The hospitality business is booming in Nigeria, attracting investors from parts of the world. This expansion is clearly reflected in the number of international hotel brands setting up shop in Lagos, Abuja, Kano and other cities.
There is no gainsaying the fact that the nation’s hospitality industry is transiting to a state of constant profitability and contributing largely to this rapid growth is the entry of online hotel booking portals. Jovago.com, Africa’s No 1 Online Hotel Booking Portal cites some key reasons why the current growth will continue.
Higher trust in the new government
Previous governments did quite a lot to create a suitable environment for business to thrive domestically.
However, with President Muhammadu Buhari – who many perceive as incorruptible and firm – leading the State’s affairs, investors are upbeat about the future of business. Reports made public by the Nigerian Tourism Development Corporation, NTDC, show that there has been a continuous inflow of foreign direct investors who want a piece of the action.
Nigeria is the biggest economy in Africa which makes it the continent’s investment hub. Even though, South Africa and Ghana are almost running neck-and-neck with Nigeria, analyst believe the density of its market gives it an edge over others.
Even if other strengths of Nigeria can probably be downplayed, many passionate Nigerians have taken joy in flaunting the sheer size of its population.
Nigeria has over 170,000,000 citizens living in it and giving it the reputation as the largest Black nation in the world.
With this population, business professionals have said time and time again that there is always a market for everything and anything in Nigeria as long as it is legal.
Greater internet penetration
By the third quarter of last year, the country has achieved 100 percent teledensity. As a result, access to the internet has had a tremendous impact on the economy in general and the hospitality industry in taking advantage of this development.
Today, e-commerce businesses are springing up across the country and making sizeable incomes from it. Jovago and other e-commerce start-ups can attest to this.
Emerging middle class
Between the two wealth extremes of upper and lower class; there is an emerging middle class in Nigeria. This middle class possess the purchasing power and investors are poised to get them to convert that purchasing power into real-time spending through active engagements in mainstream businesses.