FG Targets $5bn Revenue from Annual Orisa Congress to Boost GDP
- The federal government has set sights on the World Orisa Congress and is projecting a revenue of N5 billion
- The NICO boss explained that when it comes to fruition, it can attract over a million tourists to Nigeria, thus increasing government revenue
- Meanwhile, the government has also set a headline inflation rate target of 15% for Nigeria in 2025
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
President Bola Tinubu-led government is aiming to make a splash in tourism and has set its sights on the proposed annual World Orisa Congress, which is projected to generate over $5 billion in revenue.
The National Institute for Cultural Orientation (NICO) announced on Thursday, January 24, that the congress could boost investments in Nigeria’s hospitality and tourism sector, attracting over a million visitors worldwide.
Biodun Ajiboye, executive secretary of NICO, noted that the World Orisa Congress is an amalgamation of cultural identity, uniting native Africans and Africans in the Diaspora.
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Ajiboye noted that the project also creates an avenue for Nigeria to increase foreign exchange earnings through tourism and preserve the Nigerian culture.
Orisa World Congress could boost GDP
He added that the success of the project could significantly push Nigeria’s Gross Domestic Product (GDP) and generate more revenue for the government.
Ajiboye explained that worldwide, cultural outreach initiatives focused on the convergence of cultures and ancestral ties are recognized as profitable endeavours, with countries like Saudi Arabia, Israel, Egypt, India, and China leading the way in attracting global audiences regularly.
He added that, at this point, Nigeria has few options left but to leverage its abundant cultural resources to achieve economic sustainability as a nation.
This initiative, which also seeks to preserve and showcase Nigeria’s cultural heritage to the world, is projected to generate between $5-6 billion, with Nigeria welcoming over a million visitors.
Exploring Orisa Congress for Nigeria’s tourism industry
Ajiboye emphasized that launching the World Orisa Congress project has become essential, driven by the desire of Africans in the Diaspora—descendants of those taken from Nigeria into slavery over 500 years ago—to reconnect with their roots.
He noted that there are over 500 million people worldwide who are connected with the African traditional religion and seek an avenue to come to Nigeria and be a part of it.;
“It is therefore the institute’s desire to tap into the vast treasure of these 500 million people of Orisa descent from Cuba, Trinidad and Tobago, Brazil, and other Caribbean countries to converge in their ancestral home/roots regularly. ”
He further highlighted that Nigeria stands to gain in several areas, including a deeper cross-cultural understanding and empathy, enhanced global cooperation, and a steady influx of nearly one million visitors annually, which would significantly boost the country's GDP.
FG Targets 15% Inflation in 2025
In related news, Legit.ng reported that the Federal government has set a target of 15% inflation rate for 2025.
Reacting to this target, experts described it as overly ambitious and outright unrealistic. Mr. Bismarck Rewane, managing director of Financial Derivatives Company, stated that even the most optimistic economists do not see inflation reducing below 27%.
He advised the government to work on ensuring efficient spending and to encourage local production, as these are the ways to moderate inflation in Nigeria.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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