International tourism expenditures in Nigeria saw fluctuating trends from 2013 to 2023. Values dipped significantly in 2016 but showed strong recovery by 2018, continuing an upward trajectory into 2023. The year-on-year variation for 2023 was 15.53%, showcasing strong annual growth. The CAGR for the last five years (2019-2023) was 5.51%, indicating a robust increase in international tourism expenditures.
Key variations include:- 2013: -0.95% (CAGR -3.62%)- 2016: -49.83% (CAGR -13.85%)- 2017: 81.12% (CAGR -2.37%)- 2018: 61.31% (CAGR 7.63%)- 2020: -59.69% (CAGR -6.01%)- 2021: 77.07% (CAGR 20.95%)- 2023: 15.53% (CAGR 5.51%)
Forecast data for 2024 through 2028 predict steady growth, with the international tourism expenditure value expected to reach 18.713 billion USD by 2028, driven by a forecast 5-year CAGR of 1.26%.
Future trends to watch for:- Impact of global economic conditions on tourism budgets- Growth in regional travel popularity- Improvements in Nigeria’s tourism infrastructure and services- Effects of global health crises or travel restrictions on tourism flows
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