LA LEY ORGÁNICA DE GARANTÍAS JURISDICCIONALES Y CONTROL CONSTITUCIONAL

2.28 NEED FOR ECOTOURISM A NON-OIL SECTORS ECONOMY

petroleum resources at their backyards. The most efficient alternative to crude oil are;

tourism, agriculture, mining and solid minerals among others which many nations have used to develop their economy. Given the high level of oil trade dependence ratios by Nigeria, the impact of a steep fall in the price of crude oil from $147 per barrel (on 11^th July, 2008) to $38.78 on december18, 2008; had destabilizing effects the economy.

Today, the steeper decline implies a 44% loss in oil revenue receipt. Whereas oil account for 95% of foreign exchange earning, 85% of government revenue and 60% of the GDP;

it means that the present crisis will lead to 52.5% loss of total export income, loss of 32.4% in the value of GDP (Rilwan, 2008). The net effect of this development is the emergency of a big resource gap and inability of government to finance the annual budget. Budget deflects become the order of the day and management, could trigger off inflationary spiral. Addressing inflation through monetary and fiscal measures will reduce critical budgetary spending in a country that has one of the highest unemployment rates in the world. Thus unemployment, which has become a national malaise, will continue to grow, badly needed infrastructural development will suffer. This will exacerbate the current domestic high unit cost of productions. Foreign exchange earning will diminish as export trade decline, the much celebrated 7-point Agenda will run into mid-air turbulence due lack of funds, and at the end the projected 6% annual growth rate of GDP will remain unattainable.

No progressive economy can achieve sustain economic development relying on unpredictable market product like petroleum. The risk of sole dependent on oil as the economics base of the nation is far too enormous. Even at the time of spectacular surge in oil prices $146 per barrel (never in oil history market) for many months in 2009; it does not translate to economic improvement for the nation. Today, oil price has dropped to less than $40 per barrel. American President Barack Hussein Obama during his presidential campaign in 2008 promised the development of alternative clean source of energy (without carbon emission and depletion of ozone layer). Research by developed nations should be worrisome to Nigeria. A major break through in this direction could put an end; or greatly reduced America’ reliance on foreign oil for fuelling her economic consumptions. The use of electric cars by the public before the end of President Obama tenure should be a major concern to Nigeria, which is the fourth largest exporter of crude oil to America. Nigeria was not invited to the G-20 economic summit organized by the

White house held in 2008, because Nigeria with heavy dependence on oil as a major foreign exchange contributes very little to the World economy despite its claim to be African giant. What this mean is that oil is not a major driver of the global economy.

World economy is in excess of $100 trillion, oil consumption and contribution both from OPEC and non-OPEC nations amount to less than $10 trillion that invariably translate to contribution of less than 10% of World economy (World Trade Organization, 2008).

Furthermore, it is worth mentioning that the general domestic economic downturn will discourage foreign capital inflow in some ways. For example some Banks, which loaned money to Nigeria Banks during the banking consolidation period, are likely to be hesitant to lend again in the face of crisis. This in turn will affect the operation of such Banks and, ultimately, reinforce the credit squeeze regime. The compressive analysis of dwindling oil fortune in the global world should tip Nigeria to have a rethink about it dependence on one product as the economy sustainers.

2.29 TOURISM IN NIGERIA

The Federal Government of Nigeria in its determined efforts to develop and promote tourism into an economically viable industry had in 1991 evolved a tourism policy. The main thrust of the policy is to make Nigeria a prominent tourism destination in Africa, generate foreign exchange, encourage even development, promote tourism-based rural enterprises, generate employment, accelerate rural-urban integration and foster socio-cultural unity among the various regions of the country through the promotion of domestic and international tourism. It also aims at encouraging active private sector participation in tourism development.

Organized tourism started in 1962 when private practitioners to promote tourism image of Nigeria established the Nigeria Tourism Association (NTA). The efforts of this association led to the admission of Nigeria as a full member of the International Union of Official Travel Organization (IOUTO) currently World Tourism Organization (WTO) in 1974. The military ruler of 1976-1979 replaced the Nigeria Tourism Association (NTA) with the Nigeria Tourism Board (NTB) via decree 54 0f 1976. In consolidating the achievement of NTB; Nigeria Tourism Development Corporation (NTDC) was established from NTB through Decree 81 of 1992 which has the following institutional framework for effectiveness:

 Federal Ministry of Culture and Tourism.

 State Ministry Responsible For Tourism.

 National Council of Culture and Tourism.

 State Tourism Committee.

 Local Government Tourism Committee.

In other to re-echo the vibrant roles of tourism worldwide the World Tourism Day is globally celebrated on September 27^th of every year. NTDC is charged with responsibility of overall promotion, marketing and co-ordination of tourism activities in Nigeria as a whole.