boom in the nation’s economy. Nigeria’s crude oil was rated one of the best in the world market, giving rise to bountiful foreign exchange earnings for the nation. Nigeria had a lot of money to the point that the country hosted the second black and African Festival of Arts and Culture FESTAC, in 1977. Unfortunately to get the country industrialized from the oil proceeds were haphazard and inconsistent.
Today, external forces are manipulating the global oil market to the disadvantage of major producers in the oil third world countries. It has now dawned on us that monoeconomy based on petroleum whose price rest on the industrialized nations, is not reliable, hence the need for DIVERSIFICATION and PLURALIZATION. The recognition of the increasing role and prospects of tourism in the global socio-economic sector immediately attracts the attention, especially as Nigeria is bountifully blessed with human resources.