Renowned stakeholders in the Hospitality and Tourism sector made a clarion call to the government and potential investors to take advantage of the enormous opportunities for development and economic success embedded in these sectors.
They made this call at the second edition of the Hospitality Business Summit organized by Vertiline Synergy Ltd., a leading hospitality consulting company, at the prestigious Eko Hotels in Lagos, recently, with the theme: “NAVIGATING OPPORTUNITY AND CHALLENGES IN HOSPITALITY DEVELOPMENT.”
In her opening remarks, Ms. Sharon Ashinze, a founding partner of Vertiline Synergy, stated that the epoch-making event is poised to foster insightful discussions and deliberations where industry professionals, business leaders, policymakers, and investors share concerns and strategies for innovative solutions to various challenges deterring the sector’s growth.
She stated that despite the potential and numerous opportunities for investment, growth, and community development in the hospitality sector, it is still confronted with significant challenges ranging from economic fluctuations, evolving consumer preferences, and environmental sustainability.
Proffering solutions to these challenges, Ms. Ashinze reiterated that in a forum like this, they can collectively address these issues and chart a course for a prosperous future.
The Minister for Tourism, Mrs. Lola Ade-John, said Nigeria stands at the forefront of Africa’s hospitality landscape, offering a wealth of investment prospects. The Honorable Minister, who was represented by her Special Adviser on Partnership, Elizabeth Ofili, said, “Our nation pulses with opportunity, from our rich cultural origins to our diverse natural wonders and robust economy. We are not just open for business; we are primed for innovation and growth. Nigeria is a goldmine of untapped potential.”
She also stated that Nigeria, as Africa’s largest economy, is poised for substantial investment in world-class conference centers and business hotels. The growing demand for MICE (Meetings, Incentives, Conferences, and Exhibitions) facilities presents bankable opportunities for investors.
The past Chairman of the Hotel and Hospitality Group of Lagos Chamber of Commerce and Industry, Mrs. Sally Ukpo, who spoke as a Guest Speaker, urged the government to invest in infrastructure by improving transportation networks for easy access to tourist destinations across the country.
Madam Ukpo said perception and marketing challenges hindering the promotion of Nigerian destinations for tourists can be tackled through cultural immersion, infrastructure development, and travel partnerships, among others.
She also noted that exploring Nigeria through cultural immersion by highlighting cultural heritage, festivals, music, dance, art, and cuisine is crucial for the sector’s growth.
Mrs. Sally Ukpo, who is the Founder of Suffy Travels, concluded her speech by saying, “We must be committed to preserving natural and cultural heritage sites; promoting local traditions and customs as part of the tourist experience; and eco-friendly and sustainable tourism practices.”
Among the highlights of the hospitality and business summit, in a panel session, Dr. Iyadunni Gbadebo, Director of Sales and Marketing at Eko Hotels & Suites, stated that the cost of energy in running the hospitality industry in the country has significantly impacted the earnings of hotels. She added that “policies should be made to help businesses grow and not kill the hospitality industry.”
Mr. Chike Ogeah, Managing Director of Mac-Folly Hospitality, stated that energy remains a major challenge to the hospitality business in Nigeria today. He explained that Marriott Hotel, Ikeja, with about four chillers, spends a lot on energy. To improve their bottom line, the hotel is now considering switching to gas to generate power.
Ogeah, in his submission, advised the government to invest more in tourism and strive to make the environment more business-friendly.
Lost in Lagos founder, Tannaz Bahnam, said that Nigeria has much to offer the world in tourism, but the surface has not yet been scratched. “Tourism is a big industry that needs more attention.”
On her part, the National President of the Restaurants, Bars, Cafes, and Clubs Association in Nigeria, Morenike George-Taylor, stated that the Nigerian hospitality sector is the best place for investors to invest. George-Taylor said that the hospitality sector seems to thrive, not just survive, despite the challenges posed by the economy.
In her words, “We have issues with power supply. We do not have 24-hour power. In all that has happened so far, we have regulatory complexities, sometimes multiplication of factors. This makes it difficult to actually thrive in the hospitality sector. But if you look at what is going on in the hospitality sector, particularly the hotel segment, you will be impressed. There are internationally renowned brands like Sheraton and Marriott doing excellently well in the country, and it shows that Nigeria has the potential for tourism, particularly in the hotel sector.”
Not denying the fact that there are challenges and supply chain issues, Morenike said despite that, the opportunities for investors remain immense. “We have technological advancement. I think that technology is here, and what Nigerians are doing is incredible.”
On the second day of the summit, the President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, in a keynote address, called for more collaboration between the private and public sectors of the hospitality and tourism industry, stating that it would help improve transportation, accommodation, security, and other infrastructure across the country.
Idahosa said that Nigeria, with a burgeoning middle class, a youthful population, and a vibrant cultural scene, presents an unparalleled opportunity for investors looking to make their mark in the hospitality sector.
He said that tourism in Nigeria is on an upward trajectory, from Lagos’ bustling city life to Calabar’s serene beauty, the ancient wonders of Kano, and the natural splendor of Yankari National Park. Nigeria boasts a rich tapestry of attractions, and these diverse destinations draw an increasing number of domestic and international tourists annually.
However, the LCCI President stated that while the opportunities are immense, challenges such as infrastructure deficits, security concerns, and regulatory hurdles exist. He noted that collective efforts in terms of collaboration between the private sector and government would make significant strides in overcoming these obstacles.
The CEO and founding partner of Vertiline Synergy Ltd., Ms. Adedoyin Fabikun, said that the hospitality industry is a vital component of the Nigerian economy, offering numerous opportunities for investment growth and community development. Fabikun said that the industry also faces significant challenges, ranging from economic fluctuations to evolving consumer preferences and environmental sustainability.
While thanking and appreciating the audience, sponsors, and everyone who spoke at the event from day one, the amiable CEO said, “Let us work together to build a resilient and innovative hospitality sector that not only meets the needs of today but anticipates the demand of tomorrow.”
The event concluded with a sumptuous gala night packed with great fun and entertainment, ranging from drama and debate to presentation of awards and beautiful music from the DJ. All participants were treated to both continental and intercontinental delicacies as a buffet with assorted wines and beverages. Quality networking and glamorous photography were the highlights of the night.
Visit our gallery page to enjoy more glimpses of the event photos.
