Nigeria's international tourism receipts showed significant fluctuations from 2013 to 2023. Initially, there was a steady rise between 2013 and 2017, with a peak growth of 201.08% between 2015 and 2016. However, from 2018, the trend reflected a notable decline, exacerbated by an 61.79% drop in 2020 due to the COVID-19 pandemic.
Recent data indicates a recovering trend, with tourism receipts increasing by 16% in 2023 to stand at 2.41 Units of Exports. The Compound Annual Growth Rate (CAGR) over the last 5 years shows a slight downturn of -4.24%, reflecting overall volatility in the sector.
Looking forward, the forecasted 5-year CAGR of 1.23% suggests a modest recovery with projected growth, reaching 2.60 Units of Exports by 2028. Future trends to watch include Nigeria's potential investment in tourism infrastructure and marketing strategies to bolster international tourism, as well as global economic stability and traveler confidence.
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