LCCI woos foreign investors to Nigeria’s hospitality sector

The President and Chairman of the Council of the Lagos Chamber of Commerce and Industry (LCCI), Gabriel Idahosa, has urged foreign investors to capitalise on Nigeria’s current currency rate to invest in the hospitality sector.

He highlighted the government’s efforts at improving infrastructure, streamlining visa processes, and promoting the country’s attractions. Idahosa stated this at a gala night event of a two-day hospitality business summit at the weekend in Lagos.

The summit, themed: ‘Investing in Africa: Navigating Opportunities and Challenges in Hospitality Development’, brought together players in the hospitality industry and was organised by Vertiline Synergy Ltd., a hospitality consulting company.

According to Idahosa, “Nigeria’s hospitality sector is ripe for investment. With its diverse attractions, supportive government policies, and a growing market of travellers, the opportunities are boundless. I urge you to consider the potential within this vibrant country and seize the moment to be part of its growth story.”

The Chairman stated that recent media reports revealed that the World Travel & Tourism Council (WTTC) is projecting a record-breaking year for travel and tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion.

“Currently, the travel sector supports nearly 348 million jobs globally, an increase of over 13.6 million jobs compared to 2019. According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every $10 worldwide,” he said.

The LCCI president noted that Nigeria’s growing demand for high-quality accommodation, boutique hotels, event centres, and culinary experiences presents vast investment potential and that these sectors offer significant returns.
He also stated that Nigeria’s hospitality industry is well supported by other vibrant sectors like an advanced telecommunications system, a sophisticated financial sector, a thriving entertainment and creative industry, and a large market.

“We must engage local communities in tourism ventures to ensure sustainable practices and shared benefits. With more funds going to the local government areas, we expect more investment to develop more tourist sites, attract tourists, and generate revenue from hospitality and tourism.”

He said that to support growth, the government should collaborate with private sector partners, maintain the originality of cultural and natural sites, and promote robust publicity and campaigns to attract tourists and generate revenue. According to him, this will help Nigeria’s tourism sector thrive and attract more investment opportunities.