Thursday, July 28, 2016
Hotel Market in Nigeria To Grow To US$507 Million By 2020 ~ PwC Outlook
The hotel market in Nigeria has not fared as well as South Africa with stay unit nights dropping 12% and room revenue down by 3.6% over the past two years.
There are a number of new hotels planned or under construction and we forecast an additional 4 700 rooms to be added in Nigeria during the next five years. Hotel room revenue is expected to grow to US$ 507 million in 2020 from the US$321 million achieved in 2015, due to increases in both stay unit nights and average room rates.
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