Nigeria’s economy is struggling with high inflation and a weak currency, but for all its challenges, there are vast opportunities that can be harnessed in the tourism sector. Typically, when the prices of foreign goods and services rise due to either inflation or currency devaluation, local substitutes are often the biggest beneficiaries. Given this reality, Nigeria’s tourism sector can become an engine for growth and job creation.

With a weak currency, international travel becomes more expensive for Nigerians. This is especially true for the middle-class Nigerian who explores holiday destinations across the world. These increased costs can lead to a shift in preference towards domestic tourism if both the government and private sector are deliberate about it. Tourism boards and businesses can capitalize on this by promoting domestic attractions. It was this opportunity we capitalized on in Eko Hotels when we launched the Tropical Christmas Wonderland which has now attracted over 10,000 families in six years.

“My latest obsession is re-telling the Nigerian and African story – one that magnifies our talent, resilience, uniqueness and beauty. The Nigeria and Africa I know is not all about the gory images you see on the “donate” pages of international development organizations or the depravity constantly projected in Western media. We are not all about oil and oil theft, crafty politicians, four one niners and yahoo boys.

What is often not realized is that a weak currency can make it more affordable for foreigners to visit Nigeria. With better value propositions and offerings, international tourists may find that their money stretches further, enabling them to enjoy high-quality experiences at lower costs compared to destinations with stronger currencies. This can attract more foreign tourists to the country, boosting revenue for the tourism and hospitality sectors.

Given Nigeria’s exposure to economic volatility due to an over-reliance on oil revenues, diversifying into tourism and hospitality can help create a more resilient economy. By harnessing the potential of these sectors, Nigeria can create new sources of income, employment opportunities, and foreign exchange earnings. Thankfully, there is no better time for the country to pursue an ambitious tourism strategy than now.

To effectively harness this opportunity, there must be a critical investment in human capital development. By developing a skilled workforce, Nigeria can enhance the quality of its tourism services, ultimately attracting more visitors and generating higher revenues. Furthermore, we are responsible for how the world perceives us and so we must be deliberate about the quality of the stories that we tell and the kind of narrative that we shape in an increasingly globalized and digitized world. Ghana hit a sweet spot with the launch of the ‘Year of Return,’ and we can take a cue from that to tell stories that draw people in to experience our country.

Equally important is a deliberate investment in infrastructure that makes communing seamless across major cities within the country. Infrastructure in this context is not limited to roads and trains but should extend to theatres, museums, cultural sites, and centers that are unique, experiential, and valuable. These improved infrastructures have a pull-in effect on tourists and visitors who are drawn to the beauty of our cultural heritage and the excellence that could exist in our industry if we become deliberate in our intent to grow this clearly valuable economy.