Contributing just half a percent to Nigeria’s gross domestic product, tourism has been selected as a priority area in light of declining global oil prices, VenturesAfrica reports.

Access Bank has earmarked $18.8 million to support tourism and hospitality in Nigeria’s oil-dependent economy. The bank identified tourism as a strong alternative to crude oil as a revenue earner, said Obeahon Ohiwereian, executive director with the bank.

“For any economy to grow, (hospitality and tourism) must be vibrant,” Ohiwerei said. “We are now ready to come into this space.”

Analysts say Nigeria’s tourism sector has potential to become a $4-billion industry.

Skeptics say fundamentals for the development of tourism are lacking.

The Nigerian Tourism Development Corp.’s promise to establish nationwide travel hubs and tourism centers remains theory.

Security challenges and poor infrastructure hamper what could be achieved in the sector, the report said.

While many Nigerians have lived with power outages all their lives, it has deterred would-be visitors from travelling to the country. The bulk of foreign arrivals are mainly for business ventures, the report said.

One way to increase tourism traffic in Nigeria is by promoting domestic tourism, according to VenturesAfrica.

Nigerians do not spend their holidays in Nigerian hotels, a tourism stakeholder said. They prefer to go out of the country. Those who cannot afford a foreign trip stay home.

A national awareness and patronage survey in 1998 revealed that less than 20 percent of Nigerians who spend their holidays out of the country had visited Yankari Game Village or the Obudu Cattle Ranch, and more than 50 percent of the regular visitors to these resorts were foreigners.

Low awareness and inadequate information about the Nigeria’s tourism resorts contribute to the problem.

Tourism in Nigeria represents a huge potential for investors and has recently seen an increase in foreign direct investment, the report said.

In the search of high-growth markets, international hotel chains including Hilton, Sheraton, Best Western and Marriot have moved to gain a foothold in the country.

Efforts by the government to develop a competitive travel and tourism industry are expected to boost the sector and ultimately stimulate economic growth.

Access Bank is a commercial bank licensed by the Central Bank of Nigeria, the national banking regulator.