National president, Restaurants, Bars, Cafes and Clubs Association in Nigeria, Morenike George-Taylor, says Nigeria’s hospitality industry remains the best for investors to tap into.
George-Taylor said this on Friday at a Gala night event of a two-day hospitality business summit, organised by Vertiline Synergy Ltd., in Lagos.
The theme of the summit is “Investing in Africa: Navigating Opportunities and Challenges in Hospitality Development”.
Giving an overview of the country’s hospitality industry, she said it was the fastest and largest growing sector in the economy.
“Hospitality which encapsulates bars, restaurants, cafes, nightlife, hotels and many more have become a thriving sector in Nigeria.
“Certainly if you are rooting to invest in Nigeria, hospitality is the way to go,” she said.
George-Taylor, who is the chief executive officer of County Support Consulting, noted that the hospitality sector seems to thrive, not just survive, despite economic challenges.
She said that the country’s hotel sector had undergone a remarkable evolution, fuelled by growing middle class and increased business travel.
She said this had been her observation, having spent the past few years advising clients across Africa and witnessing the industry’s remarkable transformation in Nigeria.
According to her, this can be seen in the modest family budget houses to state of the art and internationally branded hotels.
“If you look at what is going on in the hospitality sector, particularly the hotel segment, you will be impressed.
“There are internationally renowned brands like Sheraton and Marriott doing excellently well in the country and it shows that Nigeria has the potential for tourism, particularly in the hotel sector,” she said.
The hospitality expert who navigated the complexities of infrastructure regulations and shifting consumer preferences, stated that it required a keen understanding of this dynamic market.
“We have issues with power supply. We do not have 24 hour power. Despite everything that has happened so far, we have regulatory complexities, sometimes multiplication of factors.
“This makes it difficult to actually thrive in the hospitality sector.
“We have security challenges and we have supply chain issues. In spite of that, the opportunity for investors remains immense.
“We have technological advancement. I think that technology is here and what Nigerians are doing is incredible.
“We have had regional expansion and diversification. If you look at everything that’s happening in the hotel industry, it is a resilient sector that is poised for continual success,” she said.
The summit brought together business leaders and investors in the hospitality industry, providing a platform for networking, collaboration and innovation.
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