Some stakeholders in the Nigerian hospitality sector have assured on the investment readiness of the sector, insisting that the sustained growth recorded over the years has repositioned the sector in the tourism industry and the economy at large.
According to the stakeholders, who were part of the speakers and panelists at BusinessDay Tourism Conference 2026, the hospitality sector has survived many economic headwinds, including recessions, volatile foreign exchange regimes, high inflationary trends, yet resilient amid the many challenges.
Beyond the resilience, Paul Kavanagh, general manager, The Wheatbaker, noted that the sector is investment ready, and reason major international brands are besieging the country for their expansion drive.
Kavanagh, the keynote speaker at the conference and a former general manager of Obudu Ranch Resort, disclosed that Nigeria parades investors who are very willing to partner international brands in new hotel development projects, which has resulted in more hotel rooms and properties, across both international and indigenous hotel brands in recent times.
He noted that investment readiness is evident with the considerable growth in the number of quality hotels today, return on investment and growth in revenue for the government.
Comparing the growth trends in the hospitality market, with Lagos as a case study, he noted that in the last 15 years, Lagos has grown from 591 registered hotels in 2010 to 1000 in 2025, about 69 percent increase, 1000 operational hotels to over 2000 in 2010, from 35,000-40,000 rooms in 2010 to 70,000 in 2025, nearly doubled, and from 10-12 internationally branded hotels to 25-40 in 2010, more than doubled, as well as from 6-8 five-star hotels to 15-25 in 2010, around three time increase.
Citing figures from the Lagos State Internal Revenue Service (LIRS), he noted that the Consumption Tax generated from the hospitality sector has grown from N7 billion in 2010 to N70 billion in 2025.
He also pointed to the huge impact The Wheatbaker, which he manages, has made in lifting the Nigerian hospitality sector with authentic offerings and branding. “Nigeria is the market and Nigerian hospitality is ready. All we need is to begin to build Nigerian standards, sell authentic offerings and also patronize our own,” Kavanagh said.
Also speaking at the conference, which held on the theme ‘Nigeria’s Tourism: From Resilience to Investment Ready Growth’ at Sheraton Ikeja Hotel, Stella Fubara, CEO, Fura Collective, commended the resilience of the Nigerian hospitality sector, and the tourism industry in general, insisting that the industry has lots of potential that is hugely untapped, which also presents investment opportunities.
Fubara, who has held top leadership positions in Dubai and Saudi Arabia tourism sectors, noted that though the Nigerian hospitality sector is investment ready, there is a lot the government needs to do to further boost its investment readiness.
“Hotels are springing up every day, but there is a need for supporting infrastructure to encourage investors and aid further growth,” Fubara said.
She called on the government to truly support the sector with the enabling environment, which it always claim is its responsibility, as the general believe out there is that the government has no business in doing business.
The Fura Collective CEO insisted that the government has to be involved beyond providing infrastructure as its weight is needed to ensure stability, gain confidence of investors in the sector, ensure safety of their investments and woo more investments as well.
On its part, the Lagos State government assured that as a responsible government, it has been very supportive to the tourism industry and hospitality sector in particular.
Morenike George-Taylor, president, Restaurants, Cafes, Bars and Clubs Association of Nigeria, also spoke on the readiness of her association, noting that standards and offerings have improved, skills upgraded and welfare better.
The above, according to her, are among the reasons many are willing to invest in the hospitality industry as return on investment is equally guaranteed.
Martin Brednoord, general manager, Sheraton Ikeja Hotel, the host of the conference, also hyped resilience, improved standards and offerings and stable business environment as reasons the Nigerian hospitality sector is highly sought-after by investors and brands.
In his speech, Babajide Sanwo-Olu, governor of Lagos State, who was represented at the event by Adebopo Oyekan-Ismaila, permanent secretary, Lagos State Ministry of Tourism, Arts and Culture, noted that tourism can only thrive where infrastructure functions effectively, security is assured and cities are clean, connected and welcoming.
He added that the state has provided enabling environment and infrastructure like the Blue Line and the Red Line, which have begun to redefine urban mobility and improve access for the residents and visitors alike across Lagos.
The permanent secretary also noted that the recent harmonization of taxes and levies being paid in the hospitality sector has also encouraged more investments in the sector.
She noted that the harmonized taxes are part of the efforts by the government to sanitize the sector and also incentives to support businesses in the sector.
The BusinessDay Tourism Conference, which is now at its 3rd edition, is a well-curated industry event that attracts key stakeholders from government and private sector for a one-day engagement on policy, topical issues, challenges, offering workable solutions as well as networking opportunities for the attendees.
This year’s conference witnessed among other things, keynote addresses, panels of discussion, networking sessions, paper presentations, among others.
