Abiola Adelana, the Tourism and Creative Art Business Manager at Sterling Bank, where her main task is to revitalize Tourism Business, especially within Nigeria, and set up a sustainable model to utilise finance in developing domestic tourism. She is a seasoned banker with over 15 years experience in risk management, strategy and retail banking.

Abiola is a member of the domestic tourism and economic development working committee for Nigeria, as Coordinated by the Nigeria Tourism Development Authority.

Under her watch, the Tourism Business Desk and by extension, Sterling Bank has won multiple awards in Nigeria and internationally, for their role as the first Nigerian financial institution to recognize the potential, and promote domestic tourism in Nigeria.

In this chat with Jimoh Babatunde, she shares her thoughts on travel trade businesses in Nigeria, the roles of the bank in expanding the frontiers of tourism and the forthcoming World Tourism Day celebration.

Here is an excerpt:

What is your take on the travel trade business in Nigeria?

The travel trade business in Nigeria represents one of the most underleveraged sectors of our economy, despite its immense potential. Globally, the travel and tourism sector contributed $9.6 trillion to the global GDP in 2019 (before the pandemic), accounting for 10.4% of global GDP. While countries like South Africa and Kenya have built thriving tourism sectors, Nigeria has barely scratched the surface of what is possible. Tourism contributed a mere 4.5% to Nigeria’s GDP in 2021, a contrast to its potential.

Nigeria has everything it needs to become a premier destination for domestic and international travellers—rich cultural heritage, diverse ecosystems, and vibrant cities. Yet, challenges such as weak infrastructure, inconsistent policy frameworks, and an insufficient branding strategy have stifled growth. For instance, despite being home to 7 UNESCO World Heritage sites, these locations remain underdeveloped and inaccessible to many tourists.

What’s clear is that Nigeria’s tourism sector could become a major economic driver if we, as a nation, prioritize its development. Tourism can generate jobs on a large scale, increase foreign exchange earnings, and boost rural development. Research from the World Travel and Tourism Council shows that for every 30 international visitors, 1 job is created in tourism-related activities. Imagine what that could mean for a country like Nigeria, with over 200 million people and a large percentage of the population in need of job opportunities. It’s time we reimagine tourism not as a secondary industry but as a strategic pillar of national development.

Are there bankable tourism products in the country?

Significant progress has been made in positioning tourism as a key sector in Nigeria. Government initiatives, alongside efforts from financial institutions like Sterling Bank, the Bankers’ Committee, and private sector players, have laid a strong foundation.

The $100 million renovation of the National Arts Theatre, driven by the Bankers’ Committee, is a prime example of turning cultural assets into bankable ventures.

Similarly, state partnerships, such as Sterling Bank’s promotion of Ikogosi Warm Springs and the Argungu Fishing Festival, are unlocking the potential of local tourism assets. Yet, while these efforts are commendable, much more ground needs to be covered. Tourism contributes only 4.5% to Nigeria’s GDP, compared to 14% in Kenya and 8.6% in South Africa.

The gap is largely due to infrastructural deficits, insufficient national branding, and security concerns that hinder the sector’s full potential.For instance, the Yankari Game Reserve, home to 350 bird species and 550 elephants, remains under-visited due to poor accessibility. Meanwhile, Kenya’s Maasai Mara attracts over 300,000 visitors annually, generating $173 million.

Nigeria’s rich cultural festivals and diverse cuisine are also vastly underutilized. Events like the Osun-Osogbo Festival could draw global attention, but they require better coordination and investment. Similarly, our culinary heritage, especially with dishes like Jollof rice, holds immense potential for food tourism, a rapidly growing global trend.

The groundwork has been laid, but we need a cohesive strategy to turn these assets into globally competitive products.

Financial institutions and private sector entities must continue to play a leading role, not only as financiers but as visionaries driving the sector forward.

The global tourism market is expected to reach $8.9 trillion by 2026. Will Nigeria be part of that growth story, or will we miss the opportunity to redefine our future? What is the role of your bank in expanding the frontiers of tourism trade in Nigeria?

Sterling Bank has played a pivotal role in advancing Nigeria’s tourism by empowering local economies and driving community-based growth.We focus on supporting local entrepreneurs, particularly women, through training programs that help them produce high-quality souvenirs such as Adire fabrics, hand-carved sculptures, and beaded jewellery. These cultural products not only celebrate Nigeria’s heritage but also create sustainable livelihoods for artisans across the country.

Our partnerships with state governments in Osun, Ekiti, Oyo, Cross River, and Kano have been instrumental in promoting destinations like the Ikogosi Warm Springs, Osun-Osogbo Festival, Arinta Waterfalls, and Calabar Carnival.

These efforts have boosted local tourism and created new income streams for surrounding communities by integrating tourism with local businesses.

Additionally, our Torrista platform has made travel services more accessible, connecting local tour operators, hotels, and artisans with a wider audience. Through these initiatives, Sterling Bank is not just promoting tourism but creating an ecosystem that supports economic growth, innovation, and cultural preservation in Nigeria.

How is the bank celebrating World Tourism Day?

This year, Sterling Bank is approaching World Tourism Day with a renewed sense of purpose and responsibility. Tourism holds transformative power, and we believe that now more than ever, it’s time for Nigeria to embrace this sector as an engine of economic growth and cultural preservation.

To mark the occasion, our executive leadership, along with key stakeholders across the tourism industry, will embark on a strategic tour of notable destinations within Lagos and beyond. This isn’t just about promotion—it’s about understanding the gaps that exist in Nigeria’s tourism infrastructure and working collaboratively to address them.

By visiting these sites, we aim to spark a dialogue on how the private sector, government, and local communities can come together to plug these gaps, create lasting impact, and make these destinations more accessible and appealing.

In addition, we are launching our Uncover Naija campaign. This campaign is not just about highlighting the beauty of Nigeria’s tourist spots but about reigniting national pride and encouraging Nigerians to discover their own country. Domestically, tourism accounts for 55% of all travel and tourism in Africa, and we believe that promoting local tourism is a key step in making Nigeria’s tourism sector more sustainable.