Lewes, DE -- (ReleaseWire) -- 05/27/2014 -- Nigerian travel and tourism sector performed well during the review period (2009–2013) in terms of both tourist volumes and expenditures. An increased focus on tourism as a revenue- and job-generating sector, as reflected in the government’s efforts to promote tourism, has benefitted the sector. A rise in investments, driven by economic growth, also contributed to the development of the tourism sector and its related markets.
The report provides detailed market analysis, information and insights, including:
- Historic and forecast tourist volumes covering the entire Nigerian travel and tourism sector
- Detailed analysis of tourist spending patterns in Nigeria for various categories in the travel and tourism sector, such as accommodation, sightseeing and entertainment, foodservice, transportation, retail, travel intermediaries and others
- Detailed market classification across each category, with analysis using similar metrics
- Detailed analysis of the airline and hotel
This report provides an extensive analysis related to the tourism demands and flows in Nigeria:
- It details historical values for the Nigerian tourism sector for 2009–2013, along with forecast figures for 2014–2018
- It provides comprehensive analysis of travel and tourism demand factors, with values for both the 2009–2013 review period and the 2014–2018 forecast period
- The report provides a detailed analysis and forecast of domestic, inbound and outbound tourist flows in Nigeria.
- It provides comprehensive analysis of the trends in the airline and hotel industries, with values for both the 2009–2013 review period and the 2014–2018 forecast period.
Reasons to Buy
- Take strategic business decisions using historic and forecast market data related to the Nigerian travel and tourism sector.
- Understand the demand-side dynamics within the Nigerian travel and tourism sector, along with key market trends and growth opportunities.
Browse this report: http://mrr.cm/ZYT
- Nigeria, one of the leading oil producers in Africa, recorded stable economic growth during the review period, driven by growth in both the oil and agricultural and service sectors. Its gross domestic product (GDP) grew by 6.4% in 2013, according to International Monetary Fund (IMF) estimates. In April 2014, the Nigerian government overhauled the GDP-calculation process by updating the base year from 1990 to 2010. Rebasing made Nigeria the largest economy in Africa, surpassing South Africa
- Tourism in Nigeria is mainly built around its natural attractions and the numerous festivals celebrated in the country throughout the year. The Durbar festival is celebrated annually in many cities in Nigeria and is a major attraction for domestic tourists. Other festivals include the Argungu Fishing Festival, the Festival of Light, the Calabar Carnival, the Eyo Festival, the Osun Festival and the Yam Festival. The country’s natural attractions and geographical sites also attract a large number of domestic and international tourists.
- In the World Economic Forum’s (WEF’s) Travel and Tourism Competitiveness Index 2013, Nigeria ranked 136 out of 140 countries in terms of safety and security in 2013. Poverty and unemployment are major factors contributing to the country’s high crime rates. In addition to local, regional and national terrorism, armed robberies and attacks – particularly on tourists as they are perceived to be rich, kidnappings, carjacking, extortion and assaults are widespread.
- Safety and security concerns in the country are a deterrent for international tourists, with international tourist arrivals to Nigeria declining at a review-period CAGR of -10.47%. The number of visitors on leisure trips declined at a CAGR of -14.87%, while a slower decline was recorded in the number of business travelers, at a CAGR of -3.28%. However, the share of business travelers in terms of total international arrivals increased from 33.7% in 2009 to 45.9% in 2013. Warnings issued by several countries in the Americas and Europe advising people to avoid travel to Nigeria also contributed to the low volume and slow growth of international visitors.
- Nigeria has seen an increase in residents’ preference for international holidays, with outbound tourist volumes increasing at a review-period CAGR of 6.65%. Outbound tourist expenditure also rose at a review-period CAGR of 17.70%. Improving economic conditions in the country have led to rises in income levels, enabling more Nigerians to holiday abroad. However, the volume of business travelers recorded the highest growth at a review-period CAGR of 8.97%, indicating a rise in business-related tourism activity in the country.
- The airline market in Nigeria has faced numerous challenges recently. Several domestic airlines have ceased operations, and fatal air crashes have contributed to a negative image for the country’s airline services. Consumer confidence in Nigerian aviation services reached a low in 2012, with five fatal air crashes between March and October claiming more than 160 lives. Declines were recorded in both passenger traffic and revenue at respective rates of -4.2% and -3.6% in 2012. Overall, during the review period the total airline revenue increased at a CAGR of 5.02%, with strong domestic demand keeping the aviation industry active.
- The hotel market in Nigeria performed significantly well during the review period, with total revenue increasing at a robust CAGR of 21.32% from NGN682.8 billion (US$4.6 billion) in 2009 to NGN1.5 trillion (US$30.9 billion) in 2013. The total number of guests also increased at a CAGR of 5.46%. Rapid growth in the economy has attracted investors from around the world, and many leading hotel chains have expanded their footprints in the country. Increasing demand for luxury and upscale hotels by business travelers also contributed the increasing interest of international hotel chains in the country.
Find all Travel and Leisure reports at: http://www.marketresearchreports.com/travel-leisure
Spanning over 81 pages, “Travel and Tourism in Nigeria to 2018” report covering the The Travel and Tourism Sector In Context, Country Fact Sheet, Tourism Flows, Airlines, Hotels, Tourism Board Profile, Airport Profiles, Company Profiles – Airlines, Company Profiles – Hotels, Market Data Analysis, Appendix. The report covered 10 companies - Arik Air Ltd, Aero Contractors Company of Nigeria Ltd, Emirates Nigeria, British Airways Nigeria, Ethiopian Airlines Nigeria, Protea Hotels Nigeria, Starwood Hotels & Resorts Nigeria, Best Western International Nigeria, Accor Hotels Nigeria, Golden Tulip Nigeria
Find other reports on Nigeria Market at: http://www.marketresearchreports.com/countries/nigeria
About Market Research Reports, Inc.
Market Research Reports, Inc. is the world's leading source for market research reports and market data. We provide you with the latest market research reports on global markets, key industries, leading companies, new products and latest industry analysis & trends.
Follow us on YouTube : http://www.youtube.com/user/MarketResearchReport