According to a report by PricewaterhouseCoopers (PwC), Nigeria’s hotel sector is expected to be the fastest-growing in Africa over the next five years.
The report which is the eighth edition of PwC’s ‘Hotels Outlook: 2018-2022’, forecasts that some new hotels will be scheduled for opening during this time, even as continued improvement in the domestic economy will also lead to faster growth in guest nights.
For the forecast period, the number of available hotel rooms in the country would rise from 9, 700 in 2017 to 12, 600 in 2022, a 5.4 per cent compound annual increase – still the largest expansion of any country in the report.
The report said overall, Africa’s hotel sector has the potential for further growth over the next five years, citing increase in the number of foreign and domestic travellers as being responsible for the growth.
It also said expansion in a number of hotel chains on the continent reinforced the hotel sector’s untapped potential for business growth.
The report included information about hotel accommodation in five markets, including Nigeria, South Africa, Mauritius, Kenya and Tanzania.
Download the full report here