Tourism is about providing assets for people to
invest in. But people will not invest in assets unless there is a revenue
stream from that investment and a return on their capital. What are the assets
we have in Nigeria?
Nigeria
is blessed with waterfalls, caves, hotels, parks, sandy beaches, large lakes, and
historic sites. Nigeria
is able to offer a range of tourism experiences applicable to the general
holidaymaker as well as the traveller looking for something off the beaten
track. To invest in tourism there must be clarity on how people can invest their
tourism dollars for a fixed period, how they can monetize this tourism
investment and how they can see a clear path for exit or onward – sale of their
investment if need be. My idea is to identify for investment, tourism projects
aimed at specific tourists and to create an enabling environment that respects
and encourages this investment.
And the first step is to identify six projects in
the six geopolitical zones that will benefit from investment and bring these
investments up to a world – standard. I see a read-across for Nigerian tourism
with countries like Morocco,
Tanzania, Vietnam, Zambia,
Rwanda, South Africa, parts of the Caribbean and even Peru in terms of creating a unique experience
not to mention beach experience and golfing experience, where with the right
type of investment will provide alternatives to Morocco
and parts of the Caribbean. We are a friendly
nation welcoming of visitors. Once identified, I intend to put the six
(specific) projects into a prospectus which should be a document that forms the
compendium of opportunities we are inviting people to invest in.
To generate revenue we would need to achieve a world
standard tourism experience. To do this we will target for cooperation those
who have had experience managing emerging markets tourism experiences and
turning those into benchmarks that attract hundreds of millions of tourism
dollars annually. Tourism in Nigeria
is where telecoms was, say twenty years ago. Today as an investment proposition
Nigerian telecoms is probably the best in the world. The same will be said of
tourism in 5 – 10 years from now if appropriate measures and initiatives are
taken
The investors will be given long term tenure for
their investment and where applicable the underlying asset will either revert
back to the government after the project investment period lapses or continue
with the pioneer investor once revenue has been created for the government and a
generous return on capital achieved for the investor.
With this plan we can achieve Nigeria's goal
of being tourism destination hot spot where people come to spend their dollars,
yen, euros, yuan, rand, ringgits and British pounds and this is achievable within
5 – 10 years
But first, we must define what makes the world class
standard experience unique to Nigeria.
We cannot be everything to everyone from day one but we can entice them by
knowing what they want and what there alternatives are.
What we want to
create is a must – have experience that meets a world – standard benchmark for these
tourists and investors.
For example, a tourist may have seen the slave trade
story from other African countries' perspectives but the story is not complete
until they have visited Nigeria
for the last part jigsaw. They may enjoy golf and so want to be playing in
sunshine which we have an abundance of, but be surrounded by first-class
amenities at a price that represents value. The tourist may want to travel
across water to an offshore beach resort just as he does in Tanzania or Zanzibar. He or she may want an ecological
experience and yet know that when they get back to base they too have comfort,
a great meal and seamless internet connections. The tourist may want a
well-planned tour of durbars and festivals but know that at each place he will
be spending the night in comfortable world – class accommodation that enhances
the experience. We want to create family – holiday destinations whether these are
at beaches; water parks or even focused around Nigeria’s numerous lakes. There are
ideas that we need to focus and galvanize to create a product that meets all
health and safety requirements.
WHY A BOND?
We intend to launch a tourism bond underpinned by
what will be a secure revenue –stream generated from a prospective tourism development
levied on departures. The bond will give us the money we need for investment in
the six projects today and these investments will create jobs; careers, transfer
of skills and the right product. The yield on the bond will recognize that we
want investment and recognizes where we are on the tourism ladder today. It’s
all about upside.
WHAT DO WE HAVE TODAY?
In Lagos for example, we
have Lakowe Lakes Golf and Country Estate. We have a burgeoning resort at Epe
Health Resort and Spa that aims to be a market leader. We have Old Lagos which we
should use to create a heritage experience full of small café’s. We can partner
with Lagos State to make Old Lagos a heritage site
with good access and paved roads and sidewalks. There could be a law that protects
the heritage of those (historical) buildings in the old Lagos and whose architecture tells a
compelling story that is of interest to many people around the world.
In Abuja for example we
have Jabi Lake which is a tourism gold-mine which
must be developed by tourism investors that the bond will attract.
In Obudu Mountain Resort Calabar we have ecological
experiences that require further investment to make it comparable with
ecological experiences in Rwanda
and Uganda and Zambia.
