Recently released publication calls for increased government emphasis on travel industry development

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Governments and policymakers have been urged to stop treating tourism as a mere leisure activity centred on holidays, hotels and attractions and begin to see it as a strategic economic asset capable of driving investment, trade, jobs and national development.

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The call is contained in a new book by tourism strategist and policy adviser, Elizabeth Agboola, titled Tourism as Capital: 52 Weeks That Shaped Tourism as Capital Doctrine.

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Agboola, who launched the book recently, argues that tourism sits at the intersection of several parts of the economy and should therefore occupy a more prominent place in national economic planning.

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She argued that limiting tourism to visitor arrivals and hospitality businesses has obscured its wider economic value, particularly its ability to connect finance, infrastructure, agriculture, aviation, technology, diplomacy, trade and workforce development.

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According to her, tourism is not simply about where people go on holiday or where they sleep when they arrive. It is about the movement of people, money, ideas, goods and opportunities across borders and communities.

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Agboola said, “Tourism is not simply another sector within the economy. It is the movement of people, ideas, capital and opportunity.

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“When we understand that movement properly, we begin to see tourism as the infrastructure through which many other sectors create value.”

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The book, which draws on more than a year of research and practical reflections, develops what the author describes as the “Tourism as Capital” framework.

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The framework seeks to change the way governments, investors, development finance institutions and businesses think about the sector by moving the conversation beyond the traditional focus on tourism receipts and the number of visitors entering a country.

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Agboola argues that when tourism is properly integrated into economic planning, it can help countries attract investment, expand markets, support exports, improve infrastructure and create employment while strengthening their competitiveness in the global economy.

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The book examines tourism finance and investment readiness, as well as the role of banks and telecommunications companies as partners in tourism development.

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It also explores the links between agriculture and destination supply chains, aviation and market access, tourism diplomacy and international relations, workforce development, health and resilience, culture and creative industries.

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She said the framework could help policymakers recognise that investment in tourism can generate returns across multiple sectors rather than benefiting only hotels, travel companies and attractions.

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“Once tourism is seen as the capital, governments can begin to ask different questions,” she said.

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“The question is no longer simply how many tourists are coming. It becomes: What investment is tourism attracting? What jobs is it creating? What local businesses are supplying the destination? What infrastructure is being built? And how much value is being retained within the economy?”

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She said the approach was particularly important for developing economies seeking new sources of growth, adding that tourism could become a platform for connecting local production with international markets.

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The author further called for closer collaboration among government agencies, financial institutions, investors and private-sector operators to unlock the sector’s full potential.

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Rather than designing tourism policies in isolation, she argued, governments should embed tourism considerations in decisions on aviation, transport, agriculture, telecommunications, urban development, trade, culture and international relations.

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As founder of NTT Global Destinations, she serves as Strategic Partner to the Nigerian Tourism Development Authority, Strategic Partner for International Relations and Strategic Engagements to the Federation of Tourism Associations of Nigeria, and Halal Tourism Lead on the Nigeria Halal Economy Strategy Implementation Committee Secretariat.

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Agboola said the ultimate goal was to encourage a shift in mindset from counting tourists to measuring the investment, jobs, trade, infrastructure and opportunities that tourism can generate.

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She said, “If we continue to see tourism only as leisure, we will continue to underinvest in it.

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“But if we understand it as capital, we can begin to build the policies, institutions and investments that allow tourism to create value across the entire economy.”

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