Tourism boosts Lagos economy with N4.1 trillion
Lagos is solidifying its place as a tourism powerhouse, with the sector injecting an impressive N4.1 trillion into the state’s Gross Domestic Product (GDP), according to insights shared during the 2024 World Tourism Day celebration. With the growing impact of tourism on the state’s economy, Lagos is positioning itself as a global tourism hub, said Oba Abdulwasiu Lawal, the Oniru of Iru-land, who delivered a keynote address at the event.
Speaking on the economic strides made under Governor Babajide Sanwo-Olu’s administration, Oba Lawal noted that Lagos’ GDP had surged from N27 trillion to N41 trillion in just four years, with tourism playing a critical role in that growth. “Tourism is not only about showcasing our cultural history, dynamic arts scene, and beautiful waterfronts but also about economic transformation,” he said. “With millions of visitors flocking to our beaches, festivals, and other attractions, Lagos has become a prime destination for both local and international tourists.”
The monarch revealed that Lagos’ beachfronts alone attract 1.2 million visitors annually, with popular destinations like Elegushi and Oniru beaches experiencing a surge of 500,000 visitors during peak seasons. These high numbers have contributed to substantial investments in the Oniru axis, totaling over N100 billion and covering about 300,000 square meters of land. “These developments have generated more than 10,000 tourism-related jobs, providing a significant boost to our local economy,” Oba Lawal stated.
While the economic gains are clear, the Oniru emphasized that the benefits of tourism go beyond financial growth. “Tourism has a unique ability to generate employment, reduce poverty, and promote peace,” he said, citing the Ejiwa Elegba festival as an example. “This festival alone not only preserves our cultural heritage but also creates hundreds of jobs each year.”
Despite these successes, Oba Lawal acknowledged that challenges remain, particularly in infrastructure and property rights, which continue to hinder the full development of the sector. However, he assured attendees that the government is actively addressing these issues. “We are working to improve infrastructure and enhance security, making Lagos an even more attractive destination for tourists,” he added.
Toke Benson-Awoyinka, Commissioner for Tourism, Arts, and Culture, echoed these sentiments, affirming the state’s commitment to harnessing tourism as a tool for both economic growth and social cohesion. “This year’s theme, ‘Tourism and Peace,’ reminds us how the sector fosters unity, bridges cultural divides, and promotes mutual understanding,” she said.
Benson-Awoyinka highlighted Lagos’ efforts to equip young people with skills in hospitality and cultural management, which not only provides jobs but also fosters social harmony. She also pointed to the state’s collaboration with Sterling Bank to drive sustainable development, showcasing how tourism initiatives can promote unity across borders.
“Lagos, as a melting pot of culture and commerce, understands the crucial role that tourism plays in building a peaceful and inclusive society,” Benson-Awoyinka said, adding, “Through partnerships and initiatives like these, Lagos continues to demonstrate how tourism can serve as a pillar for both economic prosperity and social cohesion.”
As Lagos continues to expand its tourism sector, projections suggest that tourism could account for up to 10% of the state’s GDP in the coming years. The city’s rich cultural landscape, coupled with ongoing government efforts, positions it as a major player in the global tourism scene.
