By Okorie Uguru
The World Travel and Tourism Council (WTTC) has forecast in its latest report that tourism will contribute N11.2 trillion (($7.5bn) to Nigeria’s GDP in 2025. The figure is an increase from last year’s contribution which stood at N10.9 trillion. This was contained in its annual Global Economic Impact Research (EIR). The EIR is a report on the economic and employment of travel and tourism on the economies of more 184 countries.
The latest report shows that while the sector was yet to fully recover to the 2019 level in 2024, 2025 will be a pivotal year in which international spending is projected to grow by more than 50 per cent, global GDP contribution is expected to return to the near-2019 levels and employment could see a boost of up to 400,000 additional jobs compared to last year.
Giving further breakdown of the report on the Nigerian tourism industry, the WTTC EIR forecast international visitors spending in 2025 will be in the region of N803.2bn while domestic spending will reach N6.1trn.
Meanwhile, the world’s global body for private sector travel practitioners shows that despite global economic uncertainty, the travel and tourism industry is projected to hit a historic$2.1 trillion in 2025, surpassing the previous high of $1.9 trillion. Travellers are expected to spend more than ever before in 2025.
According to the report, international visitor spending is forecast to reach a historic $2.1 trillion in 2025, surpassing the previous high of $1.9 trillion in 2019 by $164 billion.
This year, travel and tourism is expected to contribute an all-time high of $11.7TN to the global economy, accounting for 10.3 per cent of global GDP.
Jobs around the world supported by the sector are expected to grow by 14 million in 2025, to reach 371 million worldwide, more than the population of the United States.
Julia Simpson, WTTC President and CEO, said “People are continuing to prioritise travel. That’s a powerful vote of confidence in our sector and a sign of its enduring strength.
“But while the global picture in travel and tourism is strong, the recovery remains uneven. Whilst some countries and regions are producing record-breaking numbers, other large economies are plateauing.”
Whilst there is some positive news for many economies around the world, in a number of major travel and tourism markets such as the U.S., China, and Germany, growth has slowed.