Driving Real Estate development with Tourism in Nigeria

The rebranding of Obudu Mountain Resort (formerly known as Obudu Cattle Ranch) in Cross River State led to an influx of tourists both from within and outside Nigeria thus creating revenue for the state government and private investors.

This development was an eye opener for other states in the country to the many benefits of tourism to real estate, which ultimately leads to the creation of new revenue opportunities.

Nigeria is blessed with many natural and human resources. As one of the most naturally picturesque nations in the world, tourist attractions abound in Nigeria, ranging from natural attractions like hills, waterfalls, springs, lakes, mountains, rocks, beaches, etc; to man-made attractions like resorts, parks, game reserves, ranches, etc; and cultural attractions such as festivals, carnivals, etc.

A study by Lamudi Nigeria however shows that only a few out of over 70 tourist centres which spread throughout different states in the federation (and each area hosting as much as 100,000 visits a month) generate substantial revenue.

These tourist attractions, mostly resort centres, comprise of revenue generators like luxury rooms, outdoor facilities such as recreational parks, swimming pools, golf course, tennis courts, horse riding arenas, bird watching facilities, boat riding and other activities localized to that area.

The study obtained from an online release by Katy Campbell, Lamudi’s Global Communications Director, noted that places like Tinapa Business Resort in Calabar, La Campagne Tropicana Lagos, MicCom Golf Course Ada in Osun State,  Oguta Lake Holiday Complex  in Imo State,  Le Meridien Ibom Golf Resort in  Akwa Ibom, among others, have joined the league of revenue generators for the real estate industry in Nigeria.

However the  overall percentage of explored real estate investment in tourism industry in Nigeria is less than 2 percent.

- Culled from: http://www.vanguardngr.com