5 New Things You Should Know About Doing Tourism Business In Nigeria

In January 2023, the Nigerian Tourism industry experienced a far-reaching transformation.

The Nigerian Tourism Development Authority Act was signed by former President Muhammadu Buhari.

The development replaces the Nigerian Tourism Development Corporation (NTDC) with the more robust Nigerian Tourism Development Authority (NTDA) as the vanguard of the nation’s hospitality sector.

Here are 5 new game-changers you should know about this industry-booster.

1, Better Access To Funds

The stakeholders will have better access to funds for growing the industry with the Nigerian Tourism Development Fund.

The fund which will be managed by a Fund Management Board targets development in areas that include capacity building (education/training), entrepreneurship, financial incentives (subsidy, grants, and concessionary interest loans), infrastructure, market research and promotion, and marketing.

In line with the Single Federal Account Policy, the fund will be domiciled at the Central Bank of Nigeria.

2, Firmer Control For Improved Services

For improved services that will transform Nigeria into the preferred tourist destination all over the world, the Hospitality, Travel and Tourism Division has been put in place.

The division among other responsibilities is charged with the classification, accreditation, and grading of tourism organizations as determined by the NTDA – and the imposition and enforcement of the sanctions as stipulated.

3, Public, Private Participation

For comprehensive public and private participation, the provision for an Alliance of Tourism Enterprises has been made.

The alliance will be made up of accredited members who will meet with the NTDA on standards of quality assurance, consumer protection, public health, safety, and related concerns.

Accreditation and renewal of accreditations of members described as an annual compliance requirement come with benefits that are not limited to certification of and promotion by the NTDA, recognition by the World Tourism Organisation, eligibility for specific fiscal or tax reliefs or exemptions including custom duty, financial incentives, subsidy, grants, and concessionary interest loans from the Tourism Development Fund (the Fund) and in respect of some hotels, the authorization of the Central Bank of Nigeria (CBN) for them to buy and sell foreign exchange.

4, The Bureau

Also as part of the holistic approach toward soaring the tourism industry, the NTDA operations provide for the creation of a Conventions and Visitors Bureau.

The Bureau will oversee destination marketing, leading the promotion of Nigeria as a top destination.

Part of the purview of The Bureau is to bid for Nigeria to host international events.

5, Tour Company

Part of the requirement for the setting up of the NTDA is the creation of a Tour Operating Company.

The company which will have offices in all the nation’s geo-political zones will render tour services within and outside Nigeria.

It will be run as a commercial enterprise to generate and manage its revenues.

Folorunsho Coker, who played no small measure in the emergence of the current narrative, is the Director General of the Nigerian Tourism Development Authority.