The World Travel & Tourism Council (WTTC) today launched its 2024 Economic Impact Trends Report, which has revealed the U.S. as the world’s most powerful Travel & Tourism market, contributing a record-breaking $2.36 TN to the nation’s economy last year.

Despite the slow return of spending from international travellers, the U.S. keeps pole position, with almost double the economic contribution of its nearest rival.

Following a record-breaking year for Travel & Tourism, the sector continues to be the backbone to many country economies, while supporting millions of jobs globally.

The latest report from the global tourism body reveals China as the world’s second most powerful market with a GDP contribution of US$1.3 TN in 2023, underscoring its impressive rebound, despite the late reopening of its borders.

Germany secured the third spot with a US$487.6 BN economic contribution, while Japan, which in 2022 was in 5th place, jumped up to 4th position, contributing US$297 BN.

The United Kingdom completes the top five contributing US$295.2 BN.

France, the world’s most popular destination retained its sixth position with a contribution of US$264.7 BN, followed closely by Mexico at US$261.6 BN, showcasing its continued appeal as a major tourist destination.

India came in eighth, rising from a previous 10th position, with US$231.6 BN, marking a notable improvement and highlighting its growing influence in the sector. Italy and Spain complete the top 10, contributing US$231.3 BN and US$227.9 BN, respectively.

However, over the next decade, WTTC predicts China will become the biggest Travel & Tourism market with India moving up to 4^th position.

These shifts illustrate the dynamic nature of the global Travel & Tourism sector, with emerging markets gaining ground and traditional powerhouses maintaining their strongholds.

The report also highlights the countries experiencing the highest annual growth rates in their Travel & Tourism contributions to GDP.

In 2023, China’s sector surged led with an astounding year on year growth of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia, and the Philippines recovered soon after the removal of travel restrictions.

Julia Simpson, WTTC President & CEO, said: “As we look forward to a record-breaking 2024, it’s clear that Travel & Tourism is not only back on track, but also set to achieve unprecedented growth.

“We will continue to prioritise sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations. The sector’s resilience and potential for innovation continues to drive us forward.”

According to the report, many key destinations will profit from a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia, up 91.3% compared to 2019%, Türkiye (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) leading the way.

Globally international visitor spending is set to grow by nearly 16% to reach US$1.9 TN, while domestic tourists are projected to spend more than ever before, reaching US$5.4TN, an increase of 10.3% over 2019 levels.

Travel & Tourism investment grew 13% in 2023 to reach more than US$1TN, with a return to pre-pandemic levels anticipated by 2025.

However, high interest rates around the world could create challenges for future investment. It is therefore crucial that the public and private sectors work together to innovate to ensure the continual strengthening of this vital sector.

The report also highlights the sector’s commitment to sustainability, showcasing the decoupling of growth from greenhouse gas emissions and the increasing opportunities for women, young people, and marginalised communities.

Technological advancements, particularly in AI, are expected to further enhance the travel experience and drive future growth.

The Lagos Red Line Rail has commenced partial passenger operations as part of a test run for the new rail project.

According to a statement released by Lagos State Governor Babajide Sanwo-Olu, the Red Line will operate four daily trips between Oyingbo and Agbado.

The service starts from Oyingbo at 8:30 am and will be making a stop at Yaba, Mushin, Oshodi, Ikeja, Agege, and Iju before arriving at Agbado by 9:37 am.

Below is the trip schedule:

AM Trip 1: Oyingbo (8:30), Yaba (8:37), Mushin (8:45), Oshodi (8:54), Ikeja (9:05), Agege (9:15), Iju (9:27), Agbado (9:37).
AM Trip 2: Agbado (10:30), Iju (10:37), Agege (10:49), Ikeja (10:59), Oshodi (11:10), Mushin (11:19), Yaba (11:27), Oyingbo (11:37).
PM Trip 1: Oyingbo (12:40), Yaba (12:47), Mushin (12:55), Oshodi (13:04), Ikeja (13:15), Agege (13:25), Iju (13:37), Agbado (13:47).
PM Trip 2: Agbado (14:50), Iju (14:57), Agege (15:09), Ikeja (15:19), Oshodi (15:30), Mushin (15:39), Yaba (15:47), Oyingbo (15:57).

