Harnessing Tourism Potentials for Growth and Employment Generation in Nigeria: A Socio-Economic Perspective
Supper Roland Okijie
Department of Sociology and Anthropology, University of Uyo, P. M. B. 1017, Uyo, Akwa Ibom State, Nigeria.
Ubong Edem Effiong *
Department of Economics, University of Uyo, P. M. B. 1017, Uyo, Akwa Ibom State, Nigeria.
*Author to whom correspondence should be addressed.
Abstract
The core essence of this study was to ascertain the influence of the tourism sector in fostering growth and employment in Nigeria for the period 1995 to 2019. The choice of the period is premised on data availability. Specifically, the study investigated the influence of tourism on economic growth; and the influence of tourism on unemployment. Data from the Central Bank of Nigeria and the World Bank database were used. In achieving the set objectives, the study used the “Fully Modified Ordinary Least Squares” (FMOLS) in estimating the two models that were developed to achieve the two objectives after co-integration was established. In the growth model, the result revealed that tourism wields a positive and substantial long-run influence on economic growth. Specifically, a unit percent increase in tourism will increase economic growth on the average by 1.3388%. For the unemployment model, it was realized that tourism exerts a negative but insignificant effect on unemployment in Nigeria. This implies that tourism reduces unemployment but such has not been substantial. In this light, the paper recommended that the tourism sector should be revamped in the quest for economic growth and employment generation in Nigeria. As such, the Mexican model of Viajemos todos por México is being suggested to drive the sector in Nigeria.
Keywords: Unemployment, economic growth, tourism, employment, FMOLS