“Travel Agencies Merger Can Generate over $2billion Yearly” – Stakeholder

The Chief Executive Officer of Travel Investment Company Limited, TICO, Irene Uti-Egbeogu, has said the merger of travel agencies could generate over $2 billion annually.

Uti-Egbeogu said without consolidation, the market share would be small for travel agencies who need to explore wider segments and product initiatives to enhance profitability

In an interview, she said the coming together of four travel agencies: Touchdown, Quantum, Finchglow and Dees Travels in TICO has triggered a revolution in the travel agency sector, with economies of scale for the partners .

According to her,  the firm was favorably disposed to discussions on partnership with travel management companies to expand the business.

Uti-Egbeogu said:”Indeed, we are open to more travel management companies interested in partnering with us in our quest for best practices. Interests within our scope include training and networking opportunities.

“We like to believe that travel agencies that have indicated interest in joining us are equally motivated by the same passion that informed this consortium, which is the overall advancement of the Industry.”

“The government can aid the industry’s growth by providing better infrastructure – good roads, power and truncating the red tape in getting through regulatory bodies.

“This would be with a view to making Nigeria a prime destination for travellers and tourists; even beyond recreating Nigeria as a tourist attraction to the international business community, we need to build an enabling environment for investors in the hospitality business.

“It takes funds to build hotels and refurbish or repackage tourist centres and facilitate electronic platforms that enable smooth logistics or accessible hospitality.”

“The prospects in the industry is huge, the reason is that Nigeria has a unique history and character that somehow seems to defy the norm. Even during the economic downturn, people were still travelling as high traffic in travel transactions were recorded.”