Home Sectors TOURISM, TRAVEL & HOSPITALITY Report Shows Nigeria’s Growing Hotel Room Revenue To Be $1.1bn ...

Report Shows Nigeria’s Growing Hotel Room Revenue To Be $1.1bn By 2018

According to a report by PricewaterhouseCoopers (PwC), the Nigerian hospitality industry anticipates an increase in the number of hotel rooms in the next five years, rising from 8, 400 in 2013 to 24, 000, in 2018, the sector gears up to impact the national economy more through corresponding revenue.

The projected growth would see overall hotel room revenue expanding at a 22.6 percent compound annual rate to $US1.1 billion in 2018 from $413 million in 2013.

The report contained in PwC’s 4th edition of the ‘Hospitality Outlook’ also pointed out that the projected growth was based on Nigeria’s booming economy, buoyed in part by regional and international investment in the hospitality industry, and which also grew hotel room revenue to 59 percent between 2009 and 2013.

The forecast, according to the PwC report, was despite the fact that the hotel market in Nigeria grew by 9 percent in 2013, which was the smallest gain since 2010. However, stay unit nights ( guests staying more than one night) increased by 6.3 percent in 2013 and has grown faster than room availability over the past three years.

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