Africa’s largest economy by GDP size, Nigeria is expected to become home to the fastest growing hospitality market on the continent by 2021.
Nigeria’s hospitality market will see revenue growth hover around 14 percent over the next five years (2017-2021), which would make it the fastest growing across the continent. This was revealed in the ‘Hotels Outlook: 2017-2021’ report prepared by PwC.
“Nigeria is projected to be the fastest-growing market from a revenue perspective over the next five years,” the report revealed. “This is mainly due to an improved economy, continued growth in domestic tourism, and expansion in the number of available rooms.”
The report further revealed that overall hotel room revenue is expected to expand by 14.6 percent to $517 million in 2021, almost double that the $261 million recorded in 2016.