The Nigerian Tourism Development Corporation (NTDC) has said it needs $4 billion a year and $20bn (about N7.2 trillion) in five years to effectively deliver on its mandate of promoting tourism.
The DG NTDC, Folorunsho Coker stated this in Abuja on Tuesday while briefing journalists of his plans for 2020.
The Daily Trust reports that the corporation was allocated N1.5 billion in the recently signed 2020 Appropriation Act.
He said there was a need for intervention funding in the tourism sector given that it is the largest employer of labour in the country.
Coker said funding has a major impact on the performance of his agency considering is function is to promote tourism in the country.
Coker, who noted that partnering the private sector is important, said the “Private sector funding is not forthcoming as it was in the past given that Nigeria’s economy is coming out of a recession and has gone through a devaluation of currency”.
“We haven’t stopped seeking their collaboration, we are just not able to get the kind of funds because the private sector is not making as much money as they used to do in the past. But I believe it is an adjustment of the system and we will see better improvement this year,” he said.