Home / Business / Tourism companies contribute N32bn to market capitalisation —Onyema

Tourism companies contribute N32bn to market capitalisation —Onyema

Chief Executive Officer, NSE, Mr. Oscar Onyema

The Chief Executive Officer, Nigerian Stock Exchange, Mr. Oscar Onyema, has said listed companies in the tourism sector have contributed N32bn to the market capitalisation of listed equities.

Onyema said this at the inuguration of the board and planning committee of the Presidential Summit on Tourism held on Thursday at the Exchange in Lagos.

“We currently have nine quoted companies in the tourism sector with a total market cap of over N32bn,” he said.

Onyema, however, stressed that there was a huge growth potential in the tourism sector.

He said, “The World Travel and Tourism Council’s latest annual research shows that the world’s travel and tourism’s contribution to the Gross Domestic Product grew for the third consecutive year in 2012, and created more than four million new jobs.

“Its total contribution comprised nine per cent of global GDP (US $6.6tn) and generated over 260 million jobs – one in 11 of the world’s total jobs.”

According to him, while the industry outperformed the wider global economy in 2012, growing faster than other notable industries such as manufacturing, financial services and retail, the sector in Nigeria was ranked far behind many others.

He said, “In Nigeria, the direct contribution of travel and tourism to the GDP was $3.9bn (1.5 per cent of total GDP) in 2012, and it directly supported 802,500 jobs (1.3 per cent of total employment).  Nigeria is ranked 58 in world travel and tourism in terms of the direct contribution of travel and tourism to the GDP.

“The obvious gap in the Nigerian tourism sector means that there is an enormous growth opportunity in the sector.”

Onyema said the NSE had since responded to a call by the Minister of Culture, Tourism and National Orientation, Chief Edem Duke, for the Exchange to partner the ministry in developing the sector.

He explained that a national discourse would set the tone for a higher level of interest and investment in the sector and appealed to private sector organisations to support efforts to develop it.

The NSE boss said, “I will like to use this opportunity to appeal to other private sector bodies to consider partnering with the government in various areas of our national economy, as the government alone cannot develop the economy.

“We request that the government continue to create a level playing field and initiate investment friendly policies that will encourage public-private partnership in the country. The NSE will continue to collaborate with the government and its various agencies for further development of our national economy.”

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