Stakeholders in Nigeria’s hospitality industry are setting their sights on a 400% increase in revenue within the next six months through the harnessing of Foreign Direct Investment (FDI).
The optimism comes from industry leaders who believe that FDI, when channeled effectively, can usher in a transformative era for the sector.
Paul Onwuanibe, the Chief Executive Officer of Landmark Group, who spoke in an interview said, “While Foreign Direct Investment stands as a readily accessible opportunity, the resilience of the hospitality industry, which requires comparatively minimal infrastructure and offers cost-effective employment, has shielded it from severe impacts.”
Onwuanibe went on to elaborate on the FDI prospects, stating, “From an FDI standpoint, with a concerted effort and commitment, there exists significant potential to amplify FDI by 300-400 per cent within six months.”
The Chief Legal Officer of Landmark Group, Adaobi Nwanze, emphasized the rapid achievements possible in the tourism sector.
Nwanze highlighted a successful case where a beach resort, developed in just nine months, became a popular tourist destination, significantly contributing to revenue generation.
“Achievements can occur swiftly. For instance, the beach resort, developed in just nine months, has become a popular tourist destination, contributing to revenue generation,” said Adaobi Nwanze.
She also emphasized the importance of creating an environment conducive to foreign tourists, citing Ghana’s success with initiatives like ‘The Return’ and visa-on-arrival periods.
“In essence, setting up machinery whereby foreigners can come in without so much stress, how much money is that? We are abundantly blessed, and there is a lot we can do with very little money,” Nwanze added.
As Nigeria grapples with a significant decrease in Foreign Direct Investments over the past five years, the stakeholders believe that a focused approach and swift actions in the hospitality and tourism sectors can not only reverse this trend but also lead to substantial growth and revenue surge.
The sector’s adaptability and the potential for quick wins, such as enhanced tourist attractions, are seen as key elements in attracting foreign investments and revitalizing the industry.
