Factors Influencing Financial Institutions’ Participation in Tourism Project: Case of Lagos Street Carnival.
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Date
2019-07-25
Journal Title
Journal ISSN
Volume Title
Publisher
Advances in Social Sciences Research Journal
Abstract
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.
Description
Staff Publication
Keywords
Financial institutions,, Tourism,, Lagos carnival,, Influencing factors,, financial intermediation.
Citation
Obadeyi, J. A., Adesuyi, I. O., Okhiria, A. O., & Grace, A. N. (2019). Factors Influencing Financial Institutions’ Participation in Tourism Project: Case of Lagos Street Carnival. Advances in Social Sciences Research Journal, 6(7) 84-95.