More foreign investment expected

Nigeria’s status as a trading economy, it rich oil exploration activities, growing economy and strong pending power, are factors that have attracted investment in the hospitality sector over the years.

According to Chu’di Ejekam, Director, Real Estate in Actis “Whereas the rest of the world is growing at 3.3%, Africa at 5.5%, Nigeria’s GDP is growing at approximately 7%.”

There are indications that more world class hoteliers are planning on increasing their investment portfolio in Nigeria, with new entrants also jostling to have a share of the juicy pie.

According to Andrew McLachlan, Carlson Rezidor Vice President for Africa and Indian Ocean Islands, 'It is Africa’s potential to offset the sluggishness in more developed markets that’s appealing to global players.'

Speaking further, on the influx of investors in the hospitality sector, Abimbola Olashore, an analyst at Lead Capital Plc, said 'Africa is booming and with this growth, the continent’s cities are experiencing an influx of residents in search of work and better standards of Living.'

All eyes on Nigeria.