THE CONTRIBUTIONS OF CENTRAL BANK OF NIGERIA (CBN) TO TOURISM DEVELOPMENT: A CASE STUDY OF ENUGU STATE

Onyeabor, James O. and Okonkwo, Emeka E. and Eyisi, P. Afamefuna and Agu, Charles C. (2023) THE CONTRIBUTIONS OF CENTRAL BANK OF NIGERIA (CBN) TO TOURISM DEVELOPMENT: A CASE STUDY OF ENUGU STATE. Journal of Tourism and Heritage Studies, 12 (1). pp. 25-40.

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Abstract

The contributions of the Central Bank of Nigeria (CBN) in development financing through fund supervision, management and disbursement cannot be over-emphasized. Development financing is a vital necessity for the sustainability of tourism in any economy. The supply of finance to various tourism sectors such as NTDC, Enugu State Tourism Board, hotels, transportation and event management will promote the growth of the economy in a holistic manner, thus attracting tourists at any destination and increasing the Gross Domestic Product (GDP). The CBN development initiative involves the formulation and implementation of various policies, innovation of appropriate product brands and creation of enabling environment for financial institutions to deliver services in an effective, efficient and sustainable manner. Before the advocacy for tourism development in Nigeria, the initiatives were mainly targeted at the agricultural sector, rural development and micro small and medium enterprises. As tourism continued to attract attention in the country, the CBN began to create enabling environment for the sector to survive and strive by providing capital. This paper explores the contributions of CBN in supporting tourism development with focus on Enugu State. It concludes that CBN is central to tourism development since funding is needed for the sustainability of the sector

Item Type: Article
Subjects: A General Works > AS Academies and learned societies (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Art
Depositing User: Uchenna Eneogwe
Date Deposited: 12 Jun 2025 13:58
Last Modified: 12 Jun 2025 13:58
URI: http://eprints.gouni.edu.ng/id/eprint/4827

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