With increasing investment in tourism development and promotion by many states in Nigeria in recent time as a means improving their  internally generated revenue, stakeholders in the sector have not ceased to ask for tourism development fund.

The call for special fund for tourism development came up again in Abeokuta, Ogun State at a Zonal Workshop on “Economic Diversification and Enhanced Revenue Generation” organized by the Revenue Mobilization, Allocation and Fiscal Commission(RMAFC).

Delivering a paper “The Prospects of Making Nigeria a Tourist Destination”, the Director General of the Nigeria Tourism Development Corporation (NTDC), Otunba Olusegun Runsewe called for the establishment of a Tourism Development Fund to stimulate growth in the tourism industry.

While commending RMAFC for organizing the workshop, which he described as important and timely, Runsewe said the Tourism Development Fund will supports projects that encourage tourism investment, tourism product development and industry capacity building.

The NTDC boss explained that such fund put in place will support the creation or revitalization of tourism attractions, sites and experiences; Support innovative product development for emerging sectors that have demonstrated market potential; and enhance the quality of tourism services, businesses and practices through training.

He added that the fund will also assist with tourism planning and capacity support to ensure that the tourism industry is well positioned to make future strategic decisions, address issues and opportunities.

Runsewe disclosed that tourism associations, economic development corporations, tourism businesses and organizations interested in undertaking tourism-related initiatives which support industry development and increased visitation will be able to benefit from the fund.

In an earlier chat with Vanguard, Chief Mike Amachere, owner of the Port Harcourt Tourist Beach, said funding of tourism has always been a critical element of the industry development over time in Nigeria due to the capital intensive nature and long gestation period of tourism projects.

This, he said, informed the calls by stakeholders in the industry for the floating of a tourism development fund as an incentive and encouragement for investors in the sector.

Amachere said tourism is capital intensive and for there to be real development that the sector requires low interest funds with long gestation, “which is not available presently in Nigerian Capital Market.”