BOOSTING NIGERIAS SERVICES TRADE: UNLOCKING THE TOURISM POTENTIAL OF LAGOS - CALABAR COASTAL HIGHWAY

As the global economy transitioned from agrarian to industrial, and to a services-based economy, the contribution of services to GDP has increased. This has not been evenly distributed across economies asthe rate of services contribution to GDP varies for developed economies, emerging economies, and low-income countries. Nigeria continues tostruggleto diversify its economy away from over dependency on oil - which has increasingly brought about attendant macroeconomic volatility, based on fluctuations of global oil prices  and faces the urgent need to find alternative sources of revenue. Services, particularly tourism, can make a significant contribution to boost Nigerias overall trade,generate foreign exchange,boost employment,halt the dwindlingforeign reserves,and enhance GDP growth.However,significant investmentsare required in infrastructure development to unlock the growth potential of tourism.A significant public sector infrastructure investment, the Lagos-Calabar Coastal Highway, presents an opportunity to stimulate private sector investments in the tourism sector,taking advantage of the 750 kilometers stretch of pristine, white sandy beaches.Financing the development of the tourism infrastructurerequirements along this coastline would necessitate not only substantial financial commitment, but also innovative thinking in structuring financing packages. The article argues that the sui generis legal framework for such financing in Nigeria is inadequate and would require supplementation from both domestic and foreign investments, which may pose its own set of challenges. The article posits, through the theoretical framework of the dependency theory of tourism, contrasted by the globalization theory of tourism, that the potential benefits outweigh the risks.