The Extent to Which Political and Economic Risks have Affected the Tourism Industry in Nigeria
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Date
2019
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Publisher
STUDIA HUMANISTYCZNE AGH
Abstract
Objective: The study aims to determine the extent to which political and economic risks have affected the tourism industry and the economy in Nigeria. Prior Work: In recent times, there has been a clamour for the development of t The study aims to determine the extent to which political and economic risks have affected the tourism industry and the economy in Nigeria. Prior Work: In recent times, there has been a clamour for the development of the Nigerian tourism industry but such has been beset by a spate of religious intolerance, insurgency, and changes in government, among others. There seems to be dearth of literature and empirical evidence to show the extent to which political risk has influenced tourism in Nigeria. Approach: Time series secondary data from the World Travel and Tourism Council, 2017 were used in the regression analysis. Regression statistical technique was used to examine the relationship between political and economic risk and tourism in Nigeria specifically between 2006 and 2017. Results: The study adopted a regression approach and found out that causality exists and there is a positive significant relationship between political and economic risk in Nigeria. Implication: The result of the relationship shows that political and economic risk have effects on tourism, and tourism has a significant impact on the economy. The significant effect of political and economic risk on tourism calls for adequate security in the country, and better legal and institutional frameworks. This will enhance the economic impact of tourism on the Nigerian economy.
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Keywords
Economic risk, Political risk, Tourism industry, Gross domestic product