Browsing by Author "Okhiria, A.O."

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    Banking Sector and Hospitality Industry in Ondo State: Issues and Challenges
    (American Journal of Tourism Management, 2016) Okhiria, A.O.; Paul, Philemon W.; Obadeyi, J. A.; Afuye, Folake O.
    The study examined banking sector and hospitality industry in Ondo state: issues and challenges. Hospitality industry has remained one of the exciting and rewarding industries in Ondo state, but currently faced with a challenge like unavailability of funds from the banking sector to fund the sector; while recent issue on economic recession presently experienced in the country has further hindered the performance of the sector in terms of reduced local tourists patronizing and the low profit being realized by operators. The banking sub-sector has remained the major funds provider via financial intermediary process ensuring funds availability for the development of hospitality sub-sector (i.e. casinos, hotels, boarding houses, motels, tourist camps, holiday centres, resorts, bars, cafeterias, snack bars, pubs, nightclubs etc., to owners (i.e. ether individuals, group of people or corporate organizations). It was believed that sectors like, agriculture, energy, micro, small and medium enterprises (MSMEs), oil and gas etc., enjoyed more finance assistance from banks than the hospitality industry in Ondo state, Nigeria. The primary source of data adopted was via a structured questionnaire and interview. The statistics that was adopted to estimate the parameter were mean, variance and standard deviation. Also, to determine the standard error, δ√N was adopted. A simple regression was also used to address the responses of the respondents gathered though the questionnaire in order to derive logical conclusion for the study. The result showed that the dwindling trends in the hospitality sector was a result of banks’ restrictive lending patterns by not making funds (e.g. loans) available to achieve development in the industry, unbearable cost of funds and high interest rate charged. The paper recommends that policy makers should periodically evaluate the impact of bank - related policies on the sustainability of hospitality sector and ensure that the hospitality regulatory process is simple, cost effective and consolidated with economic palliatives to proffer solutions to socio-economic challenges facing the country particularly during this period of recession.
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    Factors Influencing Financial Institutions’ Participation in Tourism Project: Case of Lagos Street Carnival.
    (Advances in Social Sciences Research Journal, 2019-07-25) Obadeyi, J.A; Adesuyi, I. O.; Okhiria, A.O.; Abutu, G.N.
    Tourism market is one of the vibrant non-financial sectors in Nigeria, which is challenged by non-availability of financial resources from the banking sector - one of the components of the financial system. To this extent, this paper helps to examine factors that influence financial institutions’ participation in tourism project; case of Lagos street carnival. For financial institutions to participate successfully in tourism project, it requires financial support from financial institutions (banks) to showcase, promote, uplift and to financially-support the nourished culture, norms and values the people cherish; and to ensure that the beliefs of the people are not eroded by foreign culture and above all, to stimulate the economy. The primary source of data is adopted via structured questionnaire. Statistically, the estimated parameter are mean, standard deviation, and standard error (ẟ√N). The responses of the respondents gathered via the questionnaire was analysed using the Statistical Package for Social Sciences (SPSS). The result shows that 56.1% of the variation of factors influencing financial institutions participation in tourism, particularly Lagos street carnival; with most of social -people participating in different tourism –related festivals (e.g. eyo, igunuko etc.), which has led to the sustainability and promotion of the societal belief. F-Statistics (4.56) is high and the (P<0.05) which all together indicates that overall impact of the independent variables on the dependent variable is statistically significant Also financial institutions’ participation has helped to provide funds to further create awareness about the traditions, beliefs and values of Lagos indigenes, who are otherwise known as Lagosians. The study recommends that policymakers should invest immensely in tourism industry in order to enrich the socio-economic and geographical life patterns of the people in the coast area via the support of financial institutions by way of channelling funds to the tourism sub-sector in order to prevent cultural extinction. Also, government should establish institutions (ministries, departments and agencies) to strengthen and defend acquired tourism trade rights in Nigeria.