Tourism & Hospitality | BusinessMetricsNg

Sterling Bank pledges N10bn support for Nigeria’s ailing tourism

Oct 8, 2020 Banjo Olaniran

Sterling Bank Plc has pledged a N10 billion facility for the recovery of domestic tourism sector in the country post-COVID-19. This is based on the intelligence that the sector is one of the most hit industries by the heavy blow of novel Coronavirus pandemic, such that the United Nation (UN) has estimated that the sector loss $320 billion in exports in the first five months of the year and more than 120 million jobs at risk. Abubakar Suleiman, the chief executive officer of Sterling bank, revealed the lender’s plan to…

COVID-19: Global tourism $460bn in H1’2020

Sep 17, 2020Sep 17, 2020 Banjo Olaniran

The coronavirus crisis cost the global tourism sector $460 billion in lost revenue during the first six months of 2020 as the number of people travelling plunged, the UN has said. Revenue lost between January and June amounted to ”around five times the loss in international tourism receipts recorded in 2009 amid the global economic and financial crisis,” the Madrid-based World Tourism Organization said in a statement. International tourist arrivals fell by 440 million during the period, or 65 per cent, with Asia, the first region to feel the impact…

COVID-19: Half of small businesses in hospital, tourism shut down

Jul 16, 2020Jul 16, 2020 Banjo Olaniran

In the wake of Coronavirus pandemic, half of Small and Medium Businesses (SMBs) in the hospitality and tourism sector have had to close shop across the world. The Global State of Small Business Report just published by Facebook in partnership with the OECD and the World Bank revealed this, among other findings. Generally, SMBs have been counting losses to the pandemic and today, the scale of the challenge they face across the globe is laid bare. Facebook described the small businesses as the heart of every community adding that they…