Business
‘Festival Has Potentials For Business, Tourism’
A lecturer in the Depart
ment of Sociology, University of Port Harcourt, Dr. Steve Wordu, says New Yam festivals have the potentials of promoting business and tourism in the country.
Dr. Wordu came up with this at an inaugural lecture presentation on the occasion of the 2013 celebration of new yam festival held at Obiri Akpor in Ozuoba last Friday in the series instituted by the Akpor Monarch, HRM Eze Anele Orlu Oriebe.
According to the university don, such events were capable of awakening in outsiders the beauty of native traditions which increase their curiosity and excitements on the materials they come in contact with.
“For outsiders, the culture of a people can evoke a special beauty and attraction which arouse stimulating excitement, curiosity and desire to experience something that is exotic, transcedental and solstice.
“Such quest to experience native traditions on materials form by tourists is called cultural tourism” he said.
According to him, some authorities has listed different form of tourism to include health/medical tourism, recreational, cultural, environmental, historical as well as conference tourism.
He explained that organising such cultural festivals like the new yam festival had the ability of getting tourists to participate and experience the ways of life of the people in their local behaviour, customs, arts, music, dance language (vanacular) among others.
According to him, the Akpor New Yam festival has become a global trend compared to ancient festivials and ceremonies of Germany, Rome, Maya and Az tecs Native American Indians and African tribes as the event continue to attract tourists across the world.
He further explained that cultural tourism such as the Akpor New Yam Festival also includes the acquisition of knowledge about contemporary societies through the arts, crafts, works, religion, food and dresses.
“I present tourism as a social phenomenon. This is true because tourism promotes social interaction among people from different societies when they come together”, he said.
He listed the benefits of such festivals to include the buying of things, usually (arts, crafts) from employment and reduce poverty.
It further generates cultured understanding and awareness between societies, establishment of friendship and acquaintances, dissolve social and racial barriers, understanding of international peace and the improvement of infracstructure among other benefits, he added.
He opined that Nigeria could be described as a country that was rich in multicultural diversity.
He said the assertion was true because traditional Nigerian communities were composed of approximately 350 (major and sub) ethno linguistic group with a plethora of local festivals, customs traditions, arts and crafts ceremonies and leisure activities, even as he said the first stanza of the old National Anthem which began in 1960 independence celebration recognised the essence of Nigeria’s cultural diversity particularly with re sect to its contribution to National Unity.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.