In the hospitality sector, significant developments are being made in Africa. The number of developing hotel projects in Africa is 282, which are more than 60,000 rooms. And Nigeria’s hospitality boom is not an anomaly, with Egypt (with 52 projects) and Morocco (with 32 projects) third in the study.
Nigeria is presently witnessing 26 big pipeline projects, nine of which are in the capital of Abuja.
Enhancing industry in Nigeria and developing infrastructure are the secret to generating more employment and improving the economy. International investment in hospitality has also been immense, and more to follow. Tourism is a significant contributor to the Nigerian economy, which in recent years has expanded steadily.
Tourism figures represented a 140.2 percent rise relative to 2016 in 2017. And there was a 130,3 percent rise from 2015 to 2016. Statistics have deteriorated two years earlier. But now more tourists visit the nation for business and recreation, and investors see the improved promise of the area.
In 2017, according to the National Bureau of Statistics (NBS), the tourism sector accounted for three hundred and four percent of Nigeria’s GDP, with 20% of the country’s job development. It is now a reasonable opportunity for African tourism firms to invest in Africa.
In Africa, consumption expenditure on travel, accommodation, and leisure is expected to hit around $261.77 billion by 2030. This is 137,87 billion dollars more than in 2015. Nigeria would certainly earn this investment.
In Nigeria, hotels and residences in 22 towns, including Lagos, Abuja and Port Harcourt, and in other cities such as Kano, Yola, Kebbi, Ekiti, Ibadanwarri, Enugu, Asaba, Owerri, and Awka, will be organized in the next few years.
The Nigerian hospitality industry is primarily based in major cities like Lagos and Abuja. Business and leisure travel potential around the nation would improve significantly by spreading into smaller communities across several countries.
The development promise in Africa is being fulfilled by prominent foreign names in the hospitality industry. It will build the opportunity to draw more company and leisure tourists in Africa – to boost the economy and increase local communities. With this money invested in Nigeria and Africa, the rising tourism industry would fuel business on a long-term basis.
Nigerian President Muhammadu Buhari recently reported that the nation “is regarded as one of the most improved financial markets in the world” and “is consistently back on the road of prosperity.”
President Buhari said the country used to be mostly petrol-related, but that “economic diversification programs yield positive outcomes. He said, however, that easy activity of business policies and programs, particularly in critical sectors like development, is already impacting companies.