Breaking News: Morenike George-Taylor, National President of Restaurants, Bars, Cafes and Clubs Association has said that the hospitality industry in Nigeria is the most favorable option for prospective investors due to its high viability and profitability.
She made the remarks at a Gala night held as part of a series of events for a two-day hospitality business summit in Lagos themed “Investing in Africa: Navigating Opportunities and Challenges in Hospitality Development”.
Giving further remarks to buttress her stance about the hospitality industry she said it was the largest and fastest growing industry in Nigeria.
In a statement by Morenike George-Taylor made available to 9AM News Nigeria she said “Hospitality which encapsulates bars, restaurants, cafes, nightlife, hotels and many more have become a thriving sector in Nigeria. Certainly if you are rooting to invest in Nigeria, hospitality is the way to go”.
She also noted that despite the tough economic situation in the country the hospitality industry has shown ample resilience and has remained thriving. This she attributed to the growing middle class population in the country as well as the increased frequency in business travels.
George-Taylor, who is the CEO of County Support Consulting said in the course of working and learning as a business consultant and observing the growth or decline of various industries, the hospitality sector has performed remarkably better than any other and has had great transformation through the years. This is noticable from the modest budget-friendly hospitality ventures commonly seen around; to the big, famous, start of the art hotels.
She added “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. Though we have issues with power supply. We do not have 24 hour power. Despite everything that has happened so far, we have regulatory complexities, sometimes multiplication of factors.
This makes it difficult to actually thrive in the hospitality sector. We have insecurity challenges and we have supply chain issues. In spite that, the opportunity for investors remain immense”.
Going further she said “We have technological advancement. I think that technology is here and what Nigerians are doing is incredible. We have had regional expansion and diversification. Considering everything happening in the hotel industry, this resilient sector is poised for continual success.”
Ogasabi of 9AM News Nigeria can report that the hospitality summit drew in business leaders and captains in the hospitality industry.