This partial operation aims to assess the Red Line’s safety, reliability, and efficiency.

Once fully operational, the Red Line is projected to run 20 trips daily and transport about 500,000 passengers per day.

The National Theatre in Lagos, a historic symbol of Nigeria’s artistic and cultural heritage, has been given a new lease on life following the completion of a $100 million renovation funded by the Bankers’ Committee.

After nearly two years of extensive renovation, the iconic monument is now poised to become a global cultural destination.

In a statement issued on Wednesday, the Bankers’ Committee announced the successful completion of the massive renovation and upgrade of facilities at the National Theatre, a significant milestone in the effort to revive Nigeria’s cultural identity and support the burgeoning creative sector.

The renovation, which began in July 2021 after being approved by the Federal Government, involved upgrades to nearly every aspect of the theatre.

This included the restoration of the 4,000-seater main bowl, the over 3,000-seater banquet hall, exhibition halls, cinemas, VIP spaces, actors’ changing rooms, an industrial kitchen, and more than 300 new toilet cubicles.

Other upgrades include a new clinic, a fire station, lobbies at the theatre’s four entrances, and extensive roof repairs.

Speaking during a tour of the renovated theatre, Mr. Abubakar Suleiman, Managing Director/CEO of Sterling Bank Group, who represented the Bankers’ Committee, expressed his awe at the scale of the project.

“We were shocked at the scale of the work that needed to be done,” Suleiman said. “But we were also impressed by the possibilities that it represented. This is one of the largest scaled projects of its kind anywhere on the continent.”

The renovation wasn’t just about restoring the physical structure; it was about reigniting hope and breathing new life into Nigeria’s cultural and creative landscape.

“The renovation of the National Theatre showcases what is possible with patriotism and collective responsibility from the private sector, in collaboration with the Federal and Lagos State Governments,” Suleiman said.

The extensive refurbishment has elevated the National Theatre to world-class standards, creating a space capable of hosting international events, performances, and conferences.

Some of the most significant upgrades included the replacement of the entire heating, ventilation, and air conditioning system, the enhancement of fire safety standards, and the overhaul of power, water supply, and sewage systems.

The theatre’s interior design was also modernized, with the installation of advanced audio-video lighting and world-class stage engineering systems, as well as the installation of 17 passenger lifts to improve accessibility.

In addition, the Bankers’ Committee ensured the sustainability of the monument by installing solar power systems, restoring priceless artworks that adorn the internal walls and building façade, and installing new furniture throughout the various spaces.

Beyond the interior renovations, external works were also carried out, including the refurbishment of three entrance gatehouses, the construction of four themed landscapes, a new car park capable of accommodating 250 vehicles, a ring road, and the installation of external street lighting and CCTV cameras for enhanced security.

During the tour, Mrs. Kafilat Araoye, Managing Director of Lotus Bank Ltd, described the renovation as a “rebirth of a national treasure and the restoration of Nigeria’s cultural and artistic heritage.” She added, “We are very excited about the completion of this project, and we are indeed very proud of the work we have done here.”

Lagos State Governor, Mr. Babajide Sanwo-Olu, also lauded the project and the potential of the revamped theatre.

“Upon completion, the Wole Soyinka Centre for Culture and the Creative Arts (National Theatre) will not only serve as a hub for arts, tourism, and culture but will also become a venue for the international community to convene for conferences and enjoy world-class performances,” Sanwo-Olu said.

The National Theatre was originally constructed in the 1970s under the military regime of General Yakubu Gowon and completed in 1976 during the administration of Olusegun Obasanjo.

It was a key venue for the Second World Black and African Festival of Arts and Culture (FESTAC 77) held in January 1977, solidifying its place as a cultural landmark.

Now, after decades of neglect and decline, the $100 million renovation project has restored the theatre to its former glory, with new possibilities for Nigeria’s creative industries.

By breathing new life into this iconic structure, the Bankers’ Committee has not only preserved a piece of Nigerian history but also opened the door to a future where the nation’s rich cultural heritage can continue to flourish on the global stage.