Nigeria: Wakanow announces African Travel and Tourism Market to hit $38 billion by 2028

The Group Chief Executive Officer of Wakanow, Bayo Adedeji, has projected that the African travel and tourism market will reach a revenue of $38 billion by 2028.

He highlighted that Africans currently spend approximately $63 billion on air travel, which accounts for 1.6 percent of global air travel expenditure.

Mr. Adedeji shared these insights during his opening speech at the Wakanow Unpacked Expo in Lagos on Thursday. At the event, the online travel company also launched a revamped storefront website and introduced a series of innovations.

“The opportunity in front of us is larger than what we show and what we think. In Africa, we estimate that there are about 1.5 billion people. When you consider air travel in Africa, only 19 million of those people travel by air.

“Our population is about 19 per cent of the world population, but only 2 per cent of the world’s travellers are African. “Africans spend about $63 billion on air travel, which is 1.6 per cent of the global air travel expenditure.

“40 per cent of air traffic out of Nigeria is to the UK. We don’t travel a lot within Africa. You can see that the opportunity in front of us as Africans is greater than the one behind us,” Mr Adedeji said.

He explained that a significant portion of the African travel market’s potential remains untapped.

He added that Wakanow is repositioning itself to capitalize on the continent’s travel and tourism market by launching new websites designed to serve as solution providers for African travelers and tourists.

“There is also Roomde, a website that solves hotel and accommodation challenges for travellers, and Kalabash, which helps individuals manage their finances and navigate their travel experiences, all within the Wakanow group.

“At Wakanow Group, our mission is to empower individuals and businesses with innovative solutions that simplify their travel experiences and financial transactions. The launch of these new products marks a significant milestone in our journey towards achieving this mission,” he said.

Also speaking, Adenike Macaulay, CEO of Wakanow Nigeria, said “The new Wakanow.com creates a modern, vibrant feel for our customers, enabling them to transact seamlessly. The enhanced user interface and intuitive design elements make it easier for visitors to explore our range of products and services.”