The share of travel services in Nigeria's services exports has shown significant fluctuations over the past decade, peaking at 50.67% in 2017 and experiencing a sharp decline to 6.41% in 2021. In 2023, the value stood at 18.57%. The past two years witnessed dramatic year-on-year variations, with a rebound of 16.76% from 2021 to 2022, followed by a -4.60% decrease from 2022 to 2023. The last five-year CAGR from 2018 to 2023 indicates a declining trend, averaging -14.57% per year.
Looking ahead, the forecasted share from 2024 to 2028 remains constant at 18.57%. Key factors to watch include global economic recovery, improvements in domestic infrastructure, and government policies aimed at boosting the travel sector.
