Experts have urged government to support the growth and development of the hospitality and tourism sector, noting that the investment opportunities in the industry are enormous.

They made the call on Monday via a communique from the second edition of a hospitality business summit organised by Vertiline Synergy Ltd., in Lagos.

Mr Gabriel Idahosa, President, Lagos Chamber of Commerce and Industry (LCCI), in a keynote address called for more collaboration between the private and public sectors.

Idahosa said this would help to improve transportation, accommodation, security and other infrastructure across the country.

According to him, tourism thrives on solid security, where tourists can explore the hospitality landscape without fear of exposure to danger.

He noted that Nigeria, with a burgeoning middle class, a youthful population, and a vibrant cultural scene, presented an unparalleled opportunity for investors looking to make their mark in the hospitality sector.

He stated that the country’s economic la
ndscape, which was diversifying rapidly with significant investments in technology, agriculture, transportation, and manufacturing showed its resilience.

Idahosa added that government’s commitment to creating a business-friendly environment, current currency rate were dynamics that foreign investors could take advantage of by bringing in superior capital to invest in Nigeria.

‘According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel and Tourism will contribute an additional $770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every $10 worldwide.

‘Tourism in Nigeria is on an upward trajectory. From Lagos’s bustling city life to Calabar’s serene beauty, the ancient wonders of Kano, and the natural splendour of Yankari National Park, Nigeria boasts a rich tapestry of attractions.

‘These diverse destinations draw an increasing number of domestic and international tourists annually.

‘The Nigerian government has recognised t
he potential of tourism and is actively working to improve infrastructure, streamline visa processes, and promote the country’s attractions globally.

‘This commitment is creating a fertile ground for the hospitality industry to flourish,’ he said.

The LCCI president revealed that investment opportunities existed in hotels and resorts, event centres and conference facilities, restaurants and culinary experiences, travel and tour services and technology integration.

‘There is a need for professional tour operators and travel agencies that offer curated experiences. This includes adventure tourism, cultural tours, and wildlife safaris.

‘Embracing technology can enhance the hospitality experience. Investments in online booking platforms, mobile apps, and digital marketing can streamline operations and attract tech-savvy travelers.

‘Nigeria has an advanced technology sector that supports sophisticated operations and transactions,’ he said.

Idahosa, however, stated that while the opportunities were immense, c
hallenges such as infrastructure deficits, security concerns, and regulatory hurdles existed.

He noted that collaboration with private sector partners and government was making significant strides to overcome these obstacles.

‘Investors are encouraged to engage with local stakeholders, conduct thorough market research, and adopt a long-term perspective to navigate these challenges successfully.

‘The relevant government agencies responsible for our cultural and natural sites must focus more on maintaining the originality of such sites so they can remain attractive to visitors.

‘We must engage local communities in tourism ventures to ensure sustainable practices and shared benefits,’ he said.

Adedoyin Fabikun, Founding Partner, Vertiline Synergy Ltd., said that the hospitality industry was a vital component of the Nigerian economy, offering numerous opportunities for investment, growth, and community development.

Fabikun, however, noted that the industry also faced significant challenges, from economic fl
uctuations to evolving consumer preferences and environmental sustainability.

She said forums such as the business summit helped stakeholders collectively address issues and chart a course for a prosperous future.

‘Let us work together to build a resilient and innovative hospitality sector that not only meets the needs of today but anticipates the demands of tomorrow,’ she said.

Source : News Agency of Nigeria