In Rivers and Bayelsa we have hotels to be renovated
and turned into real 5-star experiences. We have riverine communities in which
boating experiences can be turned into a world – class product.
The Festivals and Durbars of the North are a rich
and vibrant tapestry of color and enchanting mystery that is sought after
around the world.
The vast geographical features of Nigeria have
long been an object of fascination for people around the world who want to
spend a great deal of time enjoying its inherent assets.
These are just some examples.
WHAT OTHER PRODUCTS CAN WE OFFER FOR SALE TO TOURISM INVESTORS?
Sports Tourism -
Polo is a huge selling point for Nigeria. But we must have a world
class standard because Polo lovers are so passionate and can travel anywhere
for a polo game experience.
Art Tourism –
Art, sculpture is also a selling point for Nigeria, where if properly nurtured
the bespoke tourist looking for that experience will pay his or her hard earned
money to Nigeria to enjoy that experience.
We have a fast growing middle class who want to enjoy
their lives and want to spend their hard earned money but want in turn, value
for their money. They do not want to be cheated. We need to create and develop top
quality tourism products for them and their families. That is why we want to launch
a bond.
THE WAY FORWARD
In 2015, we intend to form
a tourism committee, and I would like for Mr President and the minister to form
a committee with people with international exposure to contribute to the new
tourism journey. I would like for Mr President to give them a 6 – month tenure
to come up with a template.
TOURISM - A VALUE PROPOSITION
Historically, tourism in very much where the telecom
industry was 20 years ago, and as a value proposition, it is an attractive
investment. My role and the role of the committee is to answer the tourism
question in terms of creating viable business opportunities for investments that
enhance the Nigerian tourism experience. Being a business, we must not forget
that investors must see appreciable value and a handsome ROI (return on
investment). For the investor it is not just about a Durbar, a Sango Festival, a
New Yam Festival, or a beach, it is about a sustainable business with handsome
returns.
EMPHASIS
Nigeria cannot remain a mono hydrocarbon
economy. We must create and exploit our other natural resources which are our
landscape, our dynamic people, our plethora of young people, our sunshine, our
lakes, our beaches and our warm friendly nature in order to attract the
billions of tourism dollars looking for destinations and looking for choice.
Tourism should rightly be a considerable contributor to our GDP. As an investment
value – proposition it is unrivalled.
HOW WOULD YOU CONCLUDE
I would conclude by saying that tourism is an
imperative for healthy living and not just a pastime. Rest and relaxation are
the cornerstone of any civilized society. Nigeria
needs to ratchet up this asset we have and make Nigeria open for tourism business
in a meaningful way. Government should not and cannot do this but Government should
create the right enabling environment and investment incentives that foster
investment. Government owns tourism assets which are underutilized or
underperforming. Investment in these is required.
For 2015, we are talking with and partnering with
State Governments, oil companies, the manufacturing sector and banks to see
what role they can play. We are looking at issuing a bond. We
would like to partner with strong brands like General Electric (GE) and brands
like AEG to create music venues for our youths. Attached to these venues will
be streaming rights so both investor and artists make money and the world gets an
on-line insight into what a vibrant country Nigeria is. As mentioned, we will
be talking to oil companies to partner to create recreational experiences and similarly
to banks on what they need for their staff and families and see how we can
partner with them to build something bespoke that will be branded by them and
form the nucleus for wider investments. In all of this the bench-mark is WORLD
STANDARD. Nigerians expect so much more today in the 21st Century and
don’t want to be cheated. Tourists around the world expect similar because they
have choices and it is not ‘by force’ they come to Nigeria.
It is my job to point Government in the right
direction in order to create the right enabling environment because Nigeria is
a destination for Polo lovers, golf lovers, eco-tourism, sun sand and beach experiences,
music lovers, heritage lovers, people who love being around lakes and for domestic
tourism couched both in term of short and long term breaks. Others are
interested in the history of Nigeria,
for example, the Benin
bronzes; our natural caves and waterfalls. Every tourist has a requirement and Nigeria’s other
natural resource can provide everything.
I want Nigeria
to be a Country where people can work, live and holiday, and it must be
comparable to what other countries in the Far East, in South Africa, East Africa
have to offer. Tourism is not a luxury but is a modern social imperative.
Tourism is and must be a major contributor to Nigeria’s GDP.
Tourism creates jobs, capacity and career opportunities for our youth. Taking a
holiday to rest and be with family is extending our lives and building strong
family units. Tourism creates well – being. All work and no holiday leads to a
stress-filled life and short life span.
