Assessing Banks’ Credits and Tourism Sector Development in Ifedore Local Government, Ondo State, Nigeria
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Date
2022
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
International Journal of Innovative Research in Accounting and Sustainability
Abstract
The development in the tourism sector has been hindered by foreign exchange volatility,
virus-outbreak (Covid-19), uncontrollable inflationary trends and inability of tourism
operators to access banks’ credits. To this extent, this paper assesses banks’ credits and
tourism sector development in Ifedore Local Government, Ondo State, Nigeria. The study
adopts primary data that is collected via structured questionnaire. The purposive sampling
technique was used to select 50 respondents which include; credit officers, head, credit
department, operation managers (employees) of banks operating within the area and
tourists that have visited any of these attraction centres in the local government. The
collected data is analyzed through the use of descriptive statistics like tables, charts and
percentages while inferential statistical method; Analysis of Variance (ANOVA) and one sample t-test were used to test the formulated hypotheses. The result reveals that credits are
accessed by the sector at a very low trend. The paper recommends that banks should charge
moderate interest rates on credits provided to investors towards the development and
sustainability of tourism sector.
Description
Staff publication
Keywords
Tourism sector development, Bank Credits, Banking industry, Ifedore Local Government
Citation
Ololade, B.M., Adamolekun, W. & Obadeyi, J.A. (2022). Assessing banks’ credits and tourism sector development in Ifedore Local Government, Ondo State, Nigeria. International Journal of Innovative Research in Accounting and Sustainability, 7(1), 62-75.