The analysis of international tourist expenditures for passenger transport items in Nigeria from 2013 to 2023 indicates a fluctuating trend with significant variations. The data peaked in 2018 at $3.649 billion but faced a sharp decline by 2020 to $1.065 billion due to external factors like global travel restrictions. The value in 2023 stood at $2.7416 billion, showing a 10.84% increase from 2022, although the Compound Annual Growth Rate (CAGR) over the past five years is -5.56%, showcasing a general downward trend.
Looking ahead, the forecast from 2024 to 2028 suggests a continued gradual decline, with a forecasted 5-year CAGR of -2.77%, projecting a total decrease of 13.11% by 2028. Factors contributing to this trend may include economic conditions, changes in tourism flows, and evolving travel preferences.
Future trends to watch for:
- Adaptation to new travel norms and potential shifts in global travel preferences
- Economic policies and investments in tourism infrastructure
- Impact of geopolitical and environmental factors on tourist inflows
