PricewaterhouseCoopers (PwC) on Thursday said that Nigeria’s hotel revenue was expected to grow by 507 million dollars by 2020.
A PwC Tourism report obtained by the News Agency of Nigeria (NAN) in Lagos said that in spite of the challenges in the nation’s hotel market, new hotels were still springing up.
According to the report there are a number of new hotels planned or under construction and we forecast an additional 4,700 rooms to be added in Nigeria in the next five years.
The report attributed the expected growth to increases in both stay unit nights and average room rates.
“Hotel room revenue is expected to grow to 507 million dollars in 2020 from the 321 million dollars achieved in 2015, due to increases in both stay unit nights and average room rates.
“The hotel market in each country is affected by both the local and global economy, with some countries being more dependent on foreign visitors than the others.
“The growth forecast is therefore dependent on how well both the local and global economy performs and grows over the next five years,’’ the report said.