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The Tourism Sector in Nigeria

by Fred Nwaozor The tourism sector in Nigeria is a largely untapped yet highly promising component of the national economy. With her vast landmass, rich cultural diversity, and varied ecosystems, Nigeria possesses the natural and human resources required to build a thriving tourism industry. Tourism, if properly harnessed, can serve as a major source of revenue, employment, and international goodwill for the country. Nigeria’s cultural diversity is one of its greatest tourism assets. With over 250 ethnic groups, each with distinct languages, traditions, festivals, and cuisines, the country offers a wide range of cultural experiences. Traditional festivals such as the Argungu Fishing Festival, Osun-Osogbo Festival, Durbar Festival, and New Yam festivals attract both local and international visitors. The country is also blessed with numerous natural attractions that have strong tourism potential. These include scenic landscapes such as the Obudu Mountain Resort in Cross River ...

House of Reps gives Nod to Tinubu's $2.35bn Loan Proposal

Ben Achi
The House of Representatives in Nigeria has given a nod to President Bola Tinubu's request to borrow $2.35 billion to help finance the 2025 budget deficit and refinance maturing Eurobonds.

The approval was made on Wednesday, October 29, 2025, after the House considered the report of its Committee on Aids, Loans, and Debt Management.

Key details of the approval include:

Total amount: The borrowing plan is for a total of $2.347 billion.

Purpose: The funds are split into two components:

$1.23 billion, for funding a portion of the 2025 budget deficit.

$1.12 billion, for refinancing Nigeria's Eurobond, which reportedly matures in November 2025.

Additional issuance: Lawmakers also approved the issuance of a $500 million sovereign Sukuk bond in the international capital market. This is intended to fund infrastructure projects and diversify the country's funding sources.

Financing options: The government is authorized to raise the funds through various financial instruments, including Eurobond issuance, loan syndications, and direct borrowing from international financial institutions.

This approval follows Tinubu's request to the National Assembly earlier in October 2025.

Fred Nwaozor, popularly known as TheMediaAmbassador, is a Nigerian tech expert, author, creative & content writer, media strategist, policy analyst, blogger, public speaker and rights activist. The renowned columnist regularly writes for the Federal Radio Corporation of Nigeria (FRCN), and is the Founder & Convener of Right Thinkers Movement (RITMO), Nigeria. He's a chartered industrial physicist, engineer and IT personnel. As a media guru, he enjoys an active presence in all media segments - including electronic, print & digital - since two decades ago till date. As a full-time researcher and educator, he's a regular contributor and peer reviewer for various internationally-noted engineering journals. As an Automation & Telecommunication engineer, his research interest mainly lies in System Modelling, Internet of Things (IoT), Smart city, Cybersecurity, Wireless networks, and Machine Learning (ML